Value is something tough to demonstrate in the traditional financial system as it is all driven by fiat based cash flows and since the price of the underlying assets is set by the market, the balance is difficult to see given the amount of speculation involved. However, as you mention, demand has already started to build as the ecosystem creates its own economy based on the use of the token and the community has demonstrated that it can utilize well built Dapps that can generate value. While the ecosystem may not have cash flows, the Dapps will and can ultimately be part of the value of the protocol.
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I will argue that there is some cash inflow into the system. People exchange fiat for steem. I have bought steem booster cards with PayPal, that's fiat. If fiat wasn't being exchanged for steem or any service provided in the dapps chances are seem will die. This is my take. I might be wrong.
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