I have taken my second most mature leap on the STEEM blockchain and that has been a curation project for Mykos. I like the idea of deflating tokens and handing them out as if it's free money. I purely base my curation on how long the blog took to put together, and how much recognition it got. One of the main problems with STEEM is that we tend to reward those we know rather than the content they produce.
The power to create your own currency is something many governments around the world frown upon. Minting your own coin in the United States is a criminal offense. Funny money on paper or plastic isn't so much a problem.
Article 1 Section 10 of the Constitution renders congress as the only power with the ability to MINT coinage that’s used in US transactions. There are obvious problems with banks and merchants accepting currency and of course counterfeiting is an issue as well. At the time of the foundation of the US secret service(1865) it is estimated that 1 in 3 bills in the US was fake. That’s a huge invisible tax on the general economy because if a dollar should be worth a dollar its really only then worth 67 cents because so many fakes drags down the value of the currency. So blockchain ledger systems eliminate such issues. Sure inflation on some tokens is an issue (STEEM), but many communities have their own Burn solution. There's no doubt LEO token is upping the game and doing a great job of increasing their communities token value.
While curating on the Steem blockchain I am activiley searching for lower rep scores who have put in a lot of time in their blog and sometimes receive very little for their hard work. Manual curation takes time and distributing a token that has a deflationary value is an opportunity in the crypto-sphere that has long passed us. Will this token take off? Well put it this way, there are thousands of projects that have come and gone. You never know when you will win the lottery; but sometimes it's also hard work.
With #New Steem we have seen less abuse with bid bots, but also flags that seem to indiscriminately target innocent users. I also continue to see individuals and communities abuse their Steem Power by rewarding shit-posts with many dollars. Nothing is perfect and I still feel like we are in 'beta'. On a positive note much of the spamming on the chain has slowed down as well. It's up in the air what SMT will really do for STEEM. The culture remains the same and the user base seems to be dwindling. I have only love for STEEM as it brought me into the crypto-world. Whatever the out-come may be, I will continue to manually curate and hope to drop that extra reward into the hands of those who put in a lot of work into their blog posts. There's nothing worse than hard work being ingnored. What you do with the token is up to you! HODL it? Or SODL it. I will say eventually deflation will increase the value. That's why it's important to get as many people a drop!
If you happen to read this, and you worked hard on a post; drop me a comment with your blog. Perhaps you will have some extra tokens dropped in your wallet!
BTCMYK issued by @mykos
The Bitcoin Wave Network allows bitcoin to act as a store of value or “gold”. Bitcoin Myk acts as the representative money backed by the bitcoin in the owner’s wallet. The value and changes in the ledger as reflected by the bitcoin myk network uses a social media private key. This is a network that verifies unique holders of bitcoin to bitcoin myk tokens by use of social network profiles. Several profiles authenticate the owner of the wallets. So that the ledger to a unique wallet and holder are not able to double spend by moving funds from one wallet to another.
Bitcoin MYK tokens that aren't claimed will fund our Universal Basic Income program. We believe UBI is a mass adoption vehicle. Tokens will be distributed monthly.
0.044 STEEMP / $0.006321 (about 4 hours ago)
54.998 STEEMP / $7.818022
175,000 BURNED and it's one of the most aggressive burn rates in crypto. 1:1 ration on every token transaction. From no real value to a few cents.. perhaps we can break the cycle and create something of value! The goal is to BURN 95% of the supply. I am sure there will be issues; but you never know opportunities that exist.