I would still be worried about the ICO nature of doing the SMT. I do find it to be an interesting concept but it would seem that the SMT would be a better system for an existing community like Minds.com or a subreddit instead of something trying to launch.
But with the right marketing I could see investors being interested in a new platform and with the SMT the proven backbone would already be in place.
The struggle is real though for a lot of us. We aren't just complainers. We have really worked hard for this platform and just want to see it succeed. We are only frustrated at certain points because we know it has unbelievable potential.
Sounds interesting for sure and I will have to get a clearer vision of what SMTs will be capable of. Conceptually I'm having a hard time envisioning how much money has to be injected into a sub community and what kind of rewards that result in for members and how easily those SMTs would be convertible back to STEEM.
I have debated heavily with current and former users of this platform on whether this mechanism is sustainable or not. I believe it to be sustainable on a certain level and it is actually an ingenious system but I'm not sure if it would make sense more in conjunction with an ad revenue sharing model as well. Where Ad revenue was used to purchase more STEEM and then given back to community members in some fashion. I'm not sure what the answer is but it has our attention which is valuable.
Well I was referring to the sustainability of the STEEM ecosystem. It makes sense to me and I view the purchase of STEEM Power like purchasing YouTube or Facebook advertisement as a way to gain more visibility but a lot of people in the crypto space feel that it is a perpetual motion machine or something that would be unsustainable like Bitconnect.
I heard one person refer to STEEM / STEEMIT as a new form of Ponzi where instead of false investment gains like Bitconnect claims there is "fake content" to "legitimize" the flow of money to the creators / early investors.
I don't believe that though. The system makes sense to me but I have had to address those concerns of others and they were still certainly on the fence and these were people I introduced to Monero in 2014 and who trust my opinion.
But as far as SMTs being sustainable my vision of it is that to give each token value a certain amount of STEEM is going to have to be injected into the sub ecosystem otherwise it would be kind of like Reddit Gold where it isn't worth a monetary value? While we have seen some of these systems work when worth nothing I don't have a clear vision of making something work where people earn worthless points or worthless tokens.
In my mind if a certain value was already associated with it and people perceived it as real and something they could use to gain something they wanted then it would grow.
For instance the video game scenario where someone could earn the tokens to buy super powers or unlock other levels or that type of thing. Then you would have the users that would want to automatically buy their way to that point....etc.
On Minds.com you can boost your post for the points you earn or pay US Dollars to boost your post but you can't convert the points back to real world money.
Being able to do that in this system or with a SMT is super valuable.
You clearly have a much clearer vision of what the SMT system will be able to do. I feel like there is a direct use case immediately when this is launched which is a lot more than we can say for all these ERC20 Tokens.
So again my main concern with STEEM is that the distribution was messed up from the beginning making it a non compelling investment of time / outside money for those who even came a month later than the original miners / investors.
The main question with the SMTs is if it will be affected by the same disparity of distribution because when I think about it if someone has a sub community and wanted to reward them monetarily they would have to inject millions to make the rewards worth anything from my understanding. From the ICO perspective I could see an effective marketing campaign pitching an investment into an unbuilt gaming or social media site / app and being able to raise the funds potentially. There will be some clear advantages of doing an ICO with a SMT vs using Counterparty, NXT, or an ERC20 token that is for sure. But will other people see that? I'm not sure.
I just don't know. The price of STEEM could go to $0.50 or SMTs could end up pushing it to $15. I'm just unsure to tell you the truth.
LOL, Thanks @ned. Hahhahha,
I would still be worried about the ICO nature of doing the SMT. I do find it to be an interesting concept but it would seem that the SMT would be a better system for an existing community like Minds.com or a subreddit instead of something trying to launch.
But with the right marketing I could see investors being interested in a new platform and with the SMT the proven backbone would already be in place.
The struggle is real though for a lot of us. We aren't just complainers. We have really worked hard for this platform and just want to see it succeed. We are only frustrated at certain points because we know it has unbelievable potential.
SMTs can also be brought into existence just through voting (Proof of Brain) no ICO needed!
I foresee one day all the interface construction requirements would be taken care of too. Simply launch a “community” then an SMT.
Very interesting. So a new project / community could be funded from the reward pool essentially?
Which Hard Fork would SMTs likely be approved in and timeline wise when would that be? 4 months from now?
A new project/community/SMT can just appear “from thin air” like setting up a subreddit.
SMTs will come after the account creation costs fix by hardfork. That will be 2018 for initial launch, though test net upcoming sooner
Sounds interesting for sure and I will have to get a clearer vision of what SMTs will be capable of. Conceptually I'm having a hard time envisioning how much money has to be injected into a sub community and what kind of rewards that result in for members and how easily those SMTs would be convertible back to STEEM.
I have debated heavily with current and former users of this platform on whether this mechanism is sustainable or not. I believe it to be sustainable on a certain level and it is actually an ingenious system but I'm not sure if it would make sense more in conjunction with an ad revenue sharing model as well. Where Ad revenue was used to purchase more STEEM and then given back to community members in some fashion. I'm not sure what the answer is but it has our attention which is valuable.
Thank you for your responses.
SMTs sustainability? It’s just a token system - in which it works well even when the tokens are worth nothing
Well I was referring to the sustainability of the STEEM ecosystem. It makes sense to me and I view the purchase of STEEM Power like purchasing YouTube or Facebook advertisement as a way to gain more visibility but a lot of people in the crypto space feel that it is a perpetual motion machine or something that would be unsustainable like Bitconnect.
I heard one person refer to STEEM / STEEMIT as a new form of Ponzi where instead of false investment gains like Bitconnect claims there is "fake content" to "legitimize" the flow of money to the creators / early investors.
I don't believe that though. The system makes sense to me but I have had to address those concerns of others and they were still certainly on the fence and these were people I introduced to Monero in 2014 and who trust my opinion.
But as far as SMTs being sustainable my vision of it is that to give each token value a certain amount of STEEM is going to have to be injected into the sub ecosystem otherwise it would be kind of like Reddit Gold where it isn't worth a monetary value? While we have seen some of these systems work when worth nothing I don't have a clear vision of making something work where people earn worthless points or worthless tokens.
In my mind if a certain value was already associated with it and people perceived it as real and something they could use to gain something they wanted then it would grow.
For instance the video game scenario where someone could earn the tokens to buy super powers or unlock other levels or that type of thing. Then you would have the users that would want to automatically buy their way to that point....etc.
On Minds.com you can boost your post for the points you earn or pay US Dollars to boost your post but you can't convert the points back to real world money.
Being able to do that in this system or with a SMT is super valuable.
You clearly have a much clearer vision of what the SMT system will be able to do. I feel like there is a direct use case immediately when this is launched which is a lot more than we can say for all these ERC20 Tokens.
So again my main concern with STEEM is that the distribution was messed up from the beginning making it a non compelling investment of time / outside money for those who even came a month later than the original miners / investors.
The main question with the SMTs is if it will be affected by the same disparity of distribution because when I think about it if someone has a sub community and wanted to reward them monetarily they would have to inject millions to make the rewards worth anything from my understanding. From the ICO perspective I could see an effective marketing campaign pitching an investment into an unbuilt gaming or social media site / app and being able to raise the funds potentially. There will be some clear advantages of doing an ICO with a SMT vs using Counterparty, NXT, or an ERC20 token that is for sure. But will other people see that? I'm not sure.
I just don't know. The price of STEEM could go to $0.50 or SMTs could end up pushing it to $15. I'm just unsure to tell you the truth.