There are a lot of points around Splinterlands, that move anticlimactic. Just to mention a few:

• Whales like @Exyle go over to the Concept of leasing their cards to others. That makes sense to both Players, but the Whale will constantly payout the DEC he makes through his 'Player', in order to execute his revenue and it shows that the Whale has lost the interest of playing the game himself. That is lowering the Reputation and has consequences for the DEC price.
• Playerbase it not growing equivalently to what it should be for its current position in the Market. Imagine what the situation would be if there would be real competition and there will be soon enough.
• Spliterlands has one of the most advanced Tournament creation System I've ever seen, but it's inaccessible to win even a single Round of a Game for most of the casual players and all newer ones. I played 5 or 6 Times in low-level Tournaments, 0 Rounds won with my Cards for ~100$. Why do you have a feature, if none can enjoy it below spending a few hundred Bucks before?

... trust me, I could go on for a very long time...