The main risk is that, by the time people will get over PoW, the crypto market might be quite depleted by confusion and polarization.
That's the part I'm worried about. That people who had the money to invest will be out of cash, they won't have seen returns, and they'll think the whole thing was a scam. The other people who would have eventually gotten drawn in, won't even have a chance to get into the game because things will have crashed already. We need Steem to prove that its community is capable of NOT giving in to greed, and of building a healthy ecosystem.