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RE: Will the new SMTs help or hurt STEEM?
Try to look this way:
Steemit inc. own millions of steem. Would they spend months of work to build something that will hurt their wallets? Do you need to know more?
First - thanks for reading my posts and commenting @oldtimer, I appreciate your insight since you've been here for longer than most.
I agree that it will help Steem because they wouldn't have done it otherwise, but I would really like to understand why and how exactly it all works. I'm a programmer/hacker and like to understand how things work.
Can SMTs be traded on crypto exchanges like any other currencies/tokens? If so then if I buy some of an SMT on an exchange, where does the Steem token come in?
Are you familiar how bitshares Dex work?
No - though I understand Steem is very similar to Bitshares and built on top of the same platform.
Should I look into "bitshares Dex" to understand the relationship between Steem and SMTs?
As I understand it's like You need ethereum like gas to pay fees on eth blockchain. On BTS you need bts to convert bts assets to exchange for crypto and the to fiat. You need steem to convert SMT to crypto. And also steempower for bandwidth to run your STM. I know it's not exactly this way, but simmilar. Ask @dragosroua.
Thanks again @oldtimer. I read and commented on @dragosroua's posts about this and also took the time to read the whole rest of the white paper which actually answered this question directly.
I made a follow up post with what I think is the answer to this question based on what is written in the white paper here: https://steemit.com/steem/@yabapmatt/how-will-smts-send-steem-to-the-moon