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Very few have an actual project like Steemit attached to them with actual users and content. When you add in the freedom from transaction fees and the network speed it makes no sense to me.

Agreed. Not that my knowledge should be the metric of success... But there are so many coins I haven't even heard of that are bigger than some of the most valuable projects out there.

The fact that one application selling digital kittens can max out the ethereum network should cause investors to look at networks like steem with higher capacity.