Pretty certain that we're at the consequence of a 2 year long bear market in alt coins and that the challenges are way larger than just steem itself. Even still there are a large variety of dedicated people that stick around and build waiting for the bulls to come back.

Flagging has a negative experience, but you're expecting 90% of the flags to be bullshit opinion flags on good writers. I'm expecting 10% to be that, and 90% on shitty posts milking bid bot rewards. It'll screw bid bot owners who don't maange their content at all. it'll screw the posters using bidbots if they are upvoting shit content.

That's going to leave a lot of a rewards pool. Some of the other witnesses think that it's like 90% bullshit content on steem. Well, if it is that's a more than enough content to downvote to ensure quality authors get a nice payment boost.

I've had hundreds of dollars of downvotes through my career. Maybe even a $1000 by this point (thanks Bernie! Options are to freak the fuck out or just get over it. usually it's 1 and then 2.

Snowflakes need some tougher skin if a couple flags are enough to deter them.

I mostly think the value of steem is determined by those willing to hodl rather than those willing to shitpost. The readjustment is a good thing.

What I think you're really missing in your analysis is a burn case or ideally many for steem. that will help price even in a shitty bear market.