What do SMTs mean for POCKET?
Hi folks, I've spoken with a few people privately about this, so I thought I'd make a quick public announcement. If you've been reading the steem front page at all lately, you've seen posts about something called "SMTs." SMT stands for "Smart Media Token," and it's the next big hot thing that the Steem devs are talking about adding to our platform.
The idea of an SMT is that anybody will be able to go create their own token and configure it so that people can earn it by voting on posts, just like Steem. Say you're from the great state of Colorado, and you want to get a Colorado-themed community started. But you don't have any Steem Power, and you don't have any money to buy some to distribute rewards. No problem! Just create a COLO token, configure its reward pool, and bam you've got your own little sub-steem community token. Very cool, eh?
I had someone tell me today that "SMT kind of crushes POCKET." Well, that's a bit harsh -- maybe we think through it first. Let's talk through some possible scenarios:
- The community supports migrating POCKET to the SMT platform. This means that we pick a time, and say "everybody who owns POCKET tokens on this date at this time gets a balance of a new SMT token called 'POCKET'." What would happen? Well, someone would have to do the work to create the new token and then issue the new POCKETs to everybody. What would change? Well, we'd lose the ability to send POCKET tokens to people via comments, which seems to me one of POCKET's biggest use-cases right now. On the other hand, you'd be able to trade POCKET directly with STEEM on the new decentralized exchange.
- We leave POCKET as-is, and create a decentralized IOU gateway that helps us list POCKET tokens on the SMT decentralized exchange. I like this option, as it would give me a chance to design a nifty, secure, safe, decentralized gateway system and I've been thinking about doing that anyway. This way, we'd still have POCKET tokens available to tip via comments, but we'd also be able to trade it against various other SMTs.
- The community is split on this, and some people do it one way and some people do it the other way. POCKET is decentralized, so there's nothing stopping the community from splitting and doing a BTC-BCC-type fork. If someone migrates POCKET directly to SMT, other people could continue running the old POCKET confirmer bots. Then we'd have a POCKET-classic and a POCKET-SMT, and the two wouldn't really interact with each other at all.
I like option 2, but please understand that I'm thinking way way ahead since we probably won't actually have SMTs for many more months.
What are the community's thoughts?
I vote #1
Sounds so cool
I say #2. Why couldn't we try and get some attention from the big wigs and use pocket as an example.... case use proven. Pocket is and will still be the first token. Can make pocket really catch on leading up to smt which i believe is still 6mo away minimum in my opinion. Plenty of time. Im no coder so cant help on that front but i got a thinking brain if anybody needs some opinions on whatever.
pocketsend:100@pocketbook, with you in the #2 true that pocket was, is and will be always the first!
Successful Send of 100
Sending Account: juanmiguelsalas
Receiving Account: pocketbook
New sending account balance: 999899
New receiving account balance: 677939
Fee: 1
Steem trxid: 1c5aa4218277cef34dc83ff87fff14a5fcbc1edd
Thanks for using POCKET! I am running this confirmer code.
Agreed, We first need to spread pocket and it needs to get some face value and a few transactions before the next big step is taken.
pocketsend:101@pocketbook, being the first token is definitely something I'm proud of.
Successful Send of 101
Sending Account: biophil
Receiving Account: pocketbook
New sending account balance: 861169
New receiving account balance: 757840
Fee: 1
Steem trxid: 5c8917fdc7b45a6ab7b025226570c8eaaad06f83
Thanks for using POCKET! I am small bot and right now I am running this code.
And so you should be. 1 for the bucket list!! 🖒
I would say option #1, publicize POCKET as the predecessor of SMT or, first smart token (not SMT) in steem blockchain. Option #2 may create more complexity and legacy issues since SMT will add more features and upgrades in future. The interface will need to be always updated.
Moreover, POCKET needs to find a NICHE to build a burgeoning community. Right now, it is already used for tipping and contests. Someone proposed to sell whale's vote with POCKET (which is already doable, sell POCKET for BTS, buy WHALESHARES/BEYONDBIT), problem is volume for both POCKET and WHALESHARES is very low. However, it is the early days.
Whatever the option is, it needs a strong niche and use case to stay relevant.
pocketsend:101@decentropia, thanks for the input!
Successful Send of 101
Sending Account: biophil
Receiving Account: decentropia
New sending account balance: 861270
New receiving account balance: 1000099
Fee: 1
Steem trxid: f4fa98bee91c8d10f77514c286566086e647a4a6
Thanks for using POCKET! I am running this confirmer code.
thks for coming up with this @biophil. I myself was thinking about it when I went throught SMT Whitepaper. Pocket is a great idea and i still like the primary use case... tipping in comment on all steem app. This use case is still valuable and we have to continue using it as intended. We still have enough time till SMT is deploy and tested (probably Q1-Q2 2018). So I support option #2.
pocketsend:101@pnc, I agree, we probably have a long time to think about this.
Successful Send of 101
Sending Account: biophil
Receiving Account: pnc
New sending account balance: 860664
New receiving account balance: 1000198
Fee: 1
Steem trxid: b8a8696351e21503b1f0055cd87545f75f82aa50
Thanks for using POCKET! I am running this confirmer code.
pocketsene:1@biophil I have never used this before
pocketsend:1@biophil I have never used this before
pocketsend:101@ender, make sure to include a comma after the account name.
pocketsend:51@biophil, thanks for the tip! (And for creating a cool tool)
Successful Send of 51
Sending Account: ender
Receiving Account: biophil
New sending account balance: 1000050
New receiving account balance: 860108
Fee: 1
Steem trxid: 07573551d4c867097b2fbe8db36d3c26ea4473a7
Thanks for using POCKET! MasterPocket is running this confirmer code.
