And the most important part is that it's backed by something. In STEEM humans are the ASICs. At first I was skeptical about the token creation process which seemed like a sustainable ponzi. Then after spending some time I developed the insight that Posting on steemit is like Hashing on PoW cryptos. One of my first (if not THE FIRST) posts were on this: https://steemit.com/steemit/@vimukthi/we-are-human-asics-steem-ponzi-scheme-explained-debunked

On top of that, the entire process is intrinsically valuable. I would have posted the stuff I've posted even if I weren't payed a penny. The money only makes the frequency higher. It's also a great way to support the content creators we love that's already on other Social Media without letting the bastards take a cut (I mean YouTube rewards splits are criminal and Patreon has tons of problems too.)

Don't forget that Steemit is a Blogger Killer. The approval process for Google Ads is a hell on Earth and gaining visibility for a blog is a miracle. Nobody freaking read these days (except for the trash on DailyMail and PuffPost) Steemit has all the great readers online. I myself read more than I post. 90% of my blog are resteems.