I agree that a lot of people just sold right away, but it dropped 25% in value, the same as a lot of other coins over the same time. Look at how much Steem has dropped over the same amount of time. At least they are trying to do something to get their name out there and giving Steem holders free money is certainly something I'm not going to disagree with. Having 50% locked into a smart contract also helps to keep everyone from selling everything at once.