There have been a lot of positive articles about the greatness of SMT's on the Steem blockchain.
I like to mix it up with a concern. It doesn't mean I'm not positive. I was just wondering.
The fact that Steemit has an SMT (STEEM) makes it very unique. People are drawn to that.
Don't forget the STEEM blockchain works perfect and is really fast. That is unique in the crypto space. It's also unique in Media land.
Giving away this uniqueness to other sites will delude that uniqueness pretty fast. STEEM will just be an SMT out of many on the STEEM blockchain. (If the STEEM token is used differently and I missed something, let me know).
Is our community big enough to stand on its own yet (without this uniqueness) and will the STEEM token retain its value?
My first instinct right now is that this SMT idea comes to fast.
I would have like to have seen more focus on building the STEEM community through apps, easy signups, and communities first.
Make the brand STEEM/STEEM blockchain STRONG. And then roll this out.
What do you think?
EDIT: Good answers in the comments.
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I’m still trying to understand it all completely, but from first impressions I don’t believe “branded” SMTs and Steem are mutually exclusive.
I could be wrong on any of this and would welcome clarification, but from what I could glean from the white paper,
In my head I just imagine it akin to taking 100 Steem and chopping it into 10,000 branded SMT tokens worth .01 Steem each. Any value growth in a SMT would still be capital that is entirely “on chain.” Even though it’s in a separately named account of sorts, value hasn’t left the Steem blockchain in any way. If I transfer 100 Steem to another user then my market cap just dropped, while theirs rose. Of course we know Steem lost no value though. SMTs seem to just be an added level of compartmentalization, rather than a loss of value to Steem. Value will flow between SMTs, exchange rates for each will vary from worthless to many multiples of 1 STEEM, but in actuality it’s all just STEEM... “skinned” STEEM!
If these tokens are only liquid by moving through a Steem internal market gateway then they won’t be flooding outside exchanges, and it could even be possible to calculate them all within a bundled Steem system marketcap valuation.
The dynamics and norms that evolve will be interesting to see.
Very interesting! Thanks for your reply. It's becoming more clear.
Some of my concerns are certainly real and yet addressed already by the awesome steem team.. ty
Yes, it's used differently and I think you missed something.
An SMT will be traded through STEEM, so we won't have a bunch of SMTs and STEEM just one of them. We will have STEEM, and then a bunch of SMTs on top of STEEM. Market-wise, this will most likely boost demand for STEEM, as a token.
Also, the SMT generation mechanism is way more complex than just a token issuance on the Ethereum platform. When you launch an SMT, you literally launch a thin layer of Steem-application-processes on top of your content, including your own rewards pool, your own inflation model, your own voting and curation algorithms and your own vesting mechanism.
Hope this helps.
This helps a lot! Thank you so much.
EDIT If you could just clarify. I would be grateful.
2.When the SMT is up and running lets say on REDDIT (REDDIT TOKEN). Will they still need STEEM to make the REDDIT TOKEN work on the STEEM blockchain? or is it separate?
At least that's my understanding from reading the first version of the white paper.
If STEEM becomes the main trading pair for any SMT on the Steem blockchain in the future that would be pretty major.
If they execute this one well, yes, it will be major.
the key point. execution, that's why i think the first video that ned did was really smart asking for people to go through the whitepaper and rip it to bit before they jump in with 2 feet. kinda smart, he needs to be vlogging each week from now on if you ask me even if it's just to give a few minute catchup.
Hehe yeah, find all the flaws, tell me how bad and wrong it is! Cause that's the only way to improve.
Is that the same mechanism like on bts DEX?
amigo #resteemia at your service
ReSteemia
'UpVoted ReSteemed Commented'
SMT's would all be funded through ICO's with STEEM. The value of an SMT is therefore derived from STEEM. Any successfull SMT would mean a huge boost to the intrinsic value of STEEM.
At least that's what I thought to understand from it...
According to the white paper it's not just STEEM. If STEEM is needed for ICO's all the time it will be good for the value of it.
But never completely without STEEM:
Oh well, I'm not the expert here, and I certainly don't want to end up in a discussion with you, you've been here since 2016 and have WAY more experience than me. But to me, Ned doesn't seem like the type to do anything that would hurt or diminish the value of STEEM. I think the concerns about diluting Steem's value through SMT's is something that Ned probably has considered a lot.
DISCLAIMER: this is just a humble opinion from a minnow
Thank you so much! (That's why I like discussions, exchange of ideas and thoughts on here.) (EDIT because you edit your comment. Just because I been here longer doesn't mean much. You can always voice your ideas and thoughts with me man.)
Cool! See you at Steemfest?
I will be there!
There is an abundance of conception and misconception around today. I am digesting the white paper in bite size portions. There is a variable within an SMT a "reserve ratio" which is part of Bandwidth Rate Limiting ???... I believe this reserve is STEEM that is frozen in an account. Thus each SMT will require some STEEM held in reserve. This should increase demand for STEEM.
