Some god points and observations made here. Hopefully the price on the open markets turns around soon, or at least before it hits zero...
I love the idea of steemit, and I've been on here every day since joining, reading great content, contributing (not so great, but I'm working on it) content. So much potential.. I truly hope everyone involved can make it work.
While anything is possible, it is really unlikely that the price will ever hit zero. There are alt-coins with way less potential and functionality than STEEM that are still trading for something on the exchanges. As long as there is a buyer for every seller, then STEEM will at least have a non-zero prece. I don't know where the bottom will be, but the lower it gets, the more opportunity there is for people who want to become dolphins/whales to be able to buy in at very low prices. Personally I keep buying up small amounts at each new low, so that in case it reaches the bottom and starts to go back up, I won't have missed the boat.
If steem wasn't unnecessary inflated its price would probably be around 5$ right now. Steem has much more potential than monero which has 80M market cap. A fair market cap for steem would be between ripple and litecoin. It's crazy how wrong technical decisions can badly influence perceived valuation of a coin
Hehe, true. It is still very early in the game though. The spike caused the system to produce a lot more SBD than would have been generated by a slow steady climb, and the after effects are still working their way through the system today. It will take some time to reach a new equilibrium, but it can become rebalanced again in the long term.