From the time it became clear that the HF was going to go through until now, the price of steem is down significantly. Number of posts, number of comments, number of votes, number of active users, and basically any data that you can measure is all down significantly from the time the HF was announced until now. Would that have all gone down anyways or was it all due to the HF? I have my opinions, but it's really impossible to say for sure.