Why Smart Media Token (SMT) will fail.

Possible problems, flaws and scenarios why SMT will fail.

To be honest with you, I don't see me as someone who knows enough about blockchain, and Steemit in general and also Smart Media Tokens, so I am not here to judge, I am doing this post to ask some questions about SMT.

From what I understand Smart Media Token will be huge since it will provide every other contributing platform with the same benefits that we have here on Steemit. It will enable other community platforms like for example the Huffington Post community to have monetized and incentivised content, content curation and comments, and to be fair this looks very solid to me since this is just what they need to have an even better user engagement. Every possible social media community will be able to issue their own Smart Media token via initial coin offerings (ICO's) which will cost just $1 to start. So SMT will going to be big, but will they really?

Almost every post I see about SMT is very positive regarding it's future and also the future of Steemit.com. Most of us are truly convinced by it's upcoming success, still @ned not only wanted us to love this idea but also question it and tare it apart if we can. However since those news about SMT have been announced I personally have not seen people questioning it or even talking about why it could possibly fail. Are SMT completely flawless or are we just not paying attention on it's downsides for several reasons? Of cause we all want it to succeed and so we rather talk about the positive aspects it has, but shouldn't we at least try to also find things which speak against those new SMT?

As stated above I am by no means an expert on this topic, not a genius brain that could find problems buried deep under technical understanding of any blockchain related topics. However I can still see the macroscopic picture of Steemit and cryptocurrencies in general. According to that picture I have I can at least see one problem which SMT will maybe facing. The change in the reputation of ICO's in general. Since there are already more than 1000 different coins out there and we already saw some ugly things happening with several ICO's even some governments have started paying attention resulting in regulations of ICO's. For many ICO's out there those regulations now prohibit people of country's like China, South Korea, and also the United States in contributing in those ICO's. My guess is that those regulations will also take effect on the new Smart Media Token which will also be issued as ICO's. Please correct me if I am wrong with that guess. I also saw one comment at thebitcoinpup.com which stated regarding to the topic of SMT: “!Be Prepared for a tsunami of shitcoins!”

Furthermore I have already started to ask some people where they see any problems with the upcoming Smart Media Tokens, and one of the answers I got was from @anarchyhasnogods. He told me to have a look at how much more data the Steem blockchain is able to store and process which implies the question if the Steemit blockchain will technically have the resources to take all the new SMT on top of Steem. Since I am not an expert and I have far too little knowledge about the technical details I am not possible to give an answer on that question, but I am certain that you guys can. So how much more data is the Steemit blockchain able to process and how will that interfere with the concept of Smart Media Token?

There has to be more. Currently I am still waiting for some more answers on the question what could speak against SMT. Also I will be digging deeper for myself to identify any flaws. I am certain that you guys will come up with several ideas that show us some flaws in SMT on the microscopic or technical level but also on the bigger picture. Like, will big companies and websites like YouTube or the New York Times even be interested in integrating a third party protocol to their platform, or will they rather try to find a way to do their own protocol which enables the same benefits for their communities?

Feel free to join and ask questions or give us statements or even reasons why SMT will fail. At least let us try to think critical about it and identify the possible flaws or things which speak against Smart Media Token even if you are already convinced that this will be a huge success for Steemit.com

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Thank you for reading and please leave your thoughts in the comments.

With much love