Without getting into all your points, I don't disagree entirely, but the issue is having a single level. We need a double level.

Steemit was a blogging platform.
Steem or Hive as the new one is called will quickly move to a 2 level system.

The tokens bought and earned will be used for various things then converted to steem.

Blogging (rewarding content) cannot exist with content promotion or game rewards, but they can all be on the same network.

I dont think bidbots are wrong, but they shouldn't be competing with a reward pool. It completely messed things up and no one was curating. I'm not saying it was wrong, but a lot of junk was being promoted that no one would realistically pay to promote if they weren't gauranteed an ROI. That is the system I meant when I said it is unsustainable. Paid promotion is cool.

The value of the SMT (HMT now?) will be up to the community. If they mess with the economics theybwont hurt all of steem. Personally I think they should make more use of SBD too.

I see several different super SMTs emerging for various aspects of blogging (high quality, emphasis on social, art, research etc) with a whole lot of junk ones and an unknown amount of dapp ones.