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RE: What is it about STEEM that its tanking so hard? // An open letter to STEEMIT.INC
It's tanking because it's not a decentralised blockchain. It's centralised money making ponzi of an oligarchy of 'top witnesses' screwing as much hard cash as they can and using whatever means they can and being funded by a load of regular folks who believe its a decentralised community and being grateful for the crumbs they are fed to keep them coming back....
Yup, think that just about covers it!
You just described "real life". :D
It is as you say but that's not why it's tanking. It's naive to believe that if it were a "decentralised blockchain" (whatever that means) it would have performed better