The total lack of reason* to buy steem (in order to power up) is central point [of failure] where this complicated house of cards is most unstable.
*Notwithstanding today's smooth comment that subsciptions fees tend to go up for successful companies.
I actually agree with that. My comment was in the context of arhag's post about the economic model and where the revenue comes from. Nevertheless I have no idea how much the implied fees will go up and whether that is sufficient to support any particular valuation. There are enormous uncertainties to it.
There is really no good reason to buy Steem now to power up, as an immediate practical consideration. No one needs it. The only reason is speculation on future value.
The only reason to be bullish that I can see is if you think the demand for STEEM will increase. And the only reason I can find for that which makes any sense to me, is if the transactions involving STEEM will increase to $billions per year. That is a very big if.
Agree somewhat. SP as buying access to the network may or may not also be significant, even if the transactions on the network (which will need to be extremely high in volume for this to matter) are not necessarily (exclusively) financial.