The price drop does not concern me for all the reasons you stated. What concerns me is the competition: will every minnow/flounder/small sea creature jump ship to the next blockchain based social media site trying to get in on the ground floor and build a following early? Being first is a big advantage since by the time new ones pop up there may be >200k users on steem and a large number of active ones, but user retention will be tough if people think they can do better elsewhere.
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User retention is key @daut44, good point. Certainly something that should be considered by the Steemit founders. Some sort of a longevity reward could help with that, as long as it couldn't be abused by bot's...
:)
@hisnameisolllie
"This is significant because, it is only this Steem which is tradable, and thus it is this which sets the price of Steem."
Not exactly true, on Bittrex the Steem Backed Dollars are also tradeable.
Both STEEM and SBD can be bought / sold. STEEM is down while SBD is a steady.
I think this will help
https://steemit.com/steem-ideas/@dennygalindo/steem-idea-ways-to-increase-active-users-activity-lotto
Wouldn't a lotto cause an influx of spam? I seen this problem a lot with places like TSU and Rabadaba. People just post random junk. ANd sadly were rewarded for that behavior.
No all you have to do is use reputation score and/ or a minimum Steem power to eliminate bots and spam. If you spam every hour you won't get a reward even if you win due to posting limits. You should vote every hour though. Low reps aren't legible so wouldn't want to spam on small chance you win . Read the link.
Keep in mind that if anyone wants to min max on this kind of environment it behooves them to cross post the same content on as many platforms as possible at the same time. If a second page similar to Steemit were to pop up then it, in a sense, doubles potential profits. All the user needs to do is post the same content in multiple places.
As long as a place like this can maintain some kind of revenue then the smartest people will never leave.