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Wow... I certainly wouldn't want that job!

It is a high priority for the dev team. They are working on it. It is going to take some time though. Currently they have to manually review and approve each account.
But i think need a change

I do understand why they are doing it, but sheesh, if that's how it's going to be forever, how are they going to manage millions of sign-ups a day, assuming that it grows to the size of Reddit?

Hope they will do something about it soon

Well yes that could be the reason.i have also read that the steemit platform is in its primary stage perhaps that be the reason behind late approval.

Whatever it is, I hope it just gets fixed sooner than later.