Few days ago there was a announcement from "Magic Dice" about releasing a SMT token once SMTs launch in February/March/December, whenever.
Ive even seen a witness ("fbslo") promote the MAGIC DICE SMT release in one of his posts. He titled the post:
"Magic Dice - Best Steem dApp?" LINK
Haha.Now, now, Fbslo, lets not get ahead of ourselves... I would hardly call a random number generator the best dapp on STEEM. :D
When ever someone mentions SMTs im always curious even though it might be related to a gambling app.. It was a pretty easy guess as to how the SMT will work since you can see the exact same business model in other similar games on EOS.
You play the game and the more you bet, the more "proto-SMT" tokens you get.
Once SMTs launch.... dividends from daily earnings of "Magic Dice" would be payed out to you based on how much tokens you hold..
That was all fine and dandy so i decided to bet a bit and earn me some MAGIC tokens.
I was about to only do it once. 1 time and no more!
I placed a few small bets a month ago before the SMTs were a thing and won a few STEEM, but quit while i was ahead. I could see how easily someone can get hooked on this.
Most of us have to bust our ass to even earn a couple STEEM here so i wasnt about to start gambling. (Guess im not the preferred customer for Magic Dice.hehe)
........But for the sake of this post and for science i made a bet with my weekly STEEM earnings at a 94% chance of a win... Id be pretty pissed off if i lost. haha
I predicted that the number rolled would come up under 95 and i i drew 75.. In the end i won around 2 STEEM and got 2500 MAGIC tokens.
Alrighty.. I got a few MAGIC tokens in my MAGIC wallet. Cool.
Now i wanted to know how many of these tokens there were and how much you could actually earn from them...
I browsed around the website and their blog, and found this graphic.
Apparently the token supply is set at 7 billion. 60% of which can be earned by playing the game and/or delegating to the magic dice account. (I delegated a bit just because im a nice guy. haha)
Hmmm. 7 billion.... Thats a loooot of zeros..
So i did a bit of math and apparently out of those 60% that will be airdropped to the players and delegators i owned about 0.00005%.
I could be off a bit but im pretty sure that would keep me under the threshold of receiving any dividends since STEEM/SBD doesnt have enough decimal points. haha.
Not only that, but because the MAGIC DICE is slowly reducing the amount of tokens you get per STEEM spent over time, it would take more then 1 billion STEEM to pass through MAGIC DICE app for all the tokens to be distributed.
My point is that you shouldnt expect to earn anything from dividends unless you intend to spend a couple million USD on playing DICE before the SMT launches. Hopefully they burn a bit of them or stop the halving every 5% distributed.
Keep on STEEMING and dont gamble kids, trade crypto... hahaha