> I think that is a very big advantage. It is not easy to get a large user base to switch even if you have a better product.

I still disagree with you here. All you need is good and reliable product (with a good user interface), and some money to do some well placed marketing. The new generation (z, millenials, whatever is the new name they give), switch things they use on a very quick pace. As an extreme example, let's say a new plaftorm work out some kind of millionaire partnership with pewdiepie for exclusive content, as long as he exit youtube. Boom. Instantaneous million userbase.

The question that should be asked is: Could Steem retain it's userbase? As things are now, my guess is no.

> Steem currently has a token with a $1 billion market cap - that is going to be hard for any new token/platform to compete with as far as earning potential goes.

Which was achieved within 2 years, with a pretty broken platform. I could say that a better product, with better content, and a well placed marketing could easily achieve this at the same time or even less.

From what i see how things are going, the big hope in long term for steem is the SMT's. If this turn out badly (which i also hope won't happen), then steem will only survive until the better competitor arrive, which will eventually happen.