The value 'siphoning' (as you call it) is frankly so small as to be negligible. This is something where you really have to work out the numbers and especially look at the market cap ratios along with a reasonable calculation of what percentage of the market cap is a reasonable estimate of costs. My rough estimate is well under 0.5% of STEEM market cap per year possibly (with somewhat favorable assumptions) as low as 0.1% per year. I view SBD's utility as easily adding enough value to carry its weight and it isn't close. I have some other doubts about it, so this shouldn't be viewed as unconditional support, but I just don't by the 'siphoning' argument holding water based on the numbers.
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