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RE: What adds value to Steem?
In the present tense I agree with you. It's true today that social networking is king. And that will drive the value of steem into the ground in the long term.
If they change the weekly cycle to be recurring and clocked on content value per user, not per one week (can't like twice should be normal so nothing ever over generates).. then it will be self sustainable.
I really like how the upvote has monetary value. But more thought needs to be put into the source of the money. The value of our upvote comes from the inflation built into Steem. This mechanism in and of itself will not provide sufficient revenue to fund content creation projects.
There are also problems like the sad observation that the upvote of new accounts do not have substantive voting power. A single vote from me is less than the rounding error.
BTW, I decided to steal the theme of your post and dashed out my own steemit post.
https://steemit.com/blog/@yintercept/the-sixty-four-usdteem-question
I think I like how you can buy into Steem with "actions" as Steem Power to gain more influence on the platform. This investment into the system that grows the distribution pool weekly is also a factor that grows value. I forgot to mention this. If you buy into it, you earn more from curation. This generates value from external investment into the economy.
Also, nice article and counter arguement. Thanks for the plug!