This is an extremely rational analysis of Steem as an investment. Your familiarity with it clearly underlies that strength, combined with investment understanding.
About the only caveat I have is that I find the social media aspect of Steem to be it's most relevant feature, and the economic factors relatively unimportant because of the generally misunderstood value of society. I have long maintained that should Steem become able to successfully develop a strong social media platform (which it has not to date) this will endow it with economic relevance, affecting price by orders of magnitude. The reverse simply isn't true.
Thanks!
That's true, no amount of market manipulation will make a bad platform mass adoption friendly. The product simply has to improve drastically to compete in the saturated social media market.