Successful Send of 51
Sending Account: ender
Receiving Account: biophil
New sending account balance: 1000050
New receiving account balance: 860108
Fee: 1
Steem trxid: 07573551d4c867097b2fbe8db36d3c26ea4473a7
Thanks for using POCKET! I am small bot and right now I am running this code.
Successful Send of 101
Sending Account: biophil
Receiving Account: ender
New sending account balance: 860259
New receiving account balance: 1000101
Fee: 1
Steem trxid: dde638f27bf02b209835c0a09d68b9ed552d3380
Thanks for using POCKET! I am running this confirmer code.
I have not used any pocket change yet but I haven't forgotten about it, I was just waiting to see it used by others and get a better idea of what I should be doing with it. I love the idea and I hope that you can find a way to really make it work in a big way. I'm not technologically savvy about these things but option #2 sounds really good to me. I appreciate all of the time and work that you have put into this project!
pocketsend:101@deaconlee, it's been a very fun and educational project!
Successful Send of 101
Sending Account: biophil
Receiving Account: deaconlee
New sending account balance: 860158
New receiving account balance: 1000100
Fee: 1
Steem trxid: 73ecc4d7f54e4f4513a57c8d8893a8284880b8c9
Thanks for using POCKET! I am small bot and right now I am running this code.
I am so optimistic on the future of POCKET that I think us POCKET millionaires deserve our own Steemit nickname. In addition to the whales, the dolphins, the minnows, and redfish there is now a new Steem animal that swims in this crypto ocean. I already dropped this idea at Barry Dutton's awesome "campfire" post last weekend and my humble suggestion was that we should refer to ourselves as the "sea otters" because just like real otters we have pockets! Otters are known to be intelligent, fun-loving, and resourceful. From what I have seen already I think that fits us "pocketeers" perfectly. Now all we need is for someone to draw us up a Game of Throne style sigil that depicts an otter nibbling on the Pocket token logo with our house motto written in Latin at the bottom, "We Have The Pockets." After coming up with this idea I realized that I am just a humdrum POCKET millionaire and there are at least 1200 other folks just like me so it is really not my place to tag the group with a nickname that sticks. That is why I have brought my idea here to the foot of the Iron POCKET Throne.
Heh, I actually really like "pocketeers" :)
I give you my blessing to go out and get us that otter sigil!
Awesome, thank you. tip!
Hi @biophil! @paul.atreides is sending you 0.1 SBD tip and @tipU upvote
:)
@tipU - send tips by writing tip! in the comment, get share of the profit :)sorry to go off topic here but I really like you talking about sea animals since you brought water back to dune
Thank you for your comment! The water was always there. It was Prof. Kynes that discovered that. Read all about it in "House Atreides", now available in paperback. 👍🏻
I like option #2. I think the SMT program is fantastic news for POCKET token holders. It is going to introduce Steemit and the concept of digital tokens to a much larger population. Millions of people are going to learn about Steemit with the SMT program being the gateway drug. The production of Steem doubles every 2nd year and every 3rd year the production increases by a factor of 10! Nations have printed dollars like this in the past and that leads people to use wheelbarrows to buy a loaf of bread. When Steemians finally figure out what this exponential production of Steem means for them they are going to start looking for something else on this platform that can function as a store of value and I believe that our limited supply of POCKET token will lead them to store their wealth in POCKET.
STEEM does not have that inflation rate anymore:
Source
You are right and I was wrong. Thank you so much for setting the record straight. tip!
Hi @onthewayout! @paul.atreides is sending you 0.1 SBD tip and @tipU upvote
:)
@tipU - send tips by writing tip! in the comment, get share of the profit :)If people start storing wealth in POCKET, I'll have to recommend some security upgrades.
pocketsend:[email protected]
Successful Send of 101
Sending Account: biophil
Receiving Account: paul.atreides
New sending account balance: 860765
New receiving account balance: 1001413
Fee: 1
Steem trxid: fdd6eb14c69bf77e32076d494af99ba832bc1aa7
Thanks for using POCKET! I am running this confirmer code.
@biophil i think we should go and use the smt platform and make pocket survive longer. but we have time it like released in 8 months
Isn't it possible to have the POCKET-classic and POCKET-SMT side by side?
I mean to make it interchangable. Send X amount of classic to a bot and get X amount of SMT back or the other way around to send Y amount of SMT and get Y amount of classic back?
pocketsend:101@baus85
Successful Send of 101
Sending Account: biophil
Receiving Account: baus85
New sending account balance: 860563
New receiving account balance: 1353164
Fee: 1
Steem trxid: f851d4b676f4ad94810c9646b18453de3040ae1d
Thanks for using POCKET! I am small bot and right now I am running this code.
Yeah, that's option 2. But the bot has to be built right so its owner can't run off with the money.
In my opinion, I would vote for OPTION #2.
Even if at a later date option #3 were to be something that people want to do it would still be possible and it could only raise the value of Pocket (the original).
Likewise, Option #2 opens up many more opportunities, similar to what SMT tokens do.
The only issues that seem to be a worry is the fact that many people here on Steemit have given their private posting keys out so as to get in on the many opportunities out there, like for example some of the MSP projects, hence this could pose an issue as far as the original Pocket transfer method goes.
Just thinking out aloud, and definitely agree that #2 is currently the best option out there, which doesn't close any doors, just opens new doors and opportunities.
Yes, most likely we'll need to come up with better security in the long run because of the posting key issue.