The Steemit crash is coming soon. New users and minnows (those with very little Steem Power) will start leaving as it is almost impossible to earn rewards posting now. Not only is there "circle jerk" behavior as described above where whales and dolphins upvote themselves and their own circle (some have alts and vote their alts), but there are now over 14k posts per day on Steemit. The true believers say that is a sign of mass adoption, but the reality is that each of those 14k posts is fighting for upvotes and rewards.

Your post scrolls off the #tags so fast that unless you already have thousands of followers, it's near impossible to get noticed. You have to be really lucky and get upvoted by a whale, or take the full plunge and invest several thousand (or tens of thousands) and comment spam/engage with the community all day to build up a following.

The average new account will give up. If the new users are not buying steem on the exchanges to power up their accounts, there will be decreasing new money flowing into steem. Already you are seeing lots of posts from frustrated users who can't buy a vote (symbolism intended). While Steemit isn't an outright Ponzi or pyramid scheme because of the blockchain/currency/platform elements which can be monetized, Steemit does share the same characteristics of a Ponzi and pyramid scheme:

1. Early adopters make $ on the backs of later adopters

2. Participation must show continued growth forever - as soon as it slows, the death spiral begins