Bitshares is a decentralized project and it is working. In fact, I know from personal experience that it has been delivering reliable, industrial grade performance for almost 4 years. It's not reflected in the price, but then again, when did the markets ever make sense? Your post summarized what I've been thinking as well, I think it's just markets being markets and we have to have a long term approach.
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Thanks a lot for the comment @sauna!
I haven't been looking too much into bitshares..which is a shame. I've heard good things about it, and you confirm that. I will check it out!