All These Tokens: What Will They DO?
Seems like every time I go check the latest on Steem-Engine, I notice that there are a few of some new token in my wallet... that I swear I didn't remember from last time I looked.
Granted, these days I am not looking very often, due to personal circumstances I will not get into. Let's just say it had been 3-4 days since I last checked.
A very RED rose...
But that said, we are standing here at the threshold of SMTs, and there are all these tokens out there, and all these tokens being developed.
I suppose we can make the case that they are all *"helping the Steem blockchain" by making it used and genrating lots of activity.
That's all well and good, but is there really room for all this? Where does the value actually come from? And how is this whole "double dipping" going to work out? I get to create a post, use another tag that belongs to some Token Community and somehow I get both Steem and "Coin X" for my efforts?
The crow, on his lofty perch, sees all...
Whereas I can't deny that it's somehow "nice," from the perspective of being a content creator, I'm still not sure how the functional application of that is supposed to work out.
Moreover, I have to ask myself whether it is working out, as I checked Coinmarketcap this morning, and see that our beloved Steem has now sunk to a ranking of 76th in the Cryptosphere. This used to be a TOP TEN token!
Anyway, I am just putting this here as a sort of "place holder" and broader question to perhaps inspire a little community discussion.
What do YOU think? Are SMTs "working?" Is this all part of a bigger plan? Am I missing something, and all this new token activity will actually end up being the savior of the Steem blockchain and coin? Or are we just looking at just another level of "cash grab" that will eventually result in one Steem being worth less than one Dogecoin? Comments, feedback and other interaction is invited and welcomed! Because — after all — SOCIAL content is about interacting, right? Leave a comment-- share your experiences-- be part of the conversation!
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Created at 190706 10:50 PST
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If only looking at steem from the price point perspective I'm going to give an unpopular answer. If I had any substantial investment in steem and wasn't completely under water, or hell maybe even if I were drowning I'd have powered down months ago and put my focus into btc.
The percentage of financially successful steemians that didn't ninja mine or buy in at the all time low of 7 pennies is very small I'd have to wager.
With the the very loooooong powrdown period i would be only encouraged to grind it out with steem if I were owning bid bots, running a consensus witness, curating well, and creating content. If you're not doing at least 2 of the 4 I see no reason to keep more than 500-3000 SP here.
If and when things begin to take off id happily break off some of my btc,eth,bnb,eos, whatever coins that actually have a market cap to reinvest in steem at up to a dollar if tens of millions of people were on boarding.
This was strictly an exercise in fantasy on my part. I do enjoy steem, and I've learned a lot, I'd like to think I've learned enough to know there's no benefits to emotionally attached investing.. Unless you're at the top of the food chain of course..
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Exactly! - I have long removed my investment in Steem, and am now using the Palnet feed to escape all the "featured post" bullshit. I place no value in Pal tokens, but just hope to see a front end working again like Steemit used to.
My biggest concern will be if everyone wants to be our alt coins. Who is buying just Steem? Along with how much can our ecosystem even afford to buy? In some other crypts some massive piles of money can get tossed into things. So that not such a big issue.
With that out of the way I think it is cool projects are trying find ways to fund themselves. One of the coins airdropped I did a little trading and acquire a few hundred more. With its current price point I might as well hold onto it for how much it’s worth. If a developer wants to go all out and add value to their coin perhaps it will be worth a lot more in the future.
If I can make more with a couple trades than what my blog brings in a week well than I’ll take it.
I have an assumption (with absolutely no economic foundation) that multiple SMTs based on the Steemchain, and tradeable in STEEM, will increase the value of STEEM naturally.
I don't really have a basis for that assumption, tho
Well, you could say the same for Steem as a whole. Where does that value come from?
These tokens can create niches with more activity, and it seems like your posts are not lost into the oblivion of the whole Steem blockchain, but get picked up by a smaller and more interested community. That’s the value if you ask me.
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Agree with this 100%. Niche communities allow people to not get lost in the noise and allow things to get organized. Imagine the internet if it were just 1 blob of communication rather than Twitter, IG, Blogs, etc with sub-sub-sub niches in those niche platforms as well
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Do you think that niche coins could replace the idea of "communities" as Steemit is planning? That sounds possible
Why not? Or why couldn't that be merged into one... Anything is possible
Hey @denmarkguy, you got some LEO in our airdrop to PAL hodlers.
