From all I have read in the white paper, Steem has one fundamental flaw when placed against bitcoin in a true currency value.
Bitcoin has a set value, only 21 million bitcoin will ever be mined and in circulation. Intrinsically, Bitcoin is a deflationary currency. In contrast, Steem is inflationary, creating money as fast as the U.S. federal government can print bills.
With bitcoin, having a static value makes each and every bitcoin worth more, as no more can ever be created. We are running with a market rate of near $600/bitcoin, and holding steady it seems.
How do we value a currency that is constantly expanding, generating value out of thin air?
I'm loving this idea, and am no putting it down, but the pragmatist in me says their is no way to make this model work without a capped value.
Information is valuable, but how can steem work in a capped system?
Can the ones with steem give it to those who provide valuable content and fair curating?