Trading directly for BTC is a very complicated feature. It would require either a pegged asset on the STEEM blockchain (unlikely) or getting the token onto an external exchange (unlikely). So STEEM will always be important.
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My opinion is that if there is demand, these tokens will be added. Most of the ETH tokens are trading for ETH and BTC, they could have chosen to only restrict it to ETH but there is more demand in BTC so both pair are available. With the negative sentiment towards altcoins in the BTC community, you can bet if steem becomes huge they will beg exchanges to add BTC trading pair.
The idea of tokens is interesting but there needs to be a mecanism to protect steem power holders and retain the value and utility of steem.
Since each token would have their own reward pool, there would be less pressure on the STEEM reward pool. As such, people who focus only on the STEEM reward pool will indirectly benefit from the existence of many other tokens.
This is because payouts in those other tokens won't crowd into each other. They would be segmented.
I see what you're saying about high-demand tokens. Let's imagine that the community creates a
CNCommunity Token for the Chinese community.Let's also imagine that
CNtoken is incredibly popular and it's the second largest token next to STEEM itself. So poloniex opens a trading pair forBTC/CN.The interesting thing about that situation is that it creates an arbitrage opportunity. People with a lot of STEEM might buy
CNinternally so they can sell it on poloniex, creating demand forCN. If there's enough volume, it would cycle back and forth, rather than just go one way perpetually.Meaning, once the pressure to arbitrage
CNin one direction finds equilibrium, it will go in the other direction for a while, creating demand for STEEM.The equilibrum you speak of won't protect steem power holders as the CN community will take a lot of market share away from steem still. Many projects will develop around this token and thus it will be directly competing with steem.
@ned and the devs at steemit @vandeberg,etc..need to make sure that these tokens can only be bought and sold with steem. Maybe a mecanism like rootstock where you can exchange RSK for BTC and back would guarantee that these tokens are only redeemable for STEEM and that you need to buy STEEM in order to acquire them.
One thing that many say is that steem has the community and you can't copy a community, this is true however one reason why this community is so powerful is that we all use the same token and all want it to suceed, implementing a token for each sub communities could turn out to be very divisive if this tokens doesn't directly benefit steem power holders.
A pegged smartcoin to BTC or USD could work pretty well, and even then, it would be powered by STEEM
Do you envision a BTC SmartCoin on STEEM having some kind of a reward pool functionality as well, it just trading only?