Nice!
I had assumed that SMTs would all have their own starter value, and we could either decide to create/purchase 1/10/1000 or any other number of our SMT from Steem... but it's great to see that in writing.
Can I ask a question; if someone creates a SMT and they choose to purchase 1000 of their SMT for 1000 Steem... is that 1000 Steem held in escrow to be exchanged back by the receivers of that new SMT... or is it all market driven? (Apologies if I'm totally misunderstanding something super obvious).
Read this section from the smt-whitepaper titled:
"Increasing Market Demand for STEEM with SMTs and Implicit Value Drivers rather than Fees"
(https://smt.steem.io/smt-whitepaper.pdf)
It starts on page 56
Thanks for this @jondoe... I really appreciate it.
I think I found the answer around page 23... I thought that as a business I would have to purchase 100 SMT tokens from Steemit or other with my Steem tokens and then I would hand those out to contributors. I now understand the SMTs to be more of a situation where I create an SMT, and people have to buy that SMT... in that purchase, I decide whether I get 1 Steem or 1000 Steem for each SMT purchased, and the market decides whether they'll pay that or not.
That's totally flipped my whole comprehensive of how SMTs work. Thank you for that.
Yep, there is a lot of info in there. Glad it was helpful.