I agree with you. My understanding is that Steemit users represent about 15% of total steem supply. The speculators betting on Steem Dollar are ignorant fools (or else genius market manipulators playing some game way beyond my understanding). My guess is Steem is still underpriced at $7-$8 because eventually the Steem Dollar speculators will smarten up and switch that money over to Steem. I still think the system should allocate some rewards to SP because SP represents a long term commitment to the platform.