There is a lot of negativity surrounding steemit.com and, hence, STEEM, of late. The difficulties with the interface dropping posts, comments, and missing upvotes is well documented. These are legitimate issues that must be corrected if steemit.com is ever going to be more than a blip in Internet history.
That said, we are a long way from being MySpace. There are parallels people are drawing which are totally absurd. When you look at where steemit is versus MySpace when Facebook entered the market, there is no comparison. To start, steemit is using cutting edge technology, the blockchain. MySpace did not have this advantage. Secondly, steemit is like no other social media site out there in that it actually pays people to contribute. These two factors make steemit unique at the moment.
Of course, that does not mean that steemit.com will not end up in the trash basket. In the tech world, things change quickly. There will be other social sites built upon the blockchain while offering their currencies for participation. This is obvious. What is interesting is 
The long term value of a token is what is on the underlying blockchain. Bitcoin is prices so high compared to others because there is more on the bitcoin blockchain than anywhere else. Bitcoin also has more developers creating stuff than the other blockchains The SMT concept ensures that there will be a ton of development on the steem blockchain. While the likes of Wall Street Journal and NY Times have the money to create their own stuff, there are a ton of blogs with under 20,000 daily visitors/commenters. These sites do not have the wherewithal to develop something like this from scratch.
Enter Smart Media Tokens. Now all bloggers and site operators have an open standard to follow to create their own tokens while monetizing their sites. What is the potential market for this? Considering there are tens of millions of sites out there, I would say it is enormous. How many need to join this blockchain before the value of STEEM goes through the roof?
What about steemit.com? I am still optimistic on that. I could be mistaken but I do not believe this is the red-headed step child.
Human emotions run to extremes. Many were optimistic about STEEM when I joined a couple months ago yet now the sentiment is that it is dying. The post comparing steemit.com to MySpace proves this. We simply are in a phase where people want to focus upon the short-term negativity.
One other thought that I would be remiss if I did not mention. Blockchains value comes from the developers. What is actually tied to the blockchain is what is important. Many seem to overlook this concept. While I am not aware of all that is going on with this blockchain, I know there is development. We all know about DTube and the other interfaces developed for steemit. Well, today, 
A decentralized, blockchain based question/answer site similar to Quora on the steem blockchain. How big is Quora? What about Yahoo Answers? Here is just another example of a product put out by a developer that adds value to the steem blockchain since it is tied directly into it and uses STEEM.
The steem blockchain most likely has more transactions going through it than bitcoin or ethereum. This is huge. We see scaling issues with those chains, something that is not a problem on steem. Yes, there are technical difficulties of late that need to be addressed, which, ironically,
Development and transactions...reasons to still be super bullish on STEEM.
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