You say "I prefer seeing both sides of the coin", but you throw only tails. My bet is on the truth lying somewhere in the middle of your extreme negative position to those in the "outright cheerleading" group, as is usually the case in these type of arguments.
Another way of saying this: money talks and bullshit walks. If you're so certain of Steem's inevitable failure, you surely must be shorting the hell out of it, yes? If not, you aren't really convinced of the certainty that you're trying to convey here.
RE: Steem Basics: Why Steem is an Application-Specific Blockchain