[I assume it is possible to ask a question and have a conversation in the comments section instead of posting comments.... like you would in a forum]

The following applies to a scenario without any inflation: Bitshares (BTS tokens) have value because there is demand for them to pay transaction and market fees on the Bitshares exchange. Also BTS have value because they are well suited to be used as security to back BitAssets/Smartcoins. 

My question is: What gives Steem it's fundamental value - "fundamental" here means you need to discount the effect of inflation and speculation (market cap increase).