I don't agree. Steem will never become a bitcoin type of coin. It is social media. And right now steemit inc is not profitable.
What needs to happen is steemit inc becoming profitable. Buying back steem and burning it, much like what binance has done. Look at the Binance price vs satoshi.
I'm strictly talking about token price, and what would attract more investors. And the long term viability.
I don't think the profitability of Steemit has any relevance to the userbase - as long as some mechanism to develop Steem remains nominal. Social media has proved to the the most profitable business model in the world today, and Steem failing to capitalize on that is extremely telling.
It is the failure of the social media that has caused the decline on CMC, and this is due to financial manipulation negatively impacting the value of Steem. This failure results from incentives to profiteer and extract resources necessary to increase the value of Steem, rather than investing and improving the value of the investment vehicle to generate capital gains. Capital gains are the single most compelling reason to invest since prehistory, and Steem not only fails to encourage that with the rewards model, but inculcates a rewards model contrary to that.
Stakeholders best mechanism to attain ROI is presently extracting rewards, and not capital gains. That encourages profiteers, and eliminates investors. Worst of all, it discourages content creation, by encouraging financial manipulation of rewards with substantial stake that directs rewards away from creators.
I flag trash (and morons). You have received a flag.