This is a great overview and analysis. Steem is one of the most useful crypto projects in existence. So many of them are nothing but investment bubbles (which arguably should be worth much more or could be worth less, based upon their potential to create something useful). But Steem has shown a great use case and proven its strength over the last two years. So while many crypto projects are speculative investments, I think Steem is a well built blockchain and there are many successful apps already using it (and many more on the way).
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But who do you think are the people who are the pile of Steemit? I think these are minnows and millions of fresh users who will try to earn something. Afterall this platform use to be media aka social media. Lately it wasn't't much done on improvements and people are inactive. I personally am still writing posts but to be honest i am losing my will due the bad exposure. Trending is for me nonsense. Why should i read bad posts from someone who knows one whale who paid some money and get him on that position. This is new FB logic. Pay and people will see you. And we see where FB goes. For Steemit I think are hard times. Now it is on developers what it will be. Or will they help minnows and good creators or stay on this politics. And after 2 years 10 Haejins and Adsactlys will pay bots to get out their SP. Coca cola will pay million for new account and share adds and we are back at centralization.