The distribution of the Steem Coin is a problem
Yes, you know how bad the starting distribution took place. It's barely better with the current model, with the bidbots raking in most of the inflation.

Imagine how this place would look if people stopped selling everything they make and adopt the right mindset
Even if people didn't sell their STEEM straight after earning it, and if the overall crypto markets were stable instead of bearish, STEEM wouldn't scale economically with the current model. The daily distributed value (i.e. printed STEEMs) doesn't scale with the userbase, actually its the opposite. Back when there was 50K users on this network, top posts made 10K+, and bitcoin was worth much less than today! Now we have 1M+ users and you cant make more than $100 without using a bid bot, even if you are top of the steem-ua list.

Steem UA seems like a good algorithm (from my perspective) but sadly it's not in the blockchain and isn't used for coin distribution, so that doesn't solve much atm.