"I didn't buy my steem and neither did most others."
Without making Steem attractive enough for people to invest in it, then the price must go down.
Without buyers, Steem is worth $0.
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It has value if it's useful and free/fast transactions may make it so. There are various ways to make your steem earn for you, but I think that mass self-voting will do it no good. Better curation rewards might help. I use this platform because its fun and I think it has potential for good. Making money is a bonus
Except it is depreciating by 8% per year. Quicker than other 'useful' coins.
So to use as money, there are cheaper alternatives.
Bitcoin's inflation rate was at about 8% before the last halving.
So we are inflating twice as quickly Bitcoin.
Now, yes. But a lot less than BTC when it was 2.5 years old.
Doesn't matter a bit with an asset that can change up to 20% in value in a single day.