The problem with the whole crypto market including steemit is DOUBT. Many people still don't believe in the block chain technology whereas people who know them and believe in them are just not institutional investors.
In case many institutional investors enter the cryptomarket the coins will go skyrocketing and will also start being mass adopted but for such investors to come the doubt of blockchain should be removed from the people's minds which will take a few more years.
I hope I am right, am I?
It's a failed proof of concept... steem it is...
Not a proof of failed concept. I feel there is a bit of havoc in the community as well due to the sudden lows in steemit prices. Again I say I might be wrong. I said what I felt after going through some blog heads.