The question is, is Steem undervalued or is the rest of cryptos overvalued? The way I see it, Steem has proven itself to be a great blockchain. It's the network with the most transactions, it has utility as a blogging network, and people are creating other projects on the blockchain.

So either Steem is grossly undervalued, or many of the other projects are way overvalued.

One thing I think we should keep in mind though is the the fact that there are only 1 million accounts created, and how many of those are not even in use? There are a lot of different accounts laying dormant for different reasons. Some are "domains" for reselling later. Some people post from many different accounts for different topics, and some use accounts purely as upvoting accounts etc etc. Many have also created an account, made two posts and then left because guess what, it wasn't free money..So perhaps max 250k active accounts?

How is Steemit for example (which is basically most of the value of steem right now) going to attract 10 million, 50 million 250 million people when it is near damn impossible to make any money here? Even if you write near fluent english and have 2-3000 followers and an account with 20k worth of Steem in it, (yes..I'm talking about myself lol) you're not even guaranteed to make anything. You write about the wrong things? Boom..no one will touch you because of the Soviet style censorship. Indirect censorship. Someone writes about something "bad" and people thinK; "well, I agree with him, but I better stay away. What if my own whale who upvotes me regularly sees that I'm against immigration or is not 100% positive all the time"

A lot of these issues is what I see is standing in the way of mass adoption. And of course then there is taxation and stuff like that. Even I feel like just leaving when I think about what I probably SHOULD do..write down every power up, transaction, SBD to Steem, every upvote, every delegation, everything..hundred of thousands of microtransactions that I according to the law should be able to audit if asked. I will never be able to do that, so Steemit might be a very expensive venture...

So, cryptos are scary for most people, and so is Steemit. I think we will struggle with mass adoption and I'm not one of those believing we will see $100 Steem before all these issues clear. Hoovering around 4-10$ is possible I guess, but as I understand we need to double in Mcap each year to keep the same Steem price? That basically means double in people using the platform and investing in the platform. That's possible I suppose..but triple? Quadruple? Each year? Skeptical. But crossing my fingers nontheless :)