Sure I understand the concern and blockchain ecosystems are not a traditional companies so all this is new. Most companies validate their value from revenue/earnings and ultimately dividends. However it is not necessary for a company to validate it's value using dividends. It's the potential dividends that are important. Ultimately I assume companies will buy Steem to get exposure and reward consumers as a form of advertisement. Another example is real estate. Yes real estate is valuable because of it's potential dividends, but a lot of real estate does not cash flow. Bitcoin & Gold are other examples of commodity/assets that are useful and scarce, but don't have dividends. Steem Power are shares of an ecosystem that is not only a content-based & advertising asset, it's also similar to Bitcoin as a money/payments rail because of Steem Dollars.