Yes, when it comes to the blockchain, the witnesses are essential which I think I commented somewhere else. No, chat is not worth 500k, not much is really but this is why the witnesses should be actively working on various projects and ways to improve the platform. Many do of course but some are rather inactive also. I think as the prices increase, the share of Steem should be reduced somehow to bring it under control or, (not technical here so bear with me) the spread of block shared further along the witness list to spread the responsibilities further. I don't know the implications of that.
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