Steem being a pile of crap, losing posts and threads, the horrible brand change all contributed to steem's market value bottoming out. If what you said were in any way true, steem should be valued at $3+
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If you want a summary why it is bad you can read this post here: https://steemit.com/curation/@liberosist/a-review-of-vote-buying. The guy made a realy good summary of the topic.
He's confused, not worth responding to. He says its a free market, then rails against a free market service on this blockchain.
I don't say it is the only reason, but vote buying in my opinion is one.