Let me explain.
Right now Steem has no price cap!!!! Let me say that again, right now Steem has no price cap (I know the price is low atm more on that later). I am sure you are wondering what that means.
Look at any of the projects that are getting under way on Steem and building momentum. STEEMPEAK, BUSY.ORG, STEEM MONSTERS, and what should will become the biggest DApp on Steem .... SHARE2STEEM (Shout-out to ARTZONE here).
These players know it's important to not add layers of complication for there customers using there services. If they had an easy SMT that worked in/with the steem wallet then they will naturally focus there efforts building value into THERE SMT, NOT STEEM TOKENS.
There-bye capping the price of steem to the costs charged by the network.
THE ELEPHANT IN THE ROOM @ned @andrarchy
I know its painful now but if these projects are given SMT, which is effectively there own block chain currency, it will make it very easy for them to jump ship and leave the steem eco system by swapping providers later (think a better planned out and executed DLive move).
I know Haejin Lee recently said Steem is most likely headed to .15 in the near term but I think that as long as Steem does not fail that it has enough promising young projects to make it out alive when the next bounce comes in 2019.
Best Regards,
Dreamryder007