So why shouldn't I compete with Steem and go get some of that ?? Especially the UI and social networking part is precisely what I like to code on. Give me one good reason.
I don't know about disincentives / reasons-not-to, but I see practical issues on why it could fail.
Steem = first mover + big marketcap + big payouts.
Can you replicate the payouts and the network effect it will have by the time you finish your own design and launch? If not, then you can't attract people.
My prediction with steemit is that in the next period we are going to see a lot of holes and a lot of duct tape. And the duct tape might hold it together sufficiently, at least until some aspects get an overhaul in terms of game theory with more refined algorithms that do not need the duct tape. Nobody (I don't mean individuals, I mean groups of coders - I think individuals are out of the question) will be able to deliver something as workable by the time it starts getting serious momentum.