There are 2 different concepts here: 1) what you (or any investor) think the Steem DAC (decentralized autonomous company) should be worth based on, for example, a comparison to reddit, and 2) what the actual calculated market cap is (i.e. token supply X token price).

So let's assume based on your comparison to reddit that the Steem DAC should be worth a total of $1M (middle of your given range). So obviously a $300M market cap is way overvalued if you think it should only be worth $1M.

But you also said that the market cap calculation is incorrect (i.e. that $300M is very overstated due to the supply being overstated). You say the true market cap should actually only be calculated to around $7-20M, so let's call it $10M.

So with a "properly" calculated market cap of only $10M, that means the Steam DAC is not nearly as overvalued at today's price as you are trying to claim. Especially when you consider that it looks like we're going viral, whereas reddit, your basis for comparison, is not.

Bottom line, today's price per STEEM token is certainly not wildly out of line, even by your metrics.