One bite at a time...
How will the SMT add value to Steem? Will people need to purchase Steem to use the SMT if no then no benefit to Steem. SMT will just be another Waves token where you can create your own token based on the the Waves token. Since SMT also utilised the upvotes and reward system then would the users of the SMT tokens also be able to receive rewards and paid in Steem? If that is the case then would Steem be the unit of currency for other tokens based on the Steem Blockchain and it would be beneficial to Steem price however some kind of investment like SP must also be incorporated into the SMT as well.
You say "just another Waves token where you can create your own token based on Waves" but I don't understand you, where do you think the value of Ethereum or Waves comes from? That's where the entire value comes from!
What value does being able to create ERC-20 smart contract tokens with Ethereum bring to Ethereum? That's the entire point of Ethereum!
If Steemit has a system that makes it not only capable of being a reddit but-you-get-paid platform but also a whole platform like DTube challenging Youtube (meaning Steemit could also be programmed to offer many other things like audio streaming platforms challenging the likes of Soundcloud for example) but ALSO be able to allow even more creativity on it's blockchain by offering Ethereum-like smart contracts, why WOULDN'T that increase value of Steemit?
Ethereum is required to buy other tokens and Waves from just its demand to use. Its platform is used to create possibly loyalty tokens as the "whoppercoin" which I think was based on Waves and thus how this affects the price I am not sure. SMT is a media token and will probably fall into the Waves category where you create your own token based on the Steemit platform where you there is a reward system. If the reward is in Steem, then yes it will be beneficial to Steem price but will deplete the reward pool unless some kind of measure in place like steemit.
Incredible discussion here regarding SMT and what it means for Steem. I've read so much regarding this over the last 24 hours but the dialogue between you and Dragosroua really cleared it up for me. This could be a game changer for Steem in a huge way. I hope Ned gives periodic updates to keep us all in the loop of how things are advancing and to also keep this development constantly buzzing in the crypto community to build excitement and momentum.
There is always different sides to everything. I think your concerns is important for people to know and contribute. Resteemed.
I sincerely hope they get this right, it would be nice to see the steem blockchain grow to it's full potential.
steem is trading now @ $1.55. Can you believe how valuable steemit will be.
Most steemians may not get this by creating an SMT but the demand for steem will be huge.
Sky is the limit!
sky is the limit!
sky is the limit!
Keep on steemit!
nice video @exyle, it looks like weather of the nether land is still pretty rainy as i see a lot of fog outside the window, well you talk about SMT and i am still not quite understand that how it benefits the steemit blockchain but i totally agree with your thoughts that steemit it self is unique and once every social media platform starts to use that technology then it definatly hurts the uniqueness of steemit, but i think the community aspect is very important in order to make a platform successful, we also have a example of BCC vs bitcoin segwit but peoples give a massive support to bitcoin segwit, so let's see how peoples going to support SMT, well in my opinion it is great for all of us that we have only one token and that is steem in steemit blockchain, enjoy your weekend ahead my dear friend and thanks for sharing.
I completly agree with you. I also think there should be somting that people can easily sing up into steem. like there should b an app for steem.
You are right here!
I am of the opinion that because STEEM is the first one, it will probably be valued higher, similar to the relationship of Bitcoin to other crypto and Ethereum to Bitshares, and now STEEM.
I haven't really gone through the whitepaper, just been reading other people's posts about it but, I think the idea is to strengthen the blockchain rather than the token.
The community is quite big but not loyal, if there is another social media platform where you're getting better payouts, or where 100% of author shares are in SBD or something similar, half the community will flock there. Too many people are on steemit for the quick money, which can be made by literally posting anything.
The very first question that crossed my mind when i had the info was won't this divert the attention of developers who are supposed to focus more on building the steem community? i also wondered if it was possible for steem value not to get affected. However i still do nmot fully understand the whole SMT idea. Please can you throw more light on that? Thanks
Thanks for the thoughtful consideration you're giving this. It's easy to get caught up in the exuberance, but it does raise several issues including those you addressed. I'm still trying to make my way through the whitepaper and evaluated the implications, and it takes me a long time to form an opinion too.
If I understand properly how SMT works, this can good and bad at the same time:
This shouldn't really effect Steemit in a bad way. But if it does, then there will be one(or more) site(s) that will be a better version of Steemit. Don't forget that Facebook wasn't the first social network. :)
Thanks for your great belief in strong and healthy steemit blochain. Yes if we unite together to build a strong community, easy sigh up, transfer etc steemit community will blossom and touch the moon one day. Thanks, take care of yourself friend happy steeming.
I really tend to agree with you man. I feel Steemit itself has a lot to improve in order to attract more people joining. Working on the UI and make it more user friendly should have been priority for now. Mass marketing of the platform should be rolled out, make people know about Steem and Steemit more and more.
