For a long time, I said I was not really interested in launching an SMT, however, one is free to change their minds right! Woman’s Prerogative and all that.
Well over the last while I have been thinking a little different about the possibility of launching an SMT but I am really stuck on formulating the idea. I have all these bits going on in my head but for some reason, I just can’t seem to tie the bits together. So this post is some random thoughts I have been having, without giving away my idea. Although most of you will probably be able to guess.
The economic model for steem is not the most successful model in the world. It’s extremely innovative and has some fantastic pros, but it also has some cons too. It's hard to see how steem can increase in value when there is always more money going out than coming in. And if you don’t want to power up, there is little else you can do with steem other than selling it. There are only a handful of products and services that you can buy with steem and so there is not economic recycle of liquid steem. There is no steem economy. But then steem is not a payment token.
I like the idea of payment tokens
When I look at Steemmonsters success, I wonder to myself how much of this is down to the fact you can buy cards with Paypal? Accessing Crypto is a barrier to entry. It's way to complicated to go mainstream.
Buying tokens and in-game currency with fiat is the norm for the younger generations. This is not limited to gamers as both Andriod and Apple apps have built-in purchases. Children are exposed to this from an early age and it is normal for them.
A consistent inflow of fiat is necessary.
Buy a token with fiat but unable to sell it for fiat.
People need a reason, other than speculation to buy tokens. A benefit (that is not exchange for cash)
I like that you can delegate power with smts.
I like that new tokens can be distributed via upvotes.
I need to start some sort of whitepaper.
I am missing a lot of skills. What other skills do I need to make this a success?
Will my technical inabilities hold me back?
How will communities and SMTs tie in together?
I need to start asking questions about SMT options and possibilities. But I don’t know what questions to ask.