FOMO == fear of missing out.
It is improving, but its still trickle down economics though and the whole system is dependent on gate keepers. Which is a stick in the eye to decentralization.
Massive whale create big whales who create medium whales who create small whales who may or may not bring minnows into their group. Its very reminiscent of the American social class/cast system and why social climbing is a thing. This is why people call steemit a ponzi. Its more a reflection of the american social system than ponzi but -shrug-.