I bought STEEM @0.00131307BTC and now 8888sat
I think Tony Vay FUD is having impact on this project, I too looked into the project the financial structure is not sustainable on the long term,instead of the team to come clean on this and admit their error they decided to patch the problem but on the long run it is going to surface again. I think price is going below 5000sat soon
Steem has literally the worst ponzi-like structure I've ever seen on this forum. With Bitcoin, the more people buy in the more it's worth and with it, its infrastructure grows aswell. After a time you will be able to buy stuff with Bitcoin thanks to the network effect and "no inflation" (rate of inflation is known, it's low and calculated with in the price), also people have to actually invest into mining infrastructure.
With STEEM, lets take a scenario where we have the exact amount of people as on Facebook, should they all earn free coins with shitposting? Who will buy the coins of people who earn with reposting rephrasing random articles that you can read for free on the internet? You need buyers on a side so your coins are worth something. Why even buy those coins? To gain voting power on a random redditlike forum? Who the fuck cares about these things except basement dwellers? Not a single retail chain will accept a thing like STEEM, there is no value in it.
And after all these thoughts comes the part where there is inbuilt hyper inflation. STEEM is creating money out of thin air, there are no economical questions, it's just utter shit and a moneygrab for the Larimer family.
