Tokenized World: In Addition To STEEM, We Are Being Handed The Who Knows and What The Hell Is This Token!!!
The Internet is the world's largest copy machine.
Most of your saw me write that at least a couple dozen times.
The history of the web is wrought with industries that depended upon scarcity or copyright to protect them. This enabled them to charge a premium for their product while monitoring the supply. Things changed when the Internet entered those industries. Suddenly scarcity was eliminated the second digitization took place. What once was tightly controlled multiplied like crazy. Take the music industry as an example. Studio cuts were hijacked and reproduced by the hundreds of thousands even before the official release. Video suffered the same fate with movies appearing on streaming feeds from countries where Hollywood (USA) had no pull.
Welcome to 2018 and the Internet came to the world of money.
I know this is still a tough one for people to swallow but money is reproducing at a record rate. What once was controlled by the central banks is no longer in their hands. We are seeing money coming at us from all angles and SMTs haven't even appeared yet. When that happens, Steemians will be bathing in money.
Sound unrealistic? Let me tell you what happened to me tonight.
In my email was a message from Earn.com. For those unfamiliar with that, it is a fairly recent development that basically makes people pay you to view their emails. So far, most of what came through was people touting ICOs. Each message was worth maybe 50 cents to a dollar of BTC. Up to this point, I think I earned maybe $4 or $5, nothing much but it was only like 7 messages.
Anyway, tonight I get a message to view. I check it out and it is some outfit partnering with Earn.com and heading towards ICO. For viewing their email I was to receive $5 (so they claimed) worth of tokens if I completed the process. Part of the deal was having an ETH account that accepted their tokens,like myetherwallet, which I have an empty one. To give them the account number, I had to dig it up since it has been a while. Once in there as I started to copy the number, I noticed there were other coins.
Can anyone guess what they are?
Neither can I. Even though I looked at them, I have no idea what these two coins are but one was over 300 tokens. Now these each could be worth $.000000001 apiece or ten cents, I have no idea.
The point is there is money there I didn't know I had. Sure, the odds that both these tokens are nothing, never amount to anything, and are deleted from my wallet in the next 6 months. But, there is the slight chance one of them does something.
And that is the magical point. It is one thing to be very disciplined when buying tokens with your hard earned money. There is a lot of crap out there. However, when these things are being handed to you, might as well take them. Obviously, these tokens were created using the ERC20 protocol on the ETH blockchain. Having an account, even empty, meant I got a few tokens.
So let me ask you, what do you think will start to happen when tokens are created on the STEEM blockchain using the SMT protocol? Do you think it reasonable that there will be tokens airdropped to each person who has SP?
The answer to that is obviously yes since we have seen the white papers from a couple of projects touting that is exactly what they are going to do. Vice, although not likely a SMT creation as much as a fork, is going to give 400M tokens to SP holders. If that includes everyone who has SP, we are looking at more than one token for each SP (probably closer to two).
Whatever the number is, it is free money. The amount of SP in your account just multiplied just like when you put an original in a copier and hit 2, that is what is happening here.
We are going to see a rapid move towards a tokenized world in 2018. There are so many projects in the works that it is impossible to think that, by this time next year, each of us will not have 10-15 token streams on a regular basis. STEEM obviously is going to be a central piece for all of us on here now since early adopters tend to profit the most. However, there are going to be many other projects that are Cryptocurrency 2.0.
And that is why we are entering the Age of Abundance. Money is not longer scarce nor is it something that the central banks can control anymore. Just like the supply of music and videos exploded when the Internet danced its way through those industries, now we are starting to see the same in money.
Looking at Bitcoin, no matter what price you got in at, for each token you had, you received a $1,694 Bitcoin Cash and $194 Bitcoin Gold token. If you held both, this is close to $1900 you were handed for each Bitcoin you owned. How often does that happen in the other areas of your life?
This will only continue as we get further into the tokenized world. It will be harder to get people's attention meaning entities are going to have to pay up for that. This means more money for you and I. Our attention has value. Facebook, Google, and broadcasters have known this for a long time. Now, instead of them profiting, it is time for us to profit.
Trust me when I tell you, tokens are going to be handed to you from all over the place. My suggestion is to take them all. Let the market figure out the diamonds from the trash. Just HODL them all until the decision is made.
There is going to come a time, within the next decade, when we will look back with amazement how people use to struggle financially.
Welcome to the Age of Abundance.
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The value of money is in scarcity. If you have more money but the same volume of goods, you can't buy more goods. Goods will cost more money, that's it.
We are standing next to a printing press - so we may become richer but ONLY if those who not getting this free money will get poorer.
To make all of us wealthier we must produce more goods, not more money.
Cryptocurrency is a push toward decentralizing money. If the world can take the money at the top 1% and disperse it to the rest then crypto has done it's job. This will take a lot of trial and error. The ultimate coins don't even exist yet. Not even close.
