The thing about steemit that makes me bullish about it is it's transactional speed. Many other coins simply cannot offer such speedy transactions and that's a huge advantage. While everything else is a real pain to deal with, Steem is instantaneous.

On top of this, the social network element is clearly quite important and many people have tried to do a social network where users will get monetary rewards. But nothing in the past has been as well implemented as Steemit because none of the previous attempts were based on a blockchain and a new cryptocurrency.