Something has value when enough people want to buy it. Maybe the overall market is larger than the original ideas about creating a Utopian currency detailed in the white paper.
Basically if you look at it from a Perspective completely outside of a Steemit user the White Paper is essentially a plan for artificially suppressing two currencies (Steem and SteemDollars) in order to maintain a Pyramidical system of control.
Steem is artificially devalued by nearly 10% every year and SteemDollars are "pegged" to the US Dollar. Both of those concepts are essentially nuts. So you have an innovative BlockChain Social Media network where it's internal trading currency (SBD) is pegged to Fiat currency. Go figure. Pegging a Crypto currency to a Fiat currency is an Oxymoron right?
By volume Steem is one of the largest established Crypto currencies and is the only one that is being artificially suppressed and devalued. If it wasn't artificially suppressed then just on the value of Steemit having so many active users and being part of the Steem BlockChain the true value of Steem should be way closer to Bitcoin.
Maybe letting Steem and SBD rise naturally would actually be a lot better for Steemit users as a whole.
SteemPower is already locked in. Why do Steem and SteemDollars therefore need the artificial constraints? Why can't they just be traded naturally on the marketplace.
I think that the reason why both SBD and Steem have been devalued and suppressed all this time was to give an incentive to the whales to sell the coins. If you look at https://steemwhales.com, you will notice that very few users control the vast majority of the coins, and that is not a good thing for Steem as a platform.
By keeping the price of SBD high and Steem relatively lower for the medium term, the small minnows will at least get a chance to acquire more Steem Power by selling their author rewards in SBD and get Steem to powerup, which would improve the overall distribution of wealth on the platform.
Agreed. Also most of this will be solved with SMTs, since each SMT will have it's own distribution.
I totally agree. There are many, many Steemians, who provide high quality content. Additionally, the time stamp is default equivalent of a copyright, patent, registration, or trademark. This fact alone should be promoted more, and also makes content on STEEMIT very, very valuable.
Therefore, undervaluing STEEM and SBD is likewise undervaluing the content providers. This condition must be changed, whatever it takes.