There is also the matter of market cap rank. Steem might not lose any price action but get bumped down the list. If Steem has $100M cap and 30 projects go up to $105M this community sees that as a huge loss for Steem.
It isn't.
The metrics people are using to determine value are flawed to the core.
I agree @edicted. The metrics are what is causing some to be filled with fear.
As you pointed out, the fact that 30 might pass STEEM does not tell much. For what reason? Was it a pump? Where will those blockchains be in a year? What is actually taking place on them?
Marketing can pump a price which makes people happy in the short term. Yet it also can cause a dump just as quickly.
Progress is what is needed. Get the pieces in place like a legitimate on boarding system before the masses start looking this way.
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Steem fits well the concept " Play Long Term Game With Long Term People".