Steem started to pay out revenues in SBD and Steem Power the July, 4th 2016. The price shot up to be the third in marketcap in a matter of a few days... Everybody agreed that this would be the future as it was the first crypto not only attacking Facebook and Twitter but also a website which could enroll easily thousands or millions of users.

Screenshot July 13th, 2016 (15,000 registered accounts)

Almost 2 years later in 2018

Since then we have had the ecosystem evolve impressively...

dtube

dtube might be the most impressing innovation of the Steem ecosystem up to date... with Youtubers of up to 5 million subscribers onboarding like @furiouspete123 and many more... all with at least thousands of subscribers... and many with enormous censorship or demonetization problems.
Half of all the people I follow on their original platforms have by now a Steemit presence. And 20% of those already upload a copy to dtube as well.

dsound

Steem's version of sondcloud. Which can attract thousands of musicians and their millions of followers/listeners

Passive income through Steem delegation bots

Investors can buy Steem and just delegate their Steem Power and get real returns in Steem without having to do anything. Sure, those returns are in Steem and are affected by the swings in the market. But those swings can be positive or negative.

Almost a 1,000,000 accounts created

This might only translate to 500,000 or less users, as many might have several accounts, but still... the total number of people involved in crypto is only estimated to be 5 million. Which would mean that Steem has already 10% of the total possible network effect. If only 1% of facebook users signed up (might be 20 million?) and no one else from the existing crypto community (who are only interested in Ethereum, NEM, Stellar and Ripple), than this would mean that 20 out of 25 million crypto users would have an account with Steem... Like 80%... This is the only platform which allows users to enter without having to buy anything...

Screenshot March 13th, 2018 (850,000 registered accounts)

But still we are now ranked 28th!!! With almost the same MarketCap like when we had 15,000 accounts only

How shitty is this! I really wonder why nobody can see the potential this has... to be the defacto standard account in crypto...

Every shitcoin like Qtum, where the normal user would see no benefit in entering has 20 times the volume that Steem has... hell... I think that many of the new crypto-buyers do not even know what Steem is... it might be more likely that people outside of crypto know what Steem is than people who buy into the crypto-market now...

Steem is already number 1

... in transactions and transaction speeds. No other blockchain makes it as easy and accessible to developers to build upon this platform with a myriad of publicly available libraries in every imaginable programming language... be it Java, Javascript, Python or C...

Smart Media Tokens

Now we will even get Smart Media Tokens, which will revolutionize ICO's in a few months... but no one wants to invest in this great project...
This is really making me pull my hair out...

Summary

I really am freaking out how it can be that the market does not see any value in the facts I presented above. In my eyes Steem must be the most undervalued crypto right now. How can it be that these savvy investors not understand the value of it... really crazy... Even Bitconnect had higher valuations at some point I think... How stupid are these investors???
Steem was even called a scam by heavyweights of the bitcoin community like Tone Vays. They really did not understand it, and seeing the market cap, they still do not understand it.

Disclaimer: This is no investment advice, just my opinion.