Could Steemit be a way of devaluing bit coin
If the value of bit coin is based on its scarcity and also thats is it the most adopted crypto currencies. Then problem for rivals is up take.
Why would you bother investing in a new coin when BC has market dominance.  Based on that BC keeps its market share and its value
Steemit on the other hand has found a unique way to incentive people to adopt it . if this happens on mass and it  turns out not to be a ponzy scheme. Thewn surly the only effect it can have on BC  is to devalue it, as the scarcity of a viable crypto currency becomes negated by Steemit. Based on that could Steemit be the establishments way of taking out bit coin