Nice analysis

As it turns out, the $0.0268 valuation is highly unrealistic, as it doesn't account for Steemit's growth potential.

One way to look at this is to consider that the user base may grow by 30x and then be valued similarly to Facebook, assuming no change in market price. If the user base doesn't somehow grow by at least 30x then the site is as good as dead, so this isn't an unrealistic assumption at all. Valuing at parity with Facebook per user may or may not be valid given the enormous differences in business model and structure.