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Because it's still new and in beta. Their's no guarantee yet that Steemit will be a Facebook killer.

But every day the platform survives, more unique content get's created and so the overall value of the block-chain should increase.

So a stable price of Steem means that the underlying value is growing faster than the coin. Which means that the coin is undervalued.

@jcornel hey your post came true! steem went to fucking $8 + in jan 2018 lol if only we had perfect hindsight