It's not that I disagree, but I feel the urge to point out that the word overvalued is such a tricky one. Value is determined by supply and demand, in the end, so whatever the price for bitcoin is, is its "correct" price.
This is splitting hairs, though, since I know what you mean; STEEM can do everything BTC can, and more, and better.
The thing BTC has going for it is the brand and its first mover advantage.
Yeah, exactly, and i don't think that the first mover advantage is enough :) Technically you could value one bitcoin by calculating the power price it takes to produce one, but that doesn't make much sense either