To be honest, I am still not sure what to think about STEEM/Steemit and wether or not it's a ponzi or not. But so far in my 1-2 months of using it, it seems to be working and I'm actually enjoying it. So as long as that's the case, I'll stay here.. and I guess that's true for more people as well. So I guess that's where the value comes from: because we're here and not elsewhere.
It's our posts and votes that give Steem value. Snapface and Instabook profit too much from our content.
I'm glad you're here!