I think it is very interesting to have a blockchain based social media, considering censorship that happens in other centralized medias. But I read the white paper and definitely some red flags came to me. For all these people to be paid for using steemit there must be an equivalent of people buying steem for one of to reasons: for SP or long term investment. I think a lot people bought for long term investment or speculation, the rise in price of steem is evidence of that. But if not a lot of people is buying because SP is useful in some way, I don't see how this can be sustainable. If the majority of people is buying for long term it's definitely a bubble to me. I'm a noob on steemit, so I may be missing a lot of information here. Let me know what you people think.