When you think about it, money is a weird concept : it has value when people believe in it. It is true even for the US dollar. Yes, actions such as printing more money (hello Federal Reserve!) can contribute to inflation, but at the bottom of the pyramid, if people stopped believing in the US dollar, green bills would be better used as kindle for fires.

As such I find your analysis correct - a lot of people (the community) believes in those sweet, sweet Steem cryptos, which inherently gives it value.

Good post, sir!