Well this is just my thought.
I was concerned about the same thing, but after reading parts of the WP, I think towards the end it talks about how Steem is required for SMTs, I think it was something to do with bandwidth, didn’t really understand the technicals.
I have mixed feelings as well. Does this new smt mean there will be a lot more different cryptos alongside Steem? Just like Bitcoin Ethereum, Litecoin and so on? Because if that is the case, perhaps well-established social media platforms like Facebook and Twitter only have to adopt smt and well...there we are left behind with all of our steem? My mind boggles. Can you explain?
Good questions and the comments are helpful indeed!
Valid points and concerns. So are STEEM tokens just another SMT now? Or is STEEM representative of the entire Steem blockchain and it's value?
Is SMT a token too? Confused.
same questions 😊
I think its a win, win. more demand for the coin = price go up! which in itself will bring more attention to the platform.
Each new platform that launches with the smt, will be promoting the idea of steemit in their own way to a new audience which will only increase awareness of steemit.
I like that we dont have our eggs in one basket that needs to go mainstream anymore. I liken it to the difference in the current social media platforms. people that use facebook dont use other platforms because they are better its because their friends are on it. it also introduced the concept of social media to people who now use it in conjunction with Instagram, snap-chat ext.
Plus if a site like reddit decided to adopt with their 542 million monthly visitors compared to steemits 16.93 i cant see how that could be a bad thing for a network. steems power is in its
1, ease of adoption(which is quite high on steemit)
2, monetary incentive for people to participate(the biggest factor for adoption in my opinion)
3, the open source development on the blockchain(which will go to overdrive with the smt).
well done on the click bait title, sure to get stemians fired up in the comments! you hooked me.
I agree with this and I wrote about it also just recently. I think they're going to raise the price of Steem.
Now every major content site / community out there can launch their own token, and inherit the economic properties similar to what we're used to here at steemit. I'm looking forward to the impact of SMT enabled commenting systems. This could reduce the hate and inane trolling, as people are competing for rewards by being helpful and nice. every application, business on top of Steem can have their own token and build up/expand community, incentivize users, contributors, etc. Exciting times ahead!
I wish it doesnt take too long to convert sbd to steem
Go to 'Market' via Steem or SBD dropdown in your wallet - it's instant this way :)
Wow
Thanks for sharing
Thankyou for sharing @exyle . . I have followed you and follow next post 👍👍👍
You have a point, This new platform have positive and negative effects, lets hope that positive side of this platform can overcome the negative sides.
This is a reason for me to be optimistic and believe that when these helpful instruments will show up, our lives on Steemit will be more easy. Until then, I adapted to what it is and I Ⓢ ⓣ ⓔ ⓔ ⓜ Ⓞ ⓝ!
I see you're passionate and enjoying Steem. I would very appreciate a feedback of you on my last post, where I made Steemit accesories for ladies and men, pendant and keychain, to give them as a big thanks for the community 🌼
Thank you very much😊!
this is really nice from you i like it
@exyle - Yes Sir, I feel the same. We are just started our journey, so we should strong this platform before facilitate for something else. Nice article Sir <3
+W+ [UpVoted & ReSteemed]
I think you missed the point.
SMT will BE on the Steem BlockChain.
I don't know but it is always nice to have something new :)
Thanks for sharing post.
this is a platform that synergizes with the future. without steam I guess it's no different from other platforms. greeting steemit @exyle
STM is a great thing
You can make your own tokens
How cool is that
Steem itself will survive
STM won't damage the reputation of Steem /steemit.com in any way
Yeah, I have mixed feelings about this update too! Actually still thinking why we need to introduce a SMT while we have our own SBD and STEEM! Great you explained it well and yeah I think you said the truth! Thank you very much for sharing this!@exyle,
Cheers~
i think you are about to see an explosion of apps and services launch in the next month. just a gut feeling i have.
Agreed ! " The fact that Steemit has an SMT (STEEM) makes it very unique. People are drawn to that. "
Sorry but as you said comment section is on fire today :D !!
Nice video.
I like your post.
Was looking for some answers seems like found them in the comments
Thanks man :)
Okay yes I have to agree that to it is very important not to give up this uniqueness. I also feel the primary focus needs to be reworking the interface to make it more socially attractive. Steem should first focus on assuring it's dominance in the social media space.
As far as SMT I say great if you do it in a way that DIRECTLY boost steem or SD at 1:1 and if this is the case why launch any new token. Directly integrate the current currency into the SMT operation. If you going to do it do it without a new token issue.
Additionally make a twitter overlay and facebook overlay so when steemers do go to facebook twitter.. steem tokens rewards are in the youtube, fb and twitter follower lists repeatedly to get these people to steem.. integrate chat... integrate integrate integrate.. first.. don't dilute.
my 2 cents thx.