For steem to succeed it must appeal to people by offering very unique information. Thus, those of the masses wanting guidance will come, and give attention. Those wanting to guide will either earn their respect and influence (by writing) or buy attention (by purchasing SP). The money/value circulating in Steem comes from those willing to put in money to have power to influence attention.
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I agree with you. The users are what gives Steem value. As more features are added and more people start referring others it will continue to grow. People are already actively using Steem. Infact, I'm on Steem way more than Facebook now.
That's true - content is king. But that's why we must be careful not to put off content providers at this early stage. Few will write if they think no-one is reading.
You're right, but it is just like starting a blog. No one is going to read your blog when you first start it. It is something you need to work towards. So, yeah a majority of people will stop writing if they stop believing.