That's a fair assessment. They're just like startup shares. Most early stage startups dilute to bring more resources to a company. The goal is for the dilution to bring more value overall than the amount that is diluted. Older investors get a smaller % of a bigger pie, but the value of their share increases. If you look at Steve Jobs or any early founder they have significant stake early on, but over time they have a much smaller percentage. Jobs had less than 1% when he passed away. He did sell a significant share before leading Apple to a comeback so his stake is a bit skewed. Nevertheless the Jobs example does illustrate the nature of early stakeholder dilution. When you're in a garage with a few co-founders you start with 100% shared amongst the team. Overtime you dilute and if you get really big that percentage is probably going to be far less. Early on for STEEM it's all about the network effect just like it was for Facebook & Twitter. Revenue can validate the value a platform, but it's not necessary especially early on. Advertisers will eventually want to buy STEEM to advertise and what they will pay will be an indirect representation of revenue.