Reasons I doubt long term success in Steem

Here's a list of reasons, lemme hear your thoughts:

1. No PoW mining. Proof of Work is a critical part of why cryptocoins work. How does Steem have value when coins are just created backed by nothing?

2. Poor voting design. This blew me away. One guy with $48,000 worth of Steem has been able to completely downvote every one of my posts. Even one that already had 10 upvotes. What I learned from this is that centralization and censorship exist in a soft sense in that those with a 5 figure account can completely delete someone with a 4 figure account that has good posting history and upvotes and followers. 

3. Whales on this site are poor quality people so far. @Klye's posts to me were all threatening to ruin my account and name-calling and demands that I do as he says. I saved all of it. He sounds like a pissed off teenager. Hive account@craig-grant mainly pumps scammy coins like Burst and Bitconnect, offers nothing of substance but just brags about how much money he has,  and still able to pay himself with self-upvotes. 

4. Self Upvoting. Dumb. Just poor design.