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In all honesty I don't know much about Bitshares's User Issued Assets. I'll have to do some research on that soon - thanks for the heads up.

you're welcome.
one might note that the price of bitshares is about a nickel.

Bitshares has User Issued Assets but I'm pretty sure you can't easily integrate them into a website and have a rewards pool like you'll be able to with SMTs. Would be awesome if they launched their own version of SMTs though.

Yes, but not exactly. Bitshares have user issued assets, but they are very basic and don't have many features of SMTs, plus with no tranaction or trade fees SMTs are superior to Bitshares UIAs.

Pretty much, with issued assets