The way I see it, I go to the Trending page and ask myself, if posts I'm seeing there are underrated or not ?
If the answer is "yes" that mean that Steem is underrated too.
But if the answer is "not"...
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That is an interesting measure. Is the only value the platform offers the trending page though?
I see it more like "companys expenses" then "value offered" ;)
However back to your original question, using this metric 1Steem=1$ seem to be "fair price" for me. Little less might be ok too )