If steemit monetizes content, the users have little incentive to come over here and people generally tend to follow trends.

I am going to presume you meant Facebook in this sentence. And so what if they do. Doesnt YouTube incentivize content creators? What makes you think that Facebook, which ultimately answers to Wall Street, is going to give up a vast percentage of the money to the users?

Also, what is preventing anyone from creating a new Facebook. Sure many tried, but it was in a centralized world.

Understanding the power of blockchain means there is no defense for the traditional companies. Just yesterday I posted how Microsoft is going to use BTC, LTC, and ETH for digital identification. Those companies that are smart enough to embrace open blockchain will succeed...those that fight it get run over buy it.

Facebook out innovated MySpace....that is why they crushed them. Facebook cannot out-innovate the blockchain....