The idea that we have to produce and expand more is very consumerist. It's the same ideology as cancer. The valuable good that's being produced is the money itself. We've been long overdue for an upgrade for paper money and the governments that back it.
Most goods makes bad money: they spoil, not fungible, not easy to move and store, destroyed by division on parts etc.
Thats why we need actual money. But actual money are bad good - you can't eat them or make a shelter out of money. So we need goods for goodsies and money for economics to run. But goods are essential. You can have economy with no money, but cant have economy without goods.
True, but we also live in a world of artificial scarcity. The people in charge of the resources are "lying" to the world about how difficult it is to make a product so that they can charge more. We can feed the world but we don't. We can shelter the homeless but we choose not to etc.
That said I am working on a program for Steem so I know what you mean when you say this platform needs to do more.
True. We can do a lot more goods in a lot cheaper ways. Even get to an abundance in many spheres. But it's not about money... or to be precise not only about money. Cos tokenisation and disruptive fintec will add to an (exponential) economic growth, but cant make it alone.
Don't party too much, it kind of scares me. There will be bumps along the way and you gotta be ready
Great observations! I agree completely. I have so many "unknown" tokens it is crazy!
Thanks for the tip on earn.com by the way.
I do think we're taking steps towards a tokenized world, however I doubt it'll go as fast as you think. Token's aren't mainstream yet, and neither is steem. At the moment, it just early investors, while the overwhelming majority of people has no clue our blockchain-world even exists.
For the "tokenized" world to happen mass implementation of kryptos will have to cone first.
just take the internet. How long did it take from it's creation to where we are today? I expect the same timespan for tokens.
The pace we see technology being embraced is speeding up also.
In the US it took under 7 years for 70% of the population to have a smart phone. Compare that with the PC, which took over 30 years.
We see this movement increasing over time.....what took 10 years 20 years ago, now take half of that.
that might be, but 2018? I don't think so. I estimate the number of people owning kryptos below 3%. That won't jump to a 70% in just one year.
Growth of any new technology is exponential. Therefore, it will take exponentially less time to penetrate market/population for technologies such as blockchain or tokenization.
https://www.ted.com/talks/ray_kurzweil_on_how_technology_will_transform_us
I think our US dollars will soon be totally worthless. I am not 100 percent sure when or what will take their place but think a combination of crypto currency and physical gold and silver are the safest bets for the future. Steem and silver are my horses in the race right now. Time will tell
so it means that for example, NY times would create a coin using the steem proposed solution, then anyone holding those NY times coins will get paid for commenting on NY times posts? Is this the use case. Does it work vice versa so that NY times would get paid for what they post on their own sites? I didnt get that part. So essentially it could monetise all forms of blogs, media, websites, content producers etc? Did i understand correctly
It would work the same as on here.
The NY Times could create a token which then was used to reward the readers and content creators. So perhaps the authors of the articles got 50% while 25% goes to curation and 25% to NYT.
Of course, the percentages can fluctuate but you get the idea.
The key word in this post is ATTENTION
Because that's what wins through in the end. Whoever has the consumer, or end-user's attention are the ones who'll win. Look at Bitcoin, as it gains more attention, the sentiment to the coin rises and that's what is driving its value. As a "store of value", if we collectively decide it no longer has any value, it's value goes away, we'll sell and its price will tank.
So, if people are launching tokens and giving them away, it's because they want our attention. That's what they're fighting for, and we, as consumers can benefit from this new paradigm shift. All of a sudden, the value of us, and our data is being shared with us, rather than traded on, and exploited on the web.
Google, Facebook, and the rest "give" us free products because they are profiting from our attention. Now we get to join the party too. Exciting times!
Good stuff - I can seen the Tokenised Economy starting to take shape and you're doing a great job of painting the picture!
One point - taking the v opp end of the equation to what you note in terms of when you "find" some tokens that were awarded to you for something or other: Isn't there a risk that even if there is a marketplace for these tokens to be exchanged for real-life products or services (or exchanged for other tokens on an exchange) might there be a stronger temptation to "HODL" the tokens for a better price later?
This would keep us in the mode of speculation rather than progression to real-life use-cases - having said that, I guess things will calm down in terms of price inflation once this new world becomes more fully entrenched and accepted...
You are very brave, my suspicion levels would be off the charts if I received a random email asking me for any wallet or account numbers. Good thing you had a spare empty one laying around. Smart, and it paid off in some way!
Well, it will be definitely a time of abundance but only to some people. Because some people never want to try out things. Look at Steemit for instance, I have brought in about 50 people in the last two weeks. Upon all the lectures only about 20 account remain active. The others saw it as too much work.
Yes... many that I have invited don’t understand that it can be converted to fiat if they want.