Should I wait until the oil smokes when frying eggs?
Considering that you're using Soybean Oil - which has a smoke point of 450°F, you might be using far too much heat for your eggs. Even if you were making an omelette, which typical recipes demand a higher temperature of ~ 400°F - you'd still be far too high if you're smoking soybean oil. In any case, I would recommend frying between 350°F and 390°F. 

As for you hearing that in olive oil, bad chemicals emerge when the oil reaches the smoke point - this is true of any oil. Heating any oil or fat past its smoke point causes rapid oxidation (peroxidation) and more-or-less mimics the effects of rancidity. Think about whether you want to be cooking using burnt, rancid oil. At that, you shouldn't be using olive oil (which has a lower smoke point than most fats) for high-heat cooking. As for the bad chemicals, any oil or fat that is taken past its smoke point will oxidize, and as a result, different chemical reactions will occur which may or may not release/create carcinogens. This is a topic that you should explore more with your dietician/physician than on this board. 

Ideally, you should monitor your oil temperature - either visually by looking for a slight shimmer/sheen, or physically by using a cooking thermometer or a wooden spoon (look for air bubbles).