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RE: Chop, carry and never repeat
I think of Steem as the base layer now, the investment layer that enables all other tokenized experiences to operate upon it while still forming a greater community. And, RCs are the gas to interact, not transact :)
The fact that there are no tx fees puts a limit on STEEM value, no?
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I don't think the lack of transaction fees does this as long as there is utility in other ways. I think the lack of transaction fees can increase the value as it makes using an exchange gateway cheaper - more to send.