SteemIt could very well be considered a Ponzi scheme, but so what if it is? The Fiat currency we all use every day has the exact same problems. If we all go to the bank tomorrow and withdraw all of our money the whole system would collapse, but we never do, so i don't really see the problem.
Someone will always see value in SteemIt and therefore the price can never go to zero, so people will always get paid and as long people keep getting paid, other people are going to want to be paid, which drives the prize back up again. But that's just the social media platform, there is much more value in the STEEM blockchain:
- Instant worldwide financial transactions without transaction fees
- 10% interest on STEEM DOLLARS
- Multiple investment opportunities
- Trading without trading fees
- Encrypted private messaging
Conclusion
As long as not everyone in the world withdraws their money at the same time the system works. In SteemIt you can't withdraw your money immediately so it's already much better than the Fiat currency system, isn't it? The STEEM economic system isn't perfect, but it's already better than what we currently have!