But that is the definition of capitalism ;)
hehe, when it comes to the distribution of capital, yes that is mostly how it works.
I am talking about just the pure definition of capitalism which is private ownership. And the STEEM blockchain is not privately owned, it belongs to no one and it belongs to everyone who participates in it (steemit.com is privately owned but it only exists because of the STEEM Blockchain). That aligns more with a communist economic model than a capitalist model. The reason I call it a communist oligarchy is because in a pure communist model everyone would be paid a mostly fair/equal amount for participating. This is not how the STEEM blockchain works (currently, this could of course be changed), who gets and how much of the money they get from the STEEM blockchain is determined by the wealthiest members (the oligarchy).
If the STEEM blockchain was privately owned and there was one owner or a small group of owners who decided everything, than yes I would agree with you that it is capitalist...