The value is entirely generated by the users. I've been trying to explain this to other prospects I'm selling Steemit to. The natural reaction, from people getting scammed so often, is to think that the short-hand pitch mentioned in the above post ("it's a cryptocurrency-backed social media platform.") sounds like some sort of multi-level-marketing. However, the value is based purely on the demand for Steem itself - it isn't paid out by an entity that could be lying to you or go bankrupt, it's a free-floating (though admittedly volatile) price set by a real market.

Real market...refreshing to see one of those every so often.