I am sure Steem won't be a real competitor for Facebook. Steem is really different from Facebook. But with Smart Media Tokens, we will see a lot of new projects and I am sure they have a chance to destroy facebook.
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By 'Steem' you mean 'Steemit' @spiz0r? 'Cause let's not confuse the 2... I'm mostly talking about Steemit as a social media, and not as much as a crypto based platform (which it is, as well, clearly) SMTs sounded so cool at the Conferences so let's see what the Future holds!!!
I mean Steem the blockchain. Steemit is a simply frontend, but it doesn't really matter what UI you use (steemit, or chainbb or busy.org or dtube) or just reading and sending transactions on the blockchain.
I think for beating facebook you need a different blockchain platfrom with different rules and feautres. As I know it is possible with SMT.
Since I'm talking about the social media aspect of it though, for the general audience, who probably are unaware of cryptos and blockchains etc, I think it's more specific to say 'Steemit' - that's why I used this term and that's why I asked what you meant ;) Of course for us, that we are already part of it, it's much clearer what's what -but for someone who will eventually switch from Steemit to Facebook, I don't think it's that clear. It might be possible with SMT yes, so we just need to wait and see what happens (evil laugh hehe ;) )