This is interesting but I don't get it completely. How can anything be backed by content ? Money needs to get into the system. Bitcoin has value because people are willing to pay money for it, not because it costs energy. The energy thing is just a way to avoid people to keep printing as many bitcoins as they want to avoid its value goes to 0.
So Steem also needs to get money into the system from somewhere. Facebook gets it via advertisement. But what I still don't understand is how Steemit will get money into this system.
What if Steem goes to 0.0001 ? Who is going to pay the holders of Steem Dollar their money back plus 10 % interest ? These are question I still don't know the answer about.