Interesting numbers. Although I didn't had the exact numbers at hand, for sure I knew Steemit is in the hands of a very few. When Steem went down, and rewards went down, many Steemians left Steemit as well. It seems some of them are now returning, now the rewards are up again.

Agree that a network with a couple of thousand users cannot be worth 100/200M+ US$, but can so many other coins without even a proper service be worth what they are worth? It is Silicon Valley type valuation. Valuation on the exchanges are also determined by the speed money is shifting from coin to coin, or from coin out and then again in. Like the economy is determined by the speed money changes hands.

Crypto in a whole is in a bubble in IMHO, so is Steem. But will this bubble burst? Who knows.

Interestingly, what I still cannot figure out is when we would grow to lets say 1M active users, with lets say 500k posts per day, the amount of Steem available for rewards will be very very low. I think we have about 40k Steem per day available, this means an average per post of 8ct Steem. If Steem would be worth 5$, this is 40ct$ per post in average. With Steem worth 5$, the market cap will be? Around 1 Billion? That is 1.000 US$ per active user. I never saw in the world an active user being that much worth. WhatsApp was sold for a record amount of around 20B$, but had at least 500M active users which is 40$/active user.

Back to the 40$/post average. Without having the numbers, a few getting the majority part of the rewards. Which means that most posts will get much less than average. Will we keep all those users that are below the few at the top of the pyramid onboard? I think we will have a hard time!

Therefore it is absolutely clear to me Steemit can only grow when commercial business are becoming active on Steemit, think of all those who uses FB and other channels for their interactions with their followers? Bring them over to Steemit (we need tailored technology, tailored features, tailored UI for each segment) and let them also pay some fiat money to be allowed to be connected, or be able to get their own channel. I think this must happen, otherwise the figures doesn't add up, and we will never have more than a few 10s of thousand active users with a low valuation of the Steem currency.