Indeed, it is magic internet money created out of nowhere, but, in a sense, so is all money. Even gold isn't worth anything (i.e., isn't money) until someone's willing to work for it, at which point it is money. So the "moneyness" of gold magically came out of nowhere (or more accurately, the gold was imbued with moneyness when the worker accepted it as payment).
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Exactly. All value is subjective, not just here on Steemit ;)