There are probably interactions/dependencies between STEEM price and SMTs but I don’t have time to study the intricacies of that. The SMT whitepaper is not well written. Obviously who ever is writing that is not a PhD, lol.
My high-level interest is whether there can be significant demand for the STEEM “proof-of-brain” rewards paradigm on traditional social media websites that want to monetize their userbase? My thought is that their users must have the ideological enthusiasm of Steemians and also there must be sufficient economy-of-scale interest in each specific SMT token. Why not just buy STEEM instead of the SMT since it is the common denominator for all SMTs? Any social media site that is larger than STEEM would build their own system and not leverage SMT.
Thus I think the SMT is some sort of hype vehicle and perhaps another way to obscure sock puppets and other manipulations. I would have to dig into the intricacies of the SMT design to ferret out all the obfuscated game theory.
Let me say for the record that I don’t know whom at STINC is corrupted. I have no way of knowing if Ned is just a pawn and if he really believes they are developing great technological solutions. Ned’s video at the SMT website actually makes some astute points that are in the design I am working on. Most of those guys may actually believe that SMT can take over the Internet. Also perhaps they have some connections to significant traditional social networks that I don’t know about.
I claimed the market analysis for SMT is dubious, but I also realize there’s some unknowns so I can’t outright claim it will fail.
SMT seems like a fun thing. It seems to be at least a fun thing some people can try. Sounds like an easier way to create new apps and cryptocurrencies or what? Not too sure but it doesn't really matter until there is a better alternative for people to try. I see the problems of Steemit but I also see it working better than Facebook, Gab, Minds, in some ways, and I will use whatever works better until other things come along that may be even better.
Agreed.