My One Cryptocurrency Investment That I Never Mention
For privacy-related reasons, there's one cryptocurrency that I never mention in any of my "Rate My Portfolio" videos.
But there is another cryptocurrency that I'm bullish about, and I'll be sharing what that is in this video.
Great video @louisthomas ! I love how you are genuine about what you know and what you don't understand yet.
You said that Smart Media Tokens are a way that steem enables anyone to create his own crypto very easily, which is correct, but this needs a bit of clarification.
SMTs are a way to "tokenize" and monetize the internet. It means that anyone will be able to monetize his website, exactly the same way as steemit is monetized. You could say that Steem is the smart media token for the platform steemit. Soon you could see the "Louis Thomas token" which is used to monetize content on one of your website, for example www.louisthomas.com.
This means that users will be able to buy this smart media token, and even earn this SMT by commenting and by curating on your website. All the SMTs will be launched from the steem blockchain, so steem will become "the Ethereum of Smart Media Tokens".
What is amazing about SMTs is that they are very easy to implement and very customizable. While creating our own SMT, we will be able to customize the inflation rate, coin supply, etc... When a big website or mobile application decides to launch its own SMT, it will have the possibility to do it as an ICO.
Today, the value of steem comes mainly from the use of steemit.com (but also other growing platforms like Dtube). After the release of SMTs, which is due to be in early 2018, thousands of websites and mobile applications will be able to add SMTs on their platforms. Every social media, newspaper or personal blog that uses SMTs will add value to the Steem blockchain, hence the huge potential.
Thank you for the clarification Marc!
I feel that people might be better served by focussing on a very few social media platforms rather than enabling the launch of one that might fragment the market too much. If people want an alternate to Facebook/Twitter then Steemit is a good choice and as you say has the advantage of first mover in the blockchain space. However if it then fragments itself, even if the overall platform grows, then I feel its name and power might diminish as a brand. If I was Facebook I would be glad if there was suddenly a whole raft of choices of platform because I know that I top the reputation and history stakes and have the money to crush an competitor as they rise. Also I said in a previous post it also fragments the wealth of good chat/comments as these get spread across many platforms.
Do you not think, Facebook & Google etc. are doing their own coin and monetize content, before steemit is stealing their "customers" and they are loosing market-share?
Maybe steemit won't do it, maybe it will. We will never know until it happens.
And this is something we all need to understand: Steem is not about steemit. Steemit is just a platform that creates a real use for the cryptocurrency steem. Maybe the next big social media that rivals facebook will be created in one or two years using the steem blockchain, but it won't be steemit.
That said, I can see that steemit has a huge first mover advantage and a fast growing community, so it is very well positionned to be that revolutionary social media.
This is the central question, isn't it? Would love to know. I would think that at some point they would need to if platforms like Steemit start to cut into them. If not, it will be business as usual.
apple ya la ha sacado
True, steemit's chain actually encourages interaction and use of the chain, whereas other coins don't really put that at the forefront and will thus lose out when people actually want to engage in a flowing economy involving a coin and tokens backed by a chain that can actually process the amount of transactions necessary by the userbase. Trying to imagine steemit's userbase interacting with each other at btc or eth speeds is laughable, and the backlog would be so vast we'd post one day and hope we can be heard in hundreds of years.
steemit is the best
zappl, dtube, dlive, steemsnap, steemit, dsound, all built on steem
dmania, busy, utopian...
Thank you Louis for sharing your thoughts on Steemit. I believe Steemit as a platform has great potential to grow further and would encourage other steemians to spread the word so that more people can join and our community can grow. I upvoted and resteemed your post. Keep up the great work.
Steem will hit $20 this year. At Least! Thanks, as always, for your content, Louis! :)
Great video! I bought some STEEM Power for the first time. What are STEEM dollars used for on the platform?
Originally steem dollars were intended to allow a consistent earning on steem, because they were (and are still supposed to be) pegged to one dollar. This means that at any time, one steem dollar should can be exchanged for one dollar worth of steem.
For example: If steem's price was $0.5, one steem dollar can be exchanged for 2 steem. When the steem price reaches $5, one steem dollar can now be exchanged for 0.2 steem.
This system was made for content creators. Let's say a content creator regularly posts on steemit, and earns $100 a day. 50% of his earnings will be in steem power, which takes weeks to cash out, while the other half of his earnings will be given in steem dollars, which can be instantly exchanged into bitcoin, and then into dollars. This allows content creators to cash out their profits and pay their bills and expenses with steem dollars, without having to constantly power down steem power, because powering down takes weeks and can be inconvenient. This also allows a consistent revenue from steemit that doesn't depend on the volatility of steem, because even if steem's price crashed 90% in one day, the content creator still has a good income, since steem dollars are pegged to $1 and can't crash.
However, recently, the price of steem dollars has risen well above $1. It even reached $15 at one point in December. Now it is back to around $7. And this is even better for everyone on steemit, here is why:
As we said earlier, 50% of earnings on steemit are in steem dollars. We are paid in steem dollars as if steem dollars are worth $1, because that is how the steem blockchain works.
Let's go back to our example. The content creator made 100$ on his post. Therefore, he will earn 50 steem dollars. That would normally equal $50, which is half of the payout. BUT, because steem dollars are being traded at $7 now on bittrex and poloniex, that means that the content creator actually earned 50 x 7 = 350$ in steem dollars.
In short, payouts on steemit have been crazy in the last month. Now, when you look at the amount generated by upvotes below a post, you should know that the real value earned by that post is in reality four to five times higher that the price that is shown.
For example, if we get a $1 upvote on a comment, we actually earned $4 from this upvote. And everyone is happy!
Thank you @marc99 so much for explaining the details of wallet structure.
-following, upvoting, sharing and commenting and resteem.
@share4angels
Thanks this was very helpful! Also great news 😄
STEEM has such an amazingly bright future! It will literally change everything about the world (in a good way)
Exactly We need to hold our SBDs for a long term, will benefit us alot. what do you say?
before you hide anything more, I like to let you know that alot of us consider you an idol. So you can tell us alot more we wont judge you :)
Perhaps the time is right for you to create the YODL coin to rival the Suppocoin?
Exactly Bro you are right. :)
Steem is one hell of a Crypto. It deserves top 10 at least. Market will soon re-price it. Steem was a top 3 Crypto for a while in 2016, most people don't know that!
Thanks for sharing @louisthomas ! Crypto is a wild world, and you help us a lot with this kind of videos! Greetings from Spain mate! :)