Each user on Facebook, Reddit and Twitter has a value based on what investors think they are or will be worth to advertisers (advertising revenue) less the running costs of the business.

http://www.forbes.com/sites/georgeanders/2013/11/07/a-twitter-user-is-worth-110-facebooks-98-linkedins-93/#3da863619c12

Steemit has no revenue from advertisers/other to cover running costs and most importantly is paying out large bonuses to attract new users and large amounts for their content. (Which other social media platforms get for free.) So Steemit is just a bottomless pit of expenses and no revenue.

Synereo on the other hand for example does have a business model. A social media site, where the majority of advertising revenue goes to the users in return for consuming advertising content. So that has the potential to be a lucrative, sustainable business model and Facebook killer.

The minute speculators stop buying Steem it may collapse because there is no business model or revenue source only the hope speculators will value a site attracting users and not use common sense.

The platform itself may not have ads, but the content itself can be ad-style / ad-supported even include gray-advertising. So, in that sense, purchasing steem power also gives you the power to commercialize products and services by reaching a broader audience.

Social media site Soshable graphed 118 stories on the once-fabled Digg front page in three days after the new iteration's release. Six publishers and one influential technology pundit control the lion share of Digg's most important space, it shows.