Disclaimer: I'm not an expert on this stuff and these are just some observations I've made as a long-time member of the crypto community.
As the price of Steem rocketed sky-high from $0.24 on July 4th to $4.31 on July 14th, the Steemit community went wild. All over the front page you'd see people celebrating the rise. Tons of people profited from it, including me. So, it might seem a little crazy to be wary of all the excitement. But please hear me out.
I've been involved in cryptocurrencies for about 2 years now and I've seen tons of them come and go. Some get pumped to extreme prices, dumped, then (most of the time) forgotten about for a while. Even coins with arguable utility - which is what scares me. If Steemit becomes highly dependent on speculation on what it could become for growth instead of what it is now, there's a chance the when the bubble pops (as it always eventually does), lots of people could get upset. Even now people are dismissing Steemit as a pump and dump.
Also, a site full of investors constantly posting about the price isn't attractive to the everyday social media user and it definitely isn't sustainable. A small shift in the price can turn into a sharp downtrend and then a sudden crash, prompting most users (investors) to jump ship. That isn't to say it couldn't make a comeback - many coins usually do. It just takes a long time for the hype to be replaced with meaningful demand.
An unstable currency is also pretty unattractive to people, but that's less of an issue because it doesn't necessarily affect everyone (not everyone buys from exchanges; some just use the 10 SP from registration). Creating a bubble right now makes it more difficult for the project to gain traction further down the line because some people and news sources might write off any advancements as temporary or unimportant because of what happened in the past.
I don't expect people to listen to this post, I'm just making it to voice my opinion. And yes, I do realize how hypocritical it is to complain about others talking about the price while talking about the price myself. I felt like this was something I had to make.