You're totally right. One of the other things I talked about with exyle is the fact that, with Ned gone, Steem no longer has any clear long-term vision that we're working towards. Steemit is still working on delivering SMTs, but after that, then what?

My personal opinion is that if things keep on going as they're going, new steem and all, that the STEEM token will likely continue it's slow decline in USD value relative to other cryptocurrencies. I think the best shot at giving real, increasing value to the STEEM token is to reduce the inflation to manageable levels and focus on the benefits it can provide as a utility token (which are many, and which are not currently available on any other blockchains that I'm aware of).

I recognize that many people don't agree with me and that I may be wrong, but I spend an inordinate amount of time thinking about all of this and that's the conclusion I've reached.

Either way, I agree with you that if you're going to be investing in something, you need to have some idea of what you're investing in, and right now Steem doesn't have that.