Steem is crashing. Whatever support people thought there was at $0.20 was minuscule compared to overwhelming amount of Steem looking to be sold (millions of liquid steem, and hundreds of million SP locked steem). At the moment I think the only people putting money into steem are well wishers who want to see the platform do well. They are the active users. This place is going to get mighty lonely mighty quickly because people are going to bail.
First your reward gets cut down to 3/4 cause curation goes away, and then it gets divided by five 7 because steem is only worth $0.20 $0.14. So now your well written article that didn't have any whales vote on it goes down to less than $0.01 USD. That picture only gets more grim when steem drops lower, and that's the main reason why people will leave.
How many rants did you read at $5 steem when people actually left? Probably not many because even those rants were probably worth $10USD. Now, you can't make any money. Now you leave the community. That's a double whammy because the people most likely to buy steem are the ones that like this place and use it and want to support it. So, not only did you lose an author but you lost a potential investor, and that means that there is an even bigger amount of pressure on the sell column versus the diminishing buy column.
This is a fast race to the bottom people. You'll see how many people really believe in steem by the new year because their posts are going to be worth absolutely nothing financially.
So, short picture: steem is crashing (at an accelerated rate), people are leaving, that makes steem crash faster, and that makes people leave faster. This is a vicious downward spiral.
Oh, and what do Ned and Dan have to say about this?
