Content is not necessarily what is supposed to be valued here: anyone can read the content posted on this blockchain for free - one doesn't even need an account for that. Content is a materialization of engagement and a vehicle for community building. The value is in the (size of community + strength of relationships + intensity of interactions). The steem blockchain is about a lot more than content. Content is only the first application which has been implemented on it. Paying for open-source software (Utopian) is another. Steemmonsters.com is a third (not about content). Payments and "money" transfers (for instance through steemwallet) yet another ... Of course it would be much better if there had been high quality content too. But driving away bad content is doing nothing to bring high quality content.
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