Nice speech but it's not that easy. Social value is based on what? Historically, and we can see this today.. Social value is based on popularity and popularity preys on the lowest of human emotions. Not everyone is creative and some of the most creative are so esoteric that most people don't get what they're trying to communicate via their art.

This isn't to trash the "revolution" I'm all for decentralization of currency and most other things associated with wealth generation. I'm just pointing out some roadblocks that might pop up.

Steemit is part of the web... it's a social network of sorts and as such it's limited by its population and that population's collective desires, likes dislikes etc. Thus a person's Steemit wallet rises or not based more on popularity than creativity... which is basically the entertainment industry model of today...

Plus, and correct me if I'm wrong, I'd have to convert my Steemit to paper currency or some other crypto if I wanted to buy dinner, right? And just as exchanging one paper currency to another that involves a fee, so purchasing power is reduced, right?

The paper currencies of the world may or may not collapse (as the precious metal investors seem to be hoping for). The rise of cryptos I believe will render gold and silver obsolete as "money" - this, I know is economic blasphemy.... how many times have the gold bugs repeated, "Gold has been money for over 5000 years"? Well, viva la revolucion! Gold hasn't been worth over $1300 USD an oz. since the Presidential election.

Anyway... sorry about the rant. I'm no economist, just a social observer. There are probably lots of holes in my vision. As for faith in currencies, tangible or crypto.... that's vital.... back to the dinner example. If, for instance, this rant, can generate enough steem that I can go out and buy a meal with it, and the owner of the restaurant can take that same steem and cover his/her expenses, then, it seems to me, we have a viable currency.

Cheers.. Good luck Steemit...