Recovery features have been added to the blockchain and there are more to come. This is the first blockchain to offer such features.
If a provider can reset passwords to any account, they effectively have full access to every account (Facebook, Reddit). Steem is a new paradigm.
Agreed. This needs to be done carefully. There are potentially extra risks with STEEMIT that don't exist with other social media networks which require a more cautious approach. We don't need more hacks and we certainly don't need a big theft like the DAO.