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RE: steem price is not justifiable at the moment.
What does it change for you as an investor how much people are paid? An investor looks at the present value of a service or product and then guess how big its going to get in the future.
If people are paid well to write and curate, then how can that be a bad thing when the goal is to attract a large user base?
Again, i fail to folliw an logic in your argument.