This is only partly a decentralized system. The content is stored decentralized on the blockchain if I am not mistaken. But a horrible centralized layer is created on top of it ... the whale structure that has given the whales a communist style power on Steemit. This will kill steemit very soon when other true decentralized platforms come into existence. Synereo will release their version this month. If their platform doesn't suffer from this centralized power abuse, Steemit will be history very soon.
I was saying this from the first week I entered here but it looks like not much has changed.