This is an extremely rational analysis of Steem as an investment. Your familiarity with it clearly underlies that strength, combined with investment understanding.

About the only caveat I have is that I find the social media aspect of Steem to be it's most relevant feature, and the economic factors relatively unimportant because of the generally misunderstood value of society. I have long maintained that should Steem become able to successfully develop a strong social media platform (which it has not to date) this will endow it with economic relevance, affecting price by orders of magnitude. The reverse simply isn't true.

Thanks!