Hi Andrew, thanks for the great video. You do a great job of highlighting the interesting properties of the Steem economic system and why it is an innovation on traditional financial systems.
It would be great to also note that Steem has a number of failure modes that could cause the system to underperform or even fail. It's important to keep such risks in mind, especially in the world of cryptofinance. Some failure modes to watch out for:
- If Steem subscriptions stop or slow, and SP starts to be liquidated on the market, the price can crash.
- If the Steemit curation system rules fail to converge on a system with quality content, subscriptions will slow and users will eventually leave.
- If the spam bots accumulate more reputation than the anti-spam bots. :)
- If the Steemit platform (and/or sister apps) fail to achieve critical mass before the payout economics of the system are no longer sustainable on future expectations.
- Probably many more involving security, hacking risks, and so forth.
Another comment: While Steemit is indeed in principle a system which assigns power proportionally to productivity, remember that in practice people with high buying power can simply buy political power in Steem.
RE: Steemit's REAL Diabolical Plan For WORLD DOMINATION - Part 1