Perhaps, but only until a certain point.

At this point, I don't think the bots and whales are an issue. It's still possible to play the game, and win at it, even with both. More importantly, the platform still adds value to the user and is fun to engage with (for me at least).

If that scale tips before we hit a critical adoption point then Steem will die. On the other hand, if that scale tips after we hit a critical adoption point Steemit will die but Steem will be just fine and another product will step in that learns from where Steemit failed and deliver the service in a new way.