I read yesterday this post about how blockchain-based economy can be a great innovation. I read many posts like that. Almost every day there are post about the blockchain revolution and the big role that Steem will play in it. I have not enough technical skills to see it, but I want be in that game anyway ;)
Well, all these posts usually lack in something, in my very humble opinion
Everyone here knows that... when did you know that the Steem currency had value? Right, it was when you exchanged it and received Dollars, or Euros (or whatever fiat you wanted).
Steem, as other cryptocurrencies, is valuable since there are people who exchange it for national currency (taking fees, by the way).
This is possible because the market believes that Steem can works, has good prospects in its business. What is its business? As far as I understand, that business - and the reason for the market says that steem as a currency has value - is a technology, the Steem blockchain with its qualities: speed, scalability, security.
I don't think, honestly, that the social activity around Steem (very little, till now) is the reason for the market believes in Steem and exchanges actual USD for Steem. The technology is that reason. A technology that can in the future replace the old one, the one currently used for transaction in national currencies all around the world.
Sure, the Steem blockchain is build on a social activity (the ETH is build on smart contracts, Peerplays is build on betting business, and so on), but it is not the social activity that create wealth: it's the technology and how it can be applied to every transaction ensuring speed and security.
Ok, probably I am wrong. Anyone can explain me why I am wrong? ;)