If you read below the discussion I had with @jamessmith I wrote;

It's could become a self fulfilling prophesy for sure, the platform become more valuable, payouts become bigger, more users come, and the circle continues. I probably should have been more clear that my 'Opinion' is that people should work for the Steem, not buy it. In many respects, it great for the platform in the short term. Although, could be bad if people lose money (if ever) the price comes off to where I believe true value is now...

You can add as many variables into the model as you like. User numbers are key. I'm an investment professional, and i won't accept anyone who say's at this moment an Opinion that Steem is overvalued doesn't have any kind of legitimacy. $24,000+ per user. This is by no means a model, just some information for people to consider.