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RE: A MESSAGE TO THE WHALES FROM THE KING OF STEEMIT!
No pay-to-win system ever lasts, and neither will Steemit unfortunately.
People like Jerry Banfield, and his crony whale cabal at the top, will bleed Steemit dry.
However, there is a silver lining. The smart media token will allow other, and better websites to monetize their content, which are places that the whales on Steemit cannot control nor dominate, so we'll have to see what happens with those before totally giving up on the Steem token.
I was thinking about that too. Theoretically STEEM could die off, but a SMT built on top of STEEM could survive... I think ...?
Although, in the end, STEEM needs to be profitable in order for the subchains to survive, or there is no blockchain to host it on? So if STEEM's value decreases or gets destroyed, all the SMTs will starve with it?
We shall see, but just keep in mind, Steemit was just a hobby experiment for Dan, and his EOS token will be used to build Steemit-like platforms galore.
Eventually, one of them will get it right, but I do believe Steemit's initial launch was flawed.
They should of put limits on how much Steem a person could buy versus earn, but they definitely have to do something. A 1% at the top is not going to equal out over the long-run, and if it stays... Steemit will definitely crumble.
But if people use EOS to build new steem-like chains, that will adversely effect the price of steem.
"Eventually, one of them will get it right, but I do believe Steemit's initial launch was flawed."
I think this is likely what will happen. Someone will build a new chain from the ground up very similar to steem, and will hopefully learn from the mistakes of steem.
Exactly right, but I would much rather put my money directly into EOS, because why invest in a gasless single product, when you could invest in them all.
"Theoretically STEEM could die off, but a SMT built on top of STEEM could survive... I think ...?"
I don't think so. Skimming the whitepaper it seems to me that STEEM will be to SMTs as Ether is to ERC20 tokens, so if STEEM is flawed and the blockchain dies, the tokens will go with it. Although, I suppose this doesn't say anything about the price of tokens. 1 ERC-20 token could be worth more than 1 ether.
As the owner of a personal blog, why would I use SMT when I can use ADEX or BAT, neither of which have all the baggage of steem?
I guess thinking about it now what I'll likely do is use all of the tokens that way if one dies and the other survives I'm not out anything.