The fact of the matter is, no one really cares about steemit. I enjoy reading and talking to people here but there aren't whole lot of us. Also steem price is independent of steemit. Like most crypto, its governed by trading.
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Hey @mightypanda! I think you meant to say no one at the top cares about steemit... I think many of the people that interact here everyday care and some of them actually make their living here too. But your point is taken, the people in charge don't view this anything more than a test or proof of concept. I will say that they better be careful what results they get now because they might prove something they didn't intend to!
And I don't think you are completely correct on the value of the steem price being only on the mechanics of the coin. If that were true, they sure do have a lot of infrastructure built up around it that will cease to exist (and thus not need steem). Its kinda like the US Dollar... It seems to have value until people don't need it for transactions any more. Maybe you're right and they think that way, I am willing to bet you they will pay a hefty price is they have that hubris in their minds though.
usability of a coin is a facade. This is true for most of the coin. Bitcoins are supposed to be used for payments, but no one uses them for payment. This is the early stage of DotCom boom. Most coin if not all will disappear.
All of steem infrastructure are necessary for the illusion of progress. It doesn't have to really work. See EOS. No products are built on it but its way more worth than steem.
I agree... its definitely a facade... in fact it all becomes apparent when there is no need/demand anymore... The fact is that it was always an arbitrary value, but propped up by the utility of the services built to use it... Take those away and the whole thing crumbles.