Steemit is a very good idea. A blockchain based social media site = no censorship. The principal (and now departed) developer Dan Larimer is a devotee of Austrian School economics. What's not to like?
Well, firstly its funcionality. Yes, I know it is still in beta. But improvements to the user experience, of something which aims to be the new Reddit or Facebook, have been slow.
Secondly, the voting system. OK, I accept that having a significant stake in Steem should encourage responsible voting for the long term good of the network. But let's be honest, who wouldn't like to make a quick buck?
Dan's earlier project, Bitshares, was an awesome idea, but badly executed. It now languishes.
I suspect that a blockchain based social media site will flourish. But it won't be Steemit. In a couple of years, Steemit will be like MySpace, Friendster or Bebo. Likewise, for what it is worth, Bitshares. I expect someone will take the concept, and make it work.
Blockchain social media site? Great idea. It's time will come. But not here, not in this form.
So now shoot me down in flames!!