I mean, with SMTs (or Steem-Engine tokens) there can be many visions coming true, am I right? Each niche can decide how they're going to reward their users and Steem is just the underlying infrastructure that enables it all - I think that's the ultimate vision of Steem, but most people still argue as it is just a token used to reward people for content, when in fact, in the future there could be multiple tokens that could even exceed the value of Steem (like PAL).
@tarazkp has talked a lot of Steem as being a developing city, and it seems fitting to me. We're still on the process of laying the infrastructure to what is going to be a city ready for broader audience. And living in a city that is just a big construction land is not appealing to most people - therefore many people are whining and leaving.
I don't know, it could all end up in a crash, but seeing how things are going forward with the "infrastructure" (Steem-Engine, reduced cost for nodes with MIRA), I think it's way too early to doom Steem as a failure.
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Yeah there could be many different models using SMTs.
But with a lack of vision or marketing, who will know?