This flag is a suggestion on what a 'Steemit Flag' could be. Here is the symbolism behind it:
The middle band represents the Block-chain, above it being the color of Steemit's logo, representing the website itself. It's being held up by the Block-chain, a core component of Steemit. The bottom band is being crushed by the top two. The bottom band is white, a color associated with monarchy. The point of Steemit is content by the people, for the people.
Of course, this is just one suggestion. I would love to see other ideas in the comments.