I personally think there is really a good chance that Steemit will fail. Because there are to many threats right now. This like one person getting 2.5% from the total rewards pool and around 30% of upvotes is being sold via paid bots. And I can go on for a little while.
So there must be space for a competitor that solves all our at least lots of these issues. And thereby easily defeats Steemit in terms of having a better concept.
I have the same concerns, but I think we are on our way to find the solutions...