Interesting perspective, however I am assuming that the price for Steem a year ago was at its launch when it was heavily over valued. Just look at the Z-cash fall from over $12k a coin at launch to approx. $160 a coin now:
https://www.worldcoinindex.com/coin/zcash
I agree Steem will recover but its just when. With the pending bitcoin scaling issues, I think we are in for a bumpy ride over the next few weeks/ months across all cryptos. If that is resolved swiftly, we are posised to recover and I agree that Steem (as a crypto with a solid use case) should shott up!
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You are right.. Steem a year ago at its launch was heavily overvalued. Correct. Thats why it was $3.69
Today, we've earned that value, based on the software development, the user retention, user engagement, and the number of constant new users we're getting.
So what does that mean now? We're outperforming, and undervalued, and we're at $1.00
Steem is an incredible buy right now, and we'll see that with the coming year.