A very interesting and necessary analysis. You're right that the big discrepancy between Hive and Steem says a lot about how both chains actually work. On Steem, investors keep most of the inflation without curating, opting for max APY, which inevitably leads to low-effort posts. Meanwhile, on Hive the stake has flowed to authors, which has helped far more people since 2020, even if that also means stronger dilution for stakeholders and more sell pressure.
What resonates most with me is your conclusion: if long-term investors knew the real differences and understood the value of the attention economy as it works on Hive, they'd see the current price as a steal compared to Steem. The question is how much longer they'll keep looking the other way. I hope that moment comes soon, because the work and the conviction are there.

Thanks for taking the time to write this. It's the kind of reflection the community needs.