The whole crypto market is in a lull. I wouldn't say that Steem has failed. If the whole market sentiment changes, and then Steem does not rise along with it, then it is a failure. But if you look across the board, there are plenty of alts that are 80-90 plus % down from their ATHs. However, if you continue to accumulate now, and the market changes in a few months, you will be nicely rewarded for you patience and belief in the long term potential.
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Yeah, but it's just about holding the bag then :P
Yes and no. If your investment goes down or nowhere then you are holding the bag. However, if you compare the crypto space to the traditional stock market, the time frame is much quicker. People are happy with 10% gains for the entire year in the traditional market. They put their money away for years. In the crypto space, it may only be a few months until things change. And double digit gains are very common, as well as triple digit gains.