I think it's just a bit too early to call for eliminating author reward pool at this point, because it feels like it is a reaction to decreasing STEEM value, thus being motivated by fear. Maybe it's the right move, but why don't we see first how the EIP turns out? Yeah, it's a bit of a turmoil right now (still, a war I think is quite an exaggeration). I rather think of it as disagreements which are impossible to avoid, that's just a fundamental part of reality (not getting into metaphysics here though). Now, that doesn't mean there shouldn't be some general direction taken, but I see disagreements as a necessary component on reaching that consensus.
Anyway, I still like the idea of people having the ability to become Steem investors through the rewardpool, making for a robust blockchain for the future with good distribution (which is much better now with the EIP). Yes, some are just selling their rewards, however, those interested being on Steem for the long term I think are often favored by the stakeholders. It's a good thing quality is rewarded at this point, because those who've worked hard on their content, are also more likely to stay here long term. This way we will have a very diverse and rich group of people as part of the stake holders. Maybe that'll come with some additional friction when not all might understand the vision and agree on the roadmap, but I still see power in diversity; we can't avoid disagreements, because that's just part of our fundamental reality (not getting deeper into the metaphysics though). Disagreements are fine and good thing to have when they can be discussed in a healthy manner (even though there are a lot of immature people on Steem, at least this is not Facebook where discussion can be shut down like in a tyranny). It's a necessary part of finding the trajectory we should be aiming at.
I'm still open to the idea of closing the STEEM reward pool, but I think we first have to see how SMTs behave – they're already going to create sinks for STEEM and draw in investors who can use Steem not to just earn more Steem in an unhealthy manner, but via Resource Credit delegation to dapps. Coupled with decreasing inflation (according to current trajectory), I could see Steem returnings becoming inferior anyway when people are focusing on dapps.
What would people sell SMTs for?
Depends on what kind of entity is launching the SMT, but businesses could utilize them by providing some products for an exchange. Splinterlands is sort of doing a similar thing already with Dark Energy Crystals (the difference that now its just on the Steem-Engine platform which is not decentralized like SMTs will be) which is the in-game currency of the game. Lots of different use cases that SMTs can be applied for.
Yes, but how are users going to get value out of DEC if they can't exchange it for something else?
If SMTs are nothing more than "in-store credit". Then, what's the point? That already exists in our world right now. We don't need a public blockchain for that. Companies should just run their own private chains instead.
Unless the whole point is making STEEM harder to get. Then, I get ya.
It can be exchanged to STEEM on Steem-Engine. For SMTs there will be a decentralized marketplace where all the tokens are paired with STEEM, so you can buy and sell tokens all you want, they have monetary value attached to them. The amount of it depends on the type of business/community and how well they manage to create utility for it.
That is going to be much more costly and harder plan when instead you can easily just create a token for a fee on a platform where all the bottom work is done for you. Think of Steem as the Wordpress for cryptocurrencies – creating something that used to be technical coding stuff with a visual UI. Creating a SMT in a second is going to be much more attractive than figuring private chain solutions.
Okay. That was what I was clarifying. The SMTs would have to derive value from STEEM.
I am hesitant about getting rid of the reward pool, but hey, it'll make STEEM more scarce that way.
I have the same thought.
Thinking of ways to get investors in, in a way is not "pure investment" (market manipulation) but to be part of a great contribution for Steemians.