Steem Price Volatility On Back Of "Smart Media Token" Whitepaper Announcement
The Steem price has had another "exciting" day, as top to bottom we saw volatility upwards of 25%. It would seem that credit for this jump goes to the announcement today of the Steemit "Smart Media Token" Whitepaper, detailing how users on the Steemit platform will be able to create their own tokens.
I've been saying Steem is a solid buy anywhere under $1.30, and I'm still buying here when possible!
Now, I haven't had a chance to read the whole SMT whitepaper (it's 61 pages long!) However, I had a chance to skim it, and this part jumped out at me from page 40:
• STEEM is votable for every post.
• A token is votable for a post if it appears in the post’s votable_assets.
• Otherwise, the token is not votable for this post.
And these are the rules for whether a token is rewardable:
• In order to be rewardable for a post, a token must be votable for that post.
• If, for some post/token, that post’s max_accepted_payout of the token is zero, then
the token is not rewardable for that post.
• If some voter (i.e. upvoter / downvoter) has a zero balance of a token, then that
token is not rewardable for that voter’s votes.
• If the max_accepted_payout for any non-STEEM token is nonzero, then
the max_accepted_payout for STEEM/SBD must be at least the default
max_accepted_payout.
Now, what I get from all that gobbledygook is that we will be able to not only create our own tokens, but also tie them to our posts via both votes and rewards.
This is a much greater degree of interaction than is currently allowed by certain other smart tokens, such as Whaleshares tokens from Bitshares, or even the Waves platform. This should remove some layers of the barrier to entry for issuing smart-tokens for individual authors and content creators. I know that a few have already done this in the past, such as Mr.Wang (I believe he issues WangChange), but we can expect that this trend will likely be accelerating in the near future across Steemit.
Check out the full white paper here.
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I just heard about this today and I am already thinking of the possibilities, which are mind-boggling.
Everyone could start his own company, or raise funds for his or her projects.
We could see people volunteering to help their community.
I see people raising money for good causes, such as helping locals who can't afford medicine or treatment. Or environmentalists working together on big cleaning projects.
As we see now with the ICOs, tokens raise more money than when people are directly asking for it. I think it is psychologically more incentivizing to give people something back (a token).
Smart Media Tokens, could be the beginning of something great, I am definitely going to try to read the whole white paper.
One of my favorite functions of Steem already is how it is so great for charity. It makes it easier, and less costly, to donate to any cause, anywhere. No transaction hassle, either.
i don't really understand, but it does sound amazing , everyone is buzzing bout it !
Yes, the excitement is also displaying in the price :)
I think the spark in price would continue as people realize the possibilities that exist, I am particularly exited of the prospects of hosting some ICO-like tokens on the platform, this can really send Steem price running if the Steem is lock into the contract similar to what happens on the Ethereum platform...the innovation is truly remarkable
And unlike Ethereum, Steem doesn't even require gas to run!
Thanks for the update was an informative read.
@originalworks
Thanks for the breakdown, I've been trying to wrap my head around this today
https://steemit.com/smt/@mooncryption/smart-media-tokens-the-future-of-the-internet-explained
https://steemit.com/steem/@wadepaterson/an-interview-with-steemit-inc-regarding-smart-media-tokens
To be honest, I think the hype might be a bit overdone (at least on the price, for the moment). I guess we'll see.
what, are we over $2? I'm perfectly happy with $1.50 as a legitimate value of steem. will grow with hf20
We popped up as high as $1.65, then dropped to $1.20, based on my charts. Sort of what I was expecting.
I think the value of Steem is indeed higher than $1.20 but I didn't think an over 33% bump on the SMT news would hold.
yes, I've been observing since you left that comment. makes sense. I'm not yet practiced in watching market changes. I think after the next hardfork, we will see a good bump, and as long as it works well that should hold... however, I don't know what to expect for the holidays, and turning into the new year.
my experience with flesh life is that people seem to spend a lot of money in the holidays and everyone is broke until april, but idk if there will be holiday crypto sales and all that crazy stuff too. what do you think?
"flesh life"
Hah, that's a good one. The old meat-iverse.
"after the next hardfork, we will see a good bump,"
Anything that gets people back and commenting, voting, and engaged would probably do this. I'm starting to think it's a ghost town around here, just some regular posters grinding and a ton of auto-voters.
"to spend a lot of money in the holidays and everyone is broke until april,"
I suspect this trend holds more for families and less for young people, who are probably most of the crypto-universe (or at least over-represented.) I haven't noticed any particular seasonal trends in crypto in the past, but I also haven't specifically looked.
Heck, I may be buying people crypto for Christmas.
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