An SMT exists on the STEEM blockchain. There is no such thing as a centralized SMT unless the initial distribution is very lopsided. If MySpace decided to introduce an SMT of their own, they'd have to create a Steem account for each of their user. Of course, they could hard fork Steem and create a blockchain of their own.
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They don't need to decentralize all control to users, they can maintain their centralized governance.
Yes, but the users won't be able to hold SMT tokens without having a Steem account. Do you mean that their SMT would be handled by having MySpace keep all the private keys? Or did you mean they'd they wouldn't be using a public blockchain at all but a centralized ledger?
Dunno, that is the point. They wouldn't want to give up control completely to users and they would likely want to keep much of their advertising model intact.