I'm a big believer in looking at culture when judging an investment.
Look at Dogecoin. It doesn't do much AND It started as a joke! It's currently #29 on Coinmarketcap!!
It's strength is in it's culture. People just love doge and have their own 'feel' going.
I see the same in Steemit. The PEOPLE are just different. I believe in that! You can hire as many programmers as you like, have a dream development team and do a bunch of marketing, but you will never touch a group that is there because of a feeling.
I think it's healthy to have, and welcome, competition. But my money (and loyalty) is still with Steemit.