Very interesting, I understood the concept to some extent, though that video explains it very well. Like many others my interest in crypto currencies stems at least partly from my understanding that fiat currencies are all fundamentally flawed.

Does steem or any other crypto currency facilitate the fair distribution of resources and decision making? I'd say not really, some may be are probably a step in the right direction and an improvement over fiat, at least in the sense that it is not possible to loan (with or without interest) money that does not actually exist. However the distribution of all currencies is weighted heavily in favor of those who bought it with fiat and/or got in early.