Investors don't buy STEEM because STINC owns the majority of stake, they do not use that stake wisely, they hard fork often, they do not market well ... and on and on.
The flame wars are inconsequential.
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Great summary in just a few words.
True. But flame wars don't help the image because they're permanent on the blockchain. And concerning Steemit's stake, that can be addressed by doing what Ripple did: they placed a big chunk of their ripple holding in escrow for years ahead to ease the investors concerns.
https://ripple.com/insights/ripple-escrows-55-billion-xrp-for-supply-predictability/
Speaking of hard forks, you're surely aware of the messy bitcoin forks and the unending developer wars. The Steem hard forks are to improve the network. And since it's a consensus-based system, it's up to the witnesses to implement or reject them. Steemit has to abide by the witnesses' decision and re-consider their modifications if required.
Surely you're aware of the timelines you're comparing when it comes to hardforks and surely you're not counting hardforks by outside developers to create a new shitcoin?
If so, then also count the numerous Steemit clones in your numbers and timeline and reassess. And when you're done with that, realize ...
Steemit has changed the entire economic model when they hardfork, repeatedly.
The project you invested in yesterday may have an entirely different model ...
SOON!
I feel this viewpoint is naive when we're talking about "serious investors".
Let's deal with reality first.