Recently 
https://steemit.com/steemit/@powercouple/hey-steemers-here-is-why-we-think-steemit-will-take-over-facebook-twitter-and-other-social-networks-within-this-year
Among other things, they mentioned the lack of censorship on Steemit and the reduced ability to make money from Facebook pages.
Competing with Facebook and Twitter
I’m not sure about their timeline, but I do see it as a possibility someday, though only with some pretty significant enhancements.
I liked a lot of the ideas, and especially the enthusiasm and optimism in the post, but it seems like in order to really replace the other major social media platforms, it would have to offer multiple feeds -- an articles to read feed (as there is now), a FB-like friends and family feed for baby pictures and people talking about what they had for dinner, etc., and a Twittery feed.
Some other features I would like to see are the following.
Under the “Replies” section, have a way of indicating replies to our blog posts or comments that we have not yet read.
Allow us to save drafts.
Allow us to schedule when blog posts are published.
Another feature someone else mentioned that I like is the ability to star or “favorite” posts.
Nurture the Minnows
Have a “New Authors” or “Fresh Voices” tab and post a selection of quality content from authors who have been on the site for less than a month. This would really boost morale and make it easier for whales to help the young minnows.
Allow whales and dolphins to bump a certain number of posts per day by minnows.
I’d also like to see posts continue to be able to earn after four weeks. This policy seems to especially penalize new writers.
What else would you add?