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RE: Ned Talks: Steem, Steemit, and SMTs
I am interested to see how the SMTs work out. I have faith that the witnesses will be good about vetting them appropriately but this makes me think of the December/January gold rush of minor ICOs, most (but not all) of which are now stalled in value with little indication that the developers are actually making any progress. I see STEEM retaining its value because multiple viable products are dependent on it and our content creation literally adds value to it. While I understand the concept (or at least I think I do), I’m worried that this could really go either way. But hey, this site turned out to be a pretty brilliant idea, so maybe I should have more faith.
At the moment this system works and it's a 100% working product. No other service is even close to have this right now. Steemit is 2 years ahead the competition. And it will only compound at the speed they are now going.
Yep, that’s why I said:
My concern is that there may be unintended consequences and collateral damage from the SMTs, but I could certainly be wrong.
Well since it's only code it would be able to be tweaked.
Amen!
It's always good to be thinking about the potential negative consequences or side effects @malloryblythe! We're confident the potential benefits will greatly outweigh the risks. The risks are extremely small. One useful example is to imagine the worst SMT possible. The worst SMT possible is one that has no value and no transactions. The cost of such an SMT to the Steem blockchain is exactly zero. A bad token is one that no one cares about. They don't want to use it and they don't want to earn it. But as I said, this doesn't cost the blockchain anything. The only SMTs that will consume a meaningful amount of blockchain resources are the successful ones and the bandwidth rate limiting algorithm ensures that if they get to that point they will have to power up more STEEM into Steem Power. The other aspect of SMTs that I think is the most underrated is the insights everyone will be able to gain from all the experimentation that will be happening. Yes, you're right, many SMTs will likely fail, but from the successes (the failures too) we will all gain valuable information. Thanks so much for the kind words regarding this platform we've spent the last two years of our lives building, as well as your constructive concerns.
Andrew Levine
Content Director, Steemit
That makes a lot of sense. Thanks for responding, and for creating such an awesome platform!