You called it. Steemit is an oligopoly hegemony, where the people with massive amounts of steem power arbitrarily making their own rules and squash anyone who may one day challenge their power. It's one big clusterfuck just like the real world, but even more screwed up because their isn't a social agreement, very few concrete rules, and no one to enforce infractions except for the oligarchs and occasionally some sort of pseudo posse.
Pretty much what would happen if libertarians ran the world.
"Pretty much what would happen if libertarians ran the world."
Ha-Ha! That's a great analysis. I think they like to sound cool by calling themselves, "Anarchists," and tout their love of freedom. They hate it when people point out how they are using their money to limit other people's freedom of speech, though - so don't say that to them, or they're likely to use their $$$ and Steem Power to destroy your "social media reputation."