RE: UBI 4-3-2018 update, changing the vote time
There is likely a lot of smart money capital on the sidelines that is still evaluating the crypto market. I think what is likely to happen is that the scrutiny of development teams and their various projects will grow over time - investors/traders are moving past the blindly speculative period of throwing money around haphazardly and instead towards expecting demonstrable results. As you noted, drawdowns are to be expected; the cryptocurrency projects that will likely get hit the hardest are the ones that are perceived to be full of empty promises.
Hype will always exist but long term sustainable value will not be upheld if projects do not deliver. Hence my view that unless Steemit Inc rolls out tangible previews of what it is talking about when it comes to Smart Media Tokens, it will lag behind other more transparent and communicative projects. For e.g., in their recent thread entitled "Smart Media Tokens Development", the CEO invited questions from users in the comments section and to date many remain unanswered, such as one I asked about the SMT creation fee. I'm not the CEO of this place but it just might make sense to have Steemit Inc staff members checking that thread every day and addressing questions if one openly asks for them from the community. The ambivalence is evident, to say the least.
Uh, did you just accidentally send me something on accident, or...
Not by accident! Enjoy it, while it's still worth something!
I agree with those notions, there is a lot of potential money that's waiting until everything is safe enough or the game is rigged enough in their favor to make the risks worth it. There will also be a great thinning of the weakest projects, even barring legal action or any direct force closures of some projects it's unlikely teams will be able to operate for long when their coins are nearly worthless.
I do find steemit inc's actions rather puzzling. We know for a fact that the technical capabilities of the coin can be matched or surpassed by other competitors, and they are touting smts and communities so heavily that I gag a little every time they reply with one or the other as the answer to someone's question about something completely unrelated, so it will really be a giant fucking letdown if they don't deliver big.
I don't know how they don't have a more active handling on PR and interfacing with the community, it's nice that some of their devs are a tad bit more active/vocal around here, but there's no real sense of a more direct line of communication. Perhaps it has something to do with fear of other teams front-running their moves if they talk about them in terms that are a bit too specific?
I think they kind of dropped the ball by not focusing a little more on steemit these past few months, I feel like they could have done so much for the place and for the more general questions of steemit inc's holdings that could have eased a lot of concerns and made the place a lot more palatable for the everyperson on the internet.
Like, if we know that other coins can easily copy-paste all the technical capabilities and smts, then why would we want to shoot ourselves in the feet by focusing too much on those when we could try to build up what's really hard to replicate on the internet, which is widespread adoption and use and mass market penetration?
I feel like we're likely to continue to echo each others' thoughts if we continue at this rate, but I guess I'll just leave mine here for anyone else who wants to read them.
No doubt. We will see what becomes of this enterprise. I have a small stake and am willing to watch it all go up in smoke, if only to say that I was a part of the experimental journey! Keep up the great work by the way. I sent you some SBD as a small token of my appreciation for your thoughtful commentary. If I had any influence around here, this is the type of engaging discourse I would like to see rewarded more often. Not the senseless morning and evening technical analysis updates by a certain user that has tarnished the very discipline of analyzing the markets and more notably the perception of this very platform. The Steem blockchain needs an overhaul in its reward distribution system as a foundational remediation prior to the roll out of SMTs, but hey what do I and countless other users that have echoed similar concerns know!
Hah, hopefully it doesn't go to a permanent 0, and I do think there's still some time to pull everything together, so here's to us being able to talk on at least one surviving frontend of this blockchain in coming years. I really appreciate this, and I regret not being able to express more gratitude for both this and your previous support on other messy debates I've gotten myself into.
It really meant a lot to me to see that there were at least a few people here who also might have thought that maybe a few pariahs or easy targets weren't so much the cause as much as a symptom of everything that's wrong with the place, and was a big reason for me staying.
Yeah, you can't really build something great on top of an unstable or uncertain foundation, the same arguments against erc-20s and eth can easily be applied to smts and steem as they'll never be able to crawl out of the shadows of the baseline blockchains, but it'll be fun nonetheless to create a community or two based around some wonky experimental tokens and watch the values rise and fall by 100's of % a day from the illiquidity.