DISCLAIMER: I'm new to steemit, and I don't fully understand how it works.
It seems like there's a large incentive for people to sell steem, because there's a lot of people getting steem from the steemit site. But is there any real reason to buy and use steem? Isn't it basically just another cryptocoin that lets you transfer value and pay for things? If you need to transfer value or buy things, you're better off buying a cryptocoin like BTC, LTC or ETH which have stores that accept them as payments and far more people use their wallets and can receive them.
So it kind of looks like there's a lot of sell pressure from people who want to cash out and not much buy pressure from anyone who wants to actually use steem.
Am I missing something?