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RE: What is the fundamental source of income that gives steem value?
That doesn't answer the question of where the demand for Steem comes from. The other social media sites get their income from an advertisement service that is paid for by external parties (e.g. a coca cola spot you have to watch before watching the actual video on youtube). Steem doesn't have this kind of income.
Well the more screen time people spend on here. The more advertisers will be willing to pay to reach them.