Very well thought-out. The market cap is concerning, although, this isn't REDDIT. It's way, way different in the fact that content establishes a value based on market participation, immediately. Apples to apples, not really. As an expert underwriter, I do agree with many of Fred's spot-on points. Rather, I think Steem is creating, literally making it up as we go along, a new valuation model that is beyond LTV. Think about it, I can utilize Steem for our various businesses online and offline to "blend" my customer acquisition costs using full-cost accounting.

There is nothing like that in the world that allows me or my team to publish content, monetize that content and then create leads for structuring $100M deals. I'm sure this post - https://steemit.com/solar/@joshuanboles/closing-usd100m-deals-for-breakfast-is-not-fucking-easy - will end up with at least one phone call, or hopefully many, that will result in a deal closed. Just nothing like it that I know of...