You can't live on promises forever
My company is 10 years old and we still don't have strong revenue. Were still "living on promises." Depending on the scope of what you are out to accomplish, things do actually take quite a bit of time.
It's ok for 3-months old startup from a garage
Uh what? This shit happens to companies who have been around for years quite frequently. The startup phase doesn't just end as soon as you seem to think...
Edit: Note I'm not actually defending Steemit Inc here. I just don't agree with the perspective of your criticisms.