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RE: Ned Scott and @theoretical of Steemit Explore Oracles on Steem
The point of SMTs is that they give anyone the ability to create their own, custom-tailored, hyper-efficient cryptocurrency with Proof-of-Brain mechanisms. Everyone, regardless of their economic ideology will be able to create a token based on that belief-system and either use, or not use, Oracles to further refine the distribution of that token. These tokens will then compete to prove their value to the market. You could, for example, only allow your token to be distributed to people you believe to be "real capitalists." Doesn't that sound nice? ;)
it sounds nice. but it needs to be battle tested. you guys don't have a testnet yet. when exactly is the launch? what makes you so certain that this system will work as intended? how confident are you in the sheer number and the effectiveness of the oracles?
i couldn't care less about the SMTs themselves but what outside influence are they going to bring into the community? how many new meaningful reward pools are they going to create? with what size? do you guys have big players under the table that are planning to launch their own SMTs?
I love SMT's. My only objection is the quote I mention. 1P1V is not an ideal in any economic protocol as far as I can tell. The reason is that there is no reward for competence. An idiot gets as much influence as a Dan.
P.S. I wrote about sub-steems before it was an idea.
Under quadratic curves and 1P1V, Curation Rewards go disproportionately to the more competent. Though I am not convinced this would always include Dan :P
Edit for context: Curation under these rules becomes a game of skill and specialized knowledge, on a community by community basis.
I am all for linear reward curves. Any move away from this I see as an injustice.
For STEEM, I would agree. But these are new, opt-in cryptocurrencies. At last, we will see the market decide :)
hi @ned. just a few concerns.
how confident are you that there will be a market for SMTs? what makes you certain that there will be many competing SMTs that people are willing to trade and pay for?