I'm going to skip the long winded answers about how STEEM, SBD and SP works. For beginners, these concepts are way too convoluted.
From the big picture perspective, here's how Steemit generates value.
- It's okay that Steemit creates STEEM tokens from thin air.
- Even if something is produced from thin air, it's still going to be finite. 999,999,999 might be a big number, but it's still finite.
- The value lies in its distribution. Through its complex mechanisms, Steemit has made an attempt to ensure that good content gets more STEEM and bad content won't get that much.
- The monetary value of STEEM is secured using the magic that is the blockchain.
So the answer is sitting right in front of your face.
The value generated by Steemit ultimately comes from the quality content its users produce
Since Steemit generates value in the form of content, it's not a ponzi scheme. There's no need to overthink this. Fin.