SP also is insulated against the inflation rate since people who put their STEEM in SP are compensated against loss from inflation.

I think the STEEM blockchain is of high value. Steemit is a app and it may or may not make it. I am optimistic about steemit but I am uber optimistic about the steem blockchain. There is so much going on that we can all see huge potential.

As for SP, it is a hedge against people pulling out all at the same time. Since it takes 13 weeks to power down, it provides a lot of stability to the entire ecosystem.