Mostly accurate. And the most ironic truth if we are talking about economics of blogging:


Realize you forsake 25 million readers at Medium to blog at Steemit to at most 1/1000th of that readership, hoping for payout in $ instead of a payout in readership.

Also the only really viable way to find content on Steemit is via its payout ranking, the lowly paid posts are more or less censored.

So much for a decentralized blockchain having the virtue of less censorship.


Edit: This paper cited by Tone Vays, hits on all the points I've been making since yesterday (as well I've as @anonymint in 2013/14 made similar arguments about Coasian cost theory or the Theory of the Firm and its relationship to Metcalf's value law):

http://ra.ethz.ch/www/www2008/ws-workshop/webevolve2008-10.pdf