"Steemit is basically a platform that pays for ads."
Not yet. That is the missing piece of the puzzle that everyone is speculating on. We all know attention can be monetized but so far it hasn't been done on Steemit.
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I agree it's not monetising attention. Just monetising the advertising itself. It wouldn't be that way if people with less power were allowed to use their downvote without retaliation from the more powerful, but it didn't turn out that way.