This post attempts to explain why I feel sorry for anyone stockpiling on a worthless pile of:

1. It's a praise and dump project. 100% unsustainable. As a naive investor, do you really think this site can go on just fine without any moderation of content originality/claim of copyright issues?

• Despite some content moderation, Amazon Kindle store already is a junkyard where new authors who make original content get suppressed by the jackasses who mix publicly available content into E-books.
• We already see the first signs of Steemit becoming a junkyard, if it already isn't one. Random re-posted content from Huffington Post and various other sources get to reap the benefits on a per-luck basis.
• Original content in niche topics mostly leaves the radar area with 0.00 or a few cents. That does not happen because a post is not useful - it may even have 25 up votes or so. But who cares. Around here, all profits must first be approved by a reputable board of North Korean whales. Or by an imbecile-whale who up votes anything slightly cannabis-related.

2. Even if Taylor Swift joins the platform and brings in a million members, the upvotes from her non-stockpiling followers cost 0.0000 after the initial "signup bonus upvote" is used.

• I don't have a million followers (only have around 300 active), but I'd rather retain the trust instead of swapping it for some shitcoins that have no more intrinsic value than Bitfinex tokens.
• Anyone sensible who has respect towards their customer base does not dump a follower into a pyramid scheme to gain the 7 bucks of shitcoin.

3. "Yo bro.. it's decentralized project on a block-chain.. they can't do shit about it. We're immortal, kinda like Bitorrent".

• Do you know how many spin-offs of Kickass Torrents or The Pirate Bay are out there? - Tons. And why's that? Because unlike Steemit, these sites will raise like a phoenix and live on even after a DNS ban on the ISP level. They are resilient because of the quality of content. Looking for a new link to your favorite torrent site is worth the effort because it will possibly save thousands of dollars per year.
• Would you mind doing the same just to read a blog post? Perhaps some will. As an author, would you mind updating broken reference links after the inevitable DNS-bans? Perhaps some will.

Still not convinced Steemit is a shitcoin?

• There's a lot of genius in you. Go on, go all-in. Put your savings in Steemit and you probably will become a millionaire in no time. Before you leave, go get some OneCoin too, I heard this project makes millions too.

For anyone else, grab some popcorn and wait for a single claim of copyright violation from a reputable content producer. The developers of Steemit will cash out like rats running from a sinking ship.