Good Points.
The only real maneuver left to save it is to pull a Synereo style burning of the ninjamine.
https://blog.synereo.com/2016/09/16/synereo-burns-half-of-all-amps-in-existence/
That is how you strengthen your crypto, brand, and reputation all in one shot. If something similar doesn't happen before Steem drops below a nickle, I don't see much chance for recovery.
It is an interesting strategy. It certainly will be hard for Steem to recover if it drops below a nickle. It becomes way to risky for people to power up because they can't overcome the wave of power downs. New user retention is way too low to make up for the power downs.
If everyone in the top 25 especially @ned and @dantheman would stop their power downs that would at least send a very positive message to the remaining content creators.
I almost think that they know STEEM is going to $0.05 or less but instead of taking action at this point they probably figure that they will stop their power downs at that level. Unfortunately at that point it will probably be too late.
If you have watched bitshares, the constant drain by the founding\witness crew never stops. Every projects minings\earnings is sold hand over fist as fast as possible until it is worthless, investors be damned.
There is only one chance to keep Steem in the pocket change range, by burning the unfair ninjamined coin advantage, and I have not seen anything indicating they have the character to actually do it.