RE: A Steemy Dream…SMT's for me the complete dummy!
Hahahaha man, what a dream!
I can't remember the last time I had a clear memory of my dreams, but it definitely wasn't about SMTs.
Let me try and chuck some words into this super confusing arena.
Say I create a Smart Media Token called NINJA. I want them to initially be worth 5 STEEM each so I purchase the STEEM I need and convert 50 STEEM into 10 NINJA tokens.
I then award NINJA tokens to people who complete my super hard obstacle course... everyone is super excited about this, and soon people are buying these tokens off each other for 10 STEEM each... the value of the NINJA token has risen in the marketplace.
You complete the obstacle course and so I award you a NINJA token... you can keep it and hope it appreciates, sell it on the market for 1 0 STEEM or convert it directly in your steem wallet for 5 STEEM, or give it to someone else or upvote someone's post with it.
Dude! thanks for commenting.... keen to work out but feeling a bit dumb.
Soo firstly I'd love to do your obstacle course and if you had one I'd pay steem to do it! i.e. why bother with ninja tokens?
...i expect cause you hope the ninja tokens will be worth more then Steem for some reason? but I'm not sure how your creating additional value from nothing?...but I'll try to think about.
Sooo you would be hoping Ninja tokens rule!!! like more then Steem, hmmn not insulting Ninja tokens but that's a big thing to say...it sounds a little bit like bitshares and all these random tokens people made and tried to sell for more then what they were created for?
I guess the key is people trade the token for something which would otherwise cost you $. Soooo like your hopeful the word gets out soo much about your great obstacle course that it drives the ninja token up and up! So the value is the obstacle course, the demand and popularity increases and so does the value of ninjatokens. So it's like holding a ticket to a concert that sold out, everyone wants the ticket. So the ninja token is the ticket.
So on the other side of the fence is the Steem blockchain which is pushing the tokens around...I'm keen to understand how owners of Steem benefit in the background from all the tokens, such as Ninja token. i.e. as a SP holder do i automatically get benefit or would i need to delegate to ninja tokens?
That's the thing, SMTs are probably just cosmetic, but wouldn't it be more exciting if you were awarding IBT tokens instead of Steem/SBD? It's the same, but funnerer...
As a steem holder you'd benefit because I would have to buy a bunch of steem (and maybe SP for bandwidth) to convert to NINJA tokens... so that would drive the price up.
SMTs don't really add value to SP holders, except for the fact that companies would need bandwidth in order to interact with people using their tokens.. imagine if Nike wanted a NIKE token to upvote people with for writing shoe reviews... suddenly they're investing a couple of mil USD in Steem to create their tokens, and use the bandwidth... the supply of STEEM doesn't change... so that means demand goes up.
Ok...well its interesting, but bit disappointing - feels a little bit like making a token on bitshares. I was hopeful that Nike would go I want some 'bandwidth' to run my Nike token on the blockchain, but I don't want to buy steem to do it, instead I just get some from a SP holder...say me, and pay me a small amount since it's my SP pushing around the Nike tokens in the background...well my bandwidth which is unused (I always have 99% spare). I think this would be more interesting... Still IBT tokens would be fun :)
Oh.... I think they'll need to rent bandwidth from you too, and it looks like the Steemit team are working in the technology to allow us to rent out our bandwidth.
If a big company want to produce content on the blockchain or do transactions then they'll need a lot of bandwidth, and if they've converted their Steem to their own token, that's when they might need to rent bandwidth off us... a company might not be interested in buying Steem to power up since it takes 13 weeks to get that back... so SP might become a super precious commodity yet...
Yes, it is similar to Bitshares tokens, but the difference is that Steem comes with a ready made audience, a content system and a great Alexa rating. You can give a Bitshares token to someone via their wallet... but on Steem you'd be able to upvote someone with a NIKE or NINJA token for their post or comment. That's the difference.
Cool, good point! - the Steemit factor is a significant value add over a bitshares token....bring on the SMT!!!