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RE: How to Launch a Steem Power Backed Smart Media Token!
I like that you are improving Steemit, and the voting system. You spelled out correctly the people who get frustrated on Steemit, and the obstacles we face while on here. I see a flaw in this JBC or maybe I just don't understand it...
For example, buying 1000 Steem today of JBC will immediately unlock the ability to request an upvote on up to 280,000+ SP each month or a percentage smaller based on the desired frequency and total voting power.
What gives this JBC any value if I send Steem to it? And I get this big upvote a week, well you aren't guaranteeing it. What if you use up all of the voting power?
There has to be a catch here. The money has to come from somewhere...Maybe I'm just not understanding it.
@jfitmisc what gives any SMT using this system value is the voting power from powering up the Steem received similar to a gold standard. Delegating instead of buying can be an effective way to give it a test while buying has the highest earning potential. The results depend on which people run the SMT and the voting power always regenerates. Naturally with abuse a token like this would become worthless. Abusing voting power on a SPSMT could ruin the value which would cost much more than the potential earnings from doing so providing for strong motivation to take good care of the Steem and delegations.
you know this will be abused how do you intend on thwarting that?
@masterroshi abuse is subjective. One person's idea of abuse is another's idea of innovation. Equality means not defining abuse.
Yes let's hope the innovation is responsible and not at the expense of other users
@masterroshi we will trust each of our members to behave responsibility and engage with those finding problems!
Thanks for the quick reply and explanation! Okay that makes sense. You have to handle the voting with integrity and caution. I probably would feel comfortable with delegating first! I think this is a really great idea to reward good quality content like you said, and we won't have to resort to using bid bots.
I'm ready for Steemit to go really mainstream! I have two real life friends join Steemit. One was extremely turned away after failure. Thanks @jerrybanfield for all you do to improve this community :)
My pleasure and I appreciate the chance to build it here together!
Hey @jerrybanfield Amazing Post