Many will hold b/c they think its going much higher. Even ICO investors from the crowdsale. Some flipped in Aug. 2015 for a quick 300% gain at $2. Sometimes just doing nothing is better than anything at all. As for Steemit they need to get communities launched yesterday.
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Yes it can be profitable to hold at times but there is competition. So the longer you hold the more risk you're taking. Also if you don't diversify and you lose, you lose totally!