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RE: Smart Media Tokens by STEEM - My Explanation and Thoughts
First i heard about this... not sure icos is what any market needs right now.. maybe steemit needs to be work on more important then adding useless features that are not needed
Wondering if you realize the complete lack of logic in your statement, or if you just don't actually understand what all this means. Simple fact though, it's one or the other.
Clearly i get that they will have other uses but as of now steem don't need people to come here and make ICO tokens.
And he even says that is a use case
So in future people will be able to make ICOs as STEEM tokens that will be fast and cheap for everyone.
How much do you have invested in steem?
why does this matter.. o i am so waiting to find out what you reason behind this question is. if i got 10$ or million $
It matters greatly.
You're speaking your opinions on something that would raise the value of steem.
It shouldn't matter tho if i am a small investor or a big investor tho.. i love steem and most ideas behind it and i see this can be beneficial but the crypto market does not need more places to create ICO tokens. Even more so tokens that can be created
But in saying that then you're saying you don't believe in the strength and beauty of our blockchain.
If you did, you'd want every great project to use ours.
I do and would love it if we got some awesome legit things maybe not icos but fair distribution but lets face it the ico market is gonna crash soon. So to me if we can get legit companys to use steem blockchain thats be huge. i would change my mind but i do know people are creating fake ico tokens on waves to scam people and we all know eth icos are gonna crash hard...
But the fact idk if true you can create a token for 1$ thats the same price waves used and thier was alot scam tokens made.
So i get the idea is great but not a fan any random making ico tokens.
Now i also have not read the white paper but have read in a post ypu have to vest steem to have the token work on the blockchain then this will help stop scam ICO
Its not about ICOs. Read again:
So in future people will be able to make ICOs as STEEM tokens that will be fast and cheap for everyone.
Again ICO market is not what needs to be on steem
As long as SP remains an easily used vector for Sybil attacks, I expect the adoption of SMT to be limited, as SMT could be as easily compromised by a Sybil attack on Steem blockchain as Steem itself.
I have noted that the churn rate on Steemit is far higher than other social media. The retention of users from 2016 is ~11%. I am pretty sure this is due to how SP is able to centralize control not only of witnesses (which most folks are unaware of) but also rewards.
When Steemit secures the blockchain against Sybil attacks, this may prove to be a game changer. If Steemit doesn't fix the problem (which is also a golden parachute for those that initially mined Steem, before Steemit even existed) the SEC might. Since SP weights votes that determine rewards and witnesses, Steem is definable as a security, like any other voting share stockholders may be familiar with, and the SEC is proceeding to regulate ICOs.
Time will tell.