Most witness will threaten to This post and may Disagree with my statement. But the truth is bitter , do you remember steem was 6$ when it was allowed all kind of freedom to make money , using bots , freedom of speech , freedom of advertisement of your posts to top ranking and trending , But when Witness and whales start strictness and tried to implement those rules forcefully which are not mentioned anywhere in terms and condition.
So 
So The problem is that they have reduced so much reward on holding steem powder even the price of steem is dropping reward should be high so it will attract new investors and encourage old ones too to power up more and buy more steem.
But after new strict rules and no freedom of speech , every one could destroy your investment if they do not like your posts,
You will see many of people will not like this post too , i see many projects even paying 10% a month are running successfully from last 5 years and lot of investors are interested in these projects.
I measure all the steem issues and at the end i stick on this conclusion that still Steem price is dropping due to so many reasons. Right now a investor of steemit or author has so many fears to work on steemit or to write on steemit.
i also stop investing in steemit and finding other projects due to these reason many of my friends are stop working and writing steemit.
Reason of steemit failure
Steemit excessive downvotes specially big whale OCDB who has even no contribution to steemit and have no own shares , got free shares from 
is now a day downvoting people who are using bots , which lead to spread fear and most people stop sell bitcoin to buy steem to invest in bots for profit
Many of my friend like 
is writing a good articles but no one curate him He is really disappointed, we also have family and kids to feed , could not relay on begging for curation because most whales only support their favourite authors or friends circle steemit has million of users 95% are ignored , Only famous authors get lot of reward.
The Return on investment for steem power is so much reduced that new investors are not happy to come here and the withdraw period of steem power holding is 3 month which is too long imagine you hold 100000$ worth steemit powder you can earn only 8% a year from your investment but when you hold your power there are people who got free power from wales who are daily selling their volume because they have not invested here , they are making free money , so if you invested on steem power you will earn 8% per annum but bound your money for 3 month also you earn only 8% per annum but price of steem will drop 50% per annum so what you will earn only loss
conclusion
At the end i will say that the main reason of steem price failure is power of
which has been given to many bots and whales without paying any thing these whales are giving very less money to but selling lot of steemit to exchange markets if take all his power back specially from bots and from useless projects and give only good projects like 
and 
,So that reward will be distributed fairly and most free money makers and bots who are selling excessively and power down and making free money from freedom power will be stopped and when they stopped steem should increase profit for holding steem power so new organic investors come and invest on steemit it will give value to this platform .