Blog's, news and general articles have value. This value to the person reading it goes down as time goes by. The writer got their payout. And the once "new and valuable" article is stale and old.
Now due to this fact. Steem cannot be seen as a store of value token but rather a token of transferring of value. Meaning it constantly depends on the new inflow of a token of value, Fiat or BTC etc. And is volatile
So why would I hold or buy steem?
Steem is easily transferable. You might feel particularly strong about a post and come to the conclusion that this article or individuals work is worth more than the 2$ with 50 minnows in . And simply give the writer 10steem etc.
This would keep the writer motivated and keep them writing.
What about SBD?
My analogy of SBD is that it is a unit to measure the current value of steem to the FIAT internationally. More precisely an indicator of steems perceived value by the user. Should this value not closely resemble on USD then it could suggest an perceived value misrepresentation of the said value of token.(If the USD falls significantly this would show in SBD)
SBD could be viewed as the "reward of the article" and be used to buy fungible goods. E.g. camera lense or paying for utilities etc. And the Steem Power could be viewed as your weight increase due to value given to the system.
A Company has holistically 3 components
- Inflow of funds(Capital or products sold)
- Labor and value being added
- Rewards for those involved
In a mutual agreement with friends, you could own part of the company due to:
- Labour
- Capital venture
- Quality control( executive) or leader
Vests are what we see as quality control. Steem is given to labor(Dev teem) and SBD is venture capital(It grows and is easily transferable)
Just like any business control/power is key and information is golden. So what gives steem its power or value?
- It is the only way to gain vests other than to author a post.
- You could buy steem for the sole purpose to transfer it to your favorite blogger or article creator.
- You could purpose fully hold steem on steemit.com to aid/help pay the develpment of steemit.com
- Bonus! no Advertisements as steemit.com is selfsuffiecient.
Ordinary users such as myself and you might feel that we should reward a blog's articles on a monthly-basis or on a particular post. And it is like if we were to subscribe to a magazine , on a monthly basis, fund the blogger.
And the emphasis is to not buy now or later die. but rather see an ocean with waves...
Due to this view, it's easy to see why a Bitcoin maximalist might dismiss steem. From their point of view, steem can't hold value indefinitely like Bitcoin or Eth. And they are right, but this does not disqualify steem as having no value or being irrelevant!
This assumption that a "crypto currency" or token should hold value indefinitely, or be null and void, has caused some to overlook the incredible token we know to be steem.