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I think curation is very important, just not a good way to earn STEEM for most of us. For the larger accounts and the dApps, it can be, if they actually do it.
While curation is economic, it's also social. It should lead to comments, too. It's the way of allocating value to posts and comments. It's what distinguishes the social media on STEEM from every other traditional social media platform. The community aspect of STEEM is good, but it's not quite the same exclusive trait as curation.