The issue I have with BTC (and the forks) is that miners are akin to central banks. Any new tokens first go through them before entering people's wallets.
On Steem, a token goes from the blockchain to ones wallet, a big difference.
As to the point of exchanges, I couldnt agree more. I use them when I am converting fiat but it is usually a pass through.
RE: The Danger of Fractional Reserve Bitcoin is Here