Unfortunately for Steemit, I think its time has come and gone. It is a quickly dying forum platform for a whole host of reasons that I have written about several times. And yes, the value of Steem has dropped significantly, and will continue to do so long term, as there is no demand for the coin outside of the Steemit platform.

The main problem is that Steemit never had a plan, at least not a viable one. Its business model was simply not sustainable. While it may have initially attracted some naive members, the reality is that it is impossible for any company to pay out rewards without taking in revenue through some means...and Steemit has no revenue stream, which of course is why curator rewards are now virtually non  existent. Investing is Steem is like throwing money down the toilet...it will most likely never produce a positive ROI outside of perhaps through a rare day-trade opportunity where it can piggy-back on Bitcoin's rise.