"STEEM, the cryptocurrency, would still be far superior to other cryptocurrencies even without Steemit.com."
What's quiet a bold claim. Steemit.com allows users to easily transfer and use SBD and Steem, without the user-friendly UI, most non-tech people wouldn't even bother with Steem!
Sure, the Steemit blockchain can stand alone without Steemit.com, but who would use it? Without usage, there is no value.
Do "non-tech people" drive the value of the STEEM token, or is it hardened, seasoned, cryptocurrency trading professionals with extensive technical knowledge of this space?
There is no such thing. It's the STEEM blockchain, not the "Steemit" blockchain. This common confusion is the problem I'm describing.
"Without usage, there is no value" makes sense in terms of Steemit, the social media site, but when it comes to global payment networks, the technical capabilities of the system have huge implications for the future (often considered "priced in") valuations. Like the bitcoin pizza example. It wasn't used as currency at that time so 10,000 bitcoin barely bought a pizza. Now it's used globally. Usage does mean value, but you don't need social media content for the STEEM blockchain to be useful as cryptocurrency due to its technical properties as cryptocurrenccy compared to other options.
That was the point of my post.