steem is over priced.
After few days of looking at the price of steem, I have concluded that it is over priced.
Because there is no way any posts on steemit can be worth $1000s of dollars.
If the dollar value of the posts were true, all the journalists in the world would come here to write.
So I think the fair price of steem is around 10 times less than what it is today.
It's all price discovery. There was a time people were saying there is no way on earth 10k of 'made-up money' (BTC) could be worth 2 pizza.
In a few years the $1000s worth of STEEM power earned here in 2016, could be worth hundreds of thousands of dollars, they certainly could be if (as you say), "all the journalists in the world" came here to write.
No-one 'knows' the true value of anything. That's why we have markets and exchanges, to find out how much people think things are worth (based on what they 'think' they know and what they think will happen in the future).
I disagree with you, but I upvoted for posting your thoughts.
Some payouts are massive indeed, but they are real and worth it. Don't let the "too good to be true" appearance fool you. Just join the game. One reason for the amounts to be so huge is that there is a certain amount (currently 2M$) to be shared, and there is only a limited amount of posts to take a share.
People are willing to pay the current price at exchanges without anyone forcing them. Thus the price should be regarded as fair and right. Everything that is known about the asset is already included in the price.
All authors at Steem share some daily amount of rewards, more authors - less reward, who discovered and start using Steem until it's get many users - discover the gem.
Only if market cap doesn't get bigger.
Downvoting due to comment in duplicate thread saying you were just trolling the Community and laughing about making money from doing it. Are you understanding how it works now? :)