RE: Will the new SMTs help or hurt STEEM? by yabapmatt

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steem · @yabapmatt · Sep 29 '17

$0.72

First - thanks for reading my posts and commenting @oldtimer, I appreciate your insight since you've been here for longer than most.

I agree that it will help Steem because they wouldn't have done it otherwise, but I would really like to understand why and how exactly it all works. I'm a programmer/hacker and like to understand how things work.

Can SMTs be traded on crypto exchanges like any other currencies/tokens? If so then if I buy some of an SMT on an exchange, where does the Steem token come in?

👍 yabapmatt

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@oldtimer · Sep 29 '17

$0.03

Are you familiar how bitshares Dex work?

👍 yabapmatt

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@yabapmatt · Sep 29 '17

$0.71

No - though I understand Steem is very similar to Bitshares and built on top of the same platform.

Should I look into "bitshares Dex" to understand the relationship between Steem and SMTs?

👍 yabapmatt

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@oldtimer · Sep 29 '17

$0.03

As I understand it's like You need ethereum like gas to pay fees on eth blockchain. On BTS you need bts to convert bts assets to exchange for crypto and the to fiat. You need steem to convert SMT to crypto. And also steempower for bandwidth to run your STM. I know it's not exactly this way, but simmilar. Ask @dragosroua.

👍 yabapmatt

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