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RE: What is the Truth about the Subjective Value of Steemit posts?
absolutely, there is also some poeple thinking that steem will moon and they are making a lot of money for the future. While that is a nice thought it is not accurate. Instead of posting they might also work some job and then buy steem directly for better profits.
The real value of steem is being a decentralised censorship free p2p system, the rewards are just a little bonus
I think it works best as you describe it, but I am not completely sure the expectation of what a token-ish system should be.