RE: Steem - What Have The Hardforks Ever Done For Us?
I would rather steem still served as reward token even if it would also be used for other projects. Though removing it from rewards would increase scarcity, it is the native token of the steem chain, lack of access to the average Joe on the platform is like denying a citizen of a country the right to own land. Doesn't sit well with me. The major thing should be that the smt are available on the chain to exchange for steem which can be used by any Dick and Harry to invest in any project of interest. Steem is our national currency. I am more interested in sbd which is supposedly dollar backed with steem but cannot seem to hold its own against the dollar. Is it going to be burnt or turned into an smt? Right now, I don't see its use besides rewards and that is not even regular. What are your thoughts @raj808
As I understand it (it was a while ago when I researched the proposed SMT system), steem will be burned to create the SMT token, not SBD.
I agree that the unstable SBD peg to the dollar is a concern. It is one thing that makes steem simpler to understand when a new user lands. You see that half of the post rewards are in spendable money (SBD) and the other half in SP. I remember the pumps on SBD where it went up to multiple dollar levels, which just shows how unstable the peg is.
Ha ha, but I'm going off on a tangent. My thoughts on this one is that SBD does have utility in that it makes things easier to understand when it's stable.
Hmm. Because it would seem that if sbd serves as the reward for posting, steem can easily be removed from voting rewards and spent on or burnt for smt.
I'm not sure I understand what you mean. How would the sbd rewards be generated without people voting using SP which is steem powered up?
Anyway, I personally think if the steem reward mechanism was forked out it would just be such a waste of all the time people have put in here. Essentially it would be like starting all over again with each community.
Posted using Partiko Android