A well written post and the points made mirror my experience as a 111 day Steemit noob. It is no wonder that Steemit has not reached mainstream adoption. From the Steemit 1-Year Anniversary posts, it becomes clear that less than 10% of new Steemians last beyond a year. What this means is that Steem based tokens will face a challenge to grow in value over time unless the broken and corrupt model is fixed.
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The number one flaw is each user's vote is weight differently. It's not much different that why governments are broken... a few rich lobbyists get what they want, while average everyday joes get to pay for it through taxes.
Crypto mirrors the real world. On a related note, did you read the detailed expose by @walden on sweetsssj?