Fiat currency is based on the same kind of collective faith as bitcoins. While I don't think Steem will see the same level of adoption (or it may not even succeed at all), I wouldn't be all doom and gloom about it. My 2 cents.
RE: Why steemit WON'T solve poverty and why you should be careful with cryptocurrencies.
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Why steemit WON'T solve poverty and why you should be careful with cryptocurrencies.