Yes, of course steem is only valuable because people value steem. But I think the selling point of steem is primarily that you can reward your favorite authors and share in their success. That's what makes steem something that lots of people want to be a part of.
Yes, a relatively few people with large accounts are currently holding on to the majority of value, but that's not what mass adoption looks like. If we're looking forward, let's serve the vision that the blockchain promises.
I think compromise is acceptable on this. Some from authors rewards, some from holding rewards.
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