All cryptocurrencies are technically illegal or in gray area because in most countries the legal tender has monopoly. And you have KYC/AML regulations that crypto's don't respect.
But so what all crypto users take this responsibility. Any early technology has legal risks.
It's that law that is wrong, the law has to change. But by now governments have became so big and monstrous that it is time for people to push back against it.
So reforming the legal system is a priority, people are getting tired of bank bail-ins, social security ponzi schemes and stagnating wages, while the supposed boogeyman are some punks who might not respect KYC regulations properly.
Tell me which one is a bigger problem for society?
My eyeballing it guess is the actual economic population of Steem is some where in the range of a couple 1000 at best. Which is irrelevant unless it is growing fast and making some fundamental paradigmatic shift of great significance.
Big youtubers could join any time now. They are getting hammered on Youtube revenues.
Steemit is a complimentary revenue for any blogger. Why not use it?
And he is very likely in massive trouble with the law in the future, especially with EOS.
I believe they don;t accept US citizens in the ICO sale. Most regulatory problems come from the US.
The rest of the world is more relaxed.
This is just the beginning of the natural power vacuum of centralized paradigms.
Watch it either disintegrate or taken over by an oligarchy.
Not with the delegation system. Many newbies could band together to mount a collective defense against an out of control whale.
It makes things more equal.