Great points. But steem also gives the promise of a space without advertising. Where content is what is most important.
But you are right ,advertising brings money into the blockchain and that makes steem valuable.
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Does it? Where does it ever say that it is supposed to be a space without advertising? As Ned said in the video it is "the world's advertising network". In my opinion the value of STEEM is all about advertising. The difference between Steem and traditional sites is where the value derived from that advertising goes. On traditional sites it goes to the companies that own the site, and on Steem it goes to the holders of the tokens and the content publishers on the platform.
Steem didn't make the promise in that way. It was that I saw a place that was about the people not the corporation. "Promising".