Many things I can say about this 
A few observations:
I found myself nodding as I read much of this. Steem was "broken." Hive is similarly/differently "broken." Mainstream social media is "broken," but in a completely different way. Alt sites like BitChute are "broken," in yet a different way.
If you back out for the "50,000-foot overview," the entire notion that web content has value is "broken."
Wait... WHAT?
We bitch and moan and groan about the way venues like Farcebook "is making BILLIONS from people's content!"
Well, let's look at the worst villain of them all: Farcebook. Facebook's gross receipts (NOT "Profits!") in fiscal year 2019 was US $70.7 billion! WOW! That's a shitload of moolah... let's hurry up and get enraged and throw some bricks through store windows! They are stealing BILLIONS from us!
Let's hold our horses for a second. Facebook has about 2.6 billion active monthly users... which means the average value of "a Facebook user" is just under $27.20 PER YEAR. Whoop-ti-fucking-doo. Not even a nice dinner for two... all the "social media makes THOUSANDS of dollars from my content" argument is basically... patent bullshit.
Actually, I don't give a shit. The reason I am even bringing this up is to illustrate where all of this stuff truly is broken: 99.999% of all web content has pretty much zero value!
Whether you're a hard core free-market alt-right capitalist or a bleeding heart liberal, UBI-toting hairball, the FICTION being marketed here is that anything YOU say, or anything I say, anything ANYone says has any monetary value whatsoever! Newsflash: it doesn't. Whether you're BitChute, Steem, Hive, Medium or anyone else promising "pay for content," you're basically circling the same drain of unreality. If you or I were to publish some essay about some arbitrary "stuff" and claim that we should be rewarded with $1 for it, you can bet your butt there'd be 20 loudmouthed bloggers behind me waiting to hand out the same thing for FREE. And thus, the free markets tell us that attributing "monetary value" to these munted shitshows is pretty much folly....
UNLESS... you happen to be a Styxhexenhammer666, Stefan Molyneux, Ben Shapiro, Joe Rogan, Cenk Uygur, Alex Jones or whomever who has spent YEARS building their personal brands and followings. That's also what free markets do. People buy the New York Times, but "Bob's Toenail Clippings Monthly" doesn't get much traction... because nobody cares!
Personally, I don't care about BitChute because I don't do video. For the most part, I also don't consume video, unless the platform has a "run at triple speed" option, because I don't have the fucking time. I can speed read and interpret 3000 words in 20 seconds... which would take 8 minutes of video.
However, BitChute is doing well because it's a strong niche market. It is NOT a "general content" platform, any more than the 4chan message boards are "general content." If you remove the conspiracy theory and alt. right/hate speech leaning content, you end up with... pretty much nothing. I'm not saying that as an editorial criticism, but as a way to point at the fallacy of the likes of Steem/Hive's notion that this place is interesting to everyone. It's not. BitChute is of pretty much zero interest to 95% of the world (search for "cute cat video" and see how many hits you get....) and of intense interest to the remaining 5%.
Anyway, to try to bring this diatribe to some kind of conclusion, I fear the entire world is fundamentally broken and flawed in its approach to life and existence. Venues like Steem, Hive, BitChute, Gab, Reddit and others do little more than illustrate that humans will organize themselves into hierarchies, regardless of some originator's idealistic notions...
And there you go! I got into a dissertation, anyway...!
RE: Ok, I'll ask it..... 'cos no one else seems to want to face some realities...lets walk..