Bingo, i would say you are near right. the only reason i am happy to see steemit fail, is because the big fish here, hae killed the platform, so watch that wealth dry up is nice. Its sad really too, great platform and would be doing really well, if people remember to upvote people who comment on their postings. Instead of giving away their good votes to people, many spent it on themselves. only to watch their money shrink, they should have been seeing to the success of others, 1,100,000 accounts is nothing. This site should have been 5 million by the end of this year, but instead. we will never break 2 million. so many whales at 100% voting power every time i look, and their commentors go un-upvoted
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i also think steem will hit 75 cents in the next month or two.