I honestly have a hard time believing this man genuinely has given Steemit a thorough, objective review. It very much appears as if he reaches his conclusion either as a result of an inadequate understanding or based on prejudices. I can understand the cautious approach as a result of dubious coins in the past, but failing to acknowledge innovative advancements utilizing the blockchain... not so much.

But, hey, this is one individual and "a couple of serious altcoin traders in China". What matters is that Steemit holds massive potential for users both familiar and unfamiliar with cryptocurrencies (the latter is a rare treat in this market) and happens to be an extremely appealing channel for content creators. And, more importantly, users have been posting for years on Reddit without ever earning a dime - anything made through Steemit will ultimately beat that no matter the price. $1 is still $1 more than a lifetime on Reddit would yield.