This is a great post and I have a biased option, but here is my view of community tokens on Steem:
The main problem with Steem is a lack of vision and marketing. Steemians have knowledge about what we’re building here - a platform for platforms and businesses and communities.. the world, however, has no idea what we’re doing here and it’s due to a lack of consensus and action on the marketing front.
I can’t speak for all communities, but I can speak for Steemleo and say that we’re going to be heavily focused on marketing to non-Steemian investors and our goal is to eventually be onboarding hundreds and then even thousands of NEW users to the Steem blockchain and our #steemleo investment community.
We’re just getting started but have some awesome marketing plans coming to fruition in the coming weeks. I believe that communities with these types of initiatives will eventually be the thing that brings Steem out of the dirt as we bring our active daily users to the hundreds of thousands and then millions. 1 user onboarded at a time. All of our communities working separately, but together. That’s my belief and vision, at least.
By the way, would love to see posts like this that are investment related in the #steemleo community. You can find us at https://www.steemleo.com. If you have any questions you can find me in discord, I love in that thing nowadays 😊
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Solid answer and gives me affirmation in what I believe is a core community within the ecosystem. I see steem and specifically steemleo serving as crypto 101 for all the uninitiated out there.
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💪🏽 let’s build that dream together 🚀
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I think it is equal parts beneficial, cash grab, progressive/experimental and encouraging evolution. Steem is starting to evolve into an etherium-like platform in the sense of being the gas behind a new token/use case. Neat that it is grafted to a community (often disfunctional ;) as part of the blockchain. Will there be flops? Many and maybe the majority? Many ICOs last year were huge flops and crypto managed to survive.
Just more to learn and a bunch of little free lottery tickets which probably won’t win the jackpot.
I think it is fascinating and fabulous.
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Agreed!
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I'm just on the fence, watching, hoping and learning.
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Create personal echo chambers.
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I guess the different coins will obtain different market values based upon the curation strategies of the high-rollers on each of the tokens. And I was just thinking earlier that it's probably just a matter of time 'til the front ends start suggesting or assigning tags for posts based upon the coins in your wallet and even based on the expected profitability of posting in a particular tribe.
Also, if the tribes get competitive, we'll probably eventually see the various tribes waging downvote campaigns against each other - which creates an interesting dynamic when you're mixing and matching the coins and tags. No idea what all this does to the underlying value of steem, but I think it'll be fascinating to watch. I'm cautiously optimistic.
I can't answer the question you ask, but I'll tell you what I'm going to do with my airdrops.
I staked PAL, and will continue to stake new earnings in it.
I'm going to hold onto (not stake) LEO for awhile (since I am clueless as to crypto markets and investment) and if there is a good point to sell, I'll do that and dump the $ into STEEM or PAL.
Which is what I'll do with most of any upcoming drops...
I'd just as soon not have my tags be PALnet Coin2 Coin3 Coin4 Coin5; my tags should reflect my content.
OTOH, I might triple-dip into another SMT if I like the looks of a future one.
This is the discussion we should be having, though, whether we see where things are going or understand how it's going to benefit anyone. Steemit has spent a lot of capital (if not the money kind, the reputation type) on it, and obviously the STEEM-Engine folks felt it was worth going whole hog, since you've now got SCOTs doing at least some of the foundational things SMTs are supposed to do.
I guess if we need a use case, we can look at what ERC-20 tokens have done for Ethereum. I'm not sure how closely in essence they relate, but they seem similar in my non-technical point of view. There's over 190,000 of them out there now, and even some of the dApps that started on STEEM waiting for SMTs have gone that route for now.
So, I don't know. There's a definite desire to tokenize. The fact that tokens with actual blockchains can't really make a go doesn't seem to bode well for tokens on a token, but again, like you, I could be missing something.
Value, however, is set by those who can see it, so who knows what might come out of it. I just don't plan to go making my own token in the meanwhile. :)
I agree completely with @pele23. I'd love if SCOTs or SMTs led to more specialized front-ends that are fun and appealing to a larger group.