From the very beginning of the bitcoin, it was understood as an alternative to current global financial system. Which means bitcoin was a threat to Fiat Currency and Central Banks. In a very simplest form, central banks such as Federal Reserve have the power to create money from the thin area. Back in the day central banks had to have sufficient amount of gold reserve to be able to create money. Because of the scarcity of gold that system was abandoned and now central banks can create money as they wish.
For these reasons bitcoin became a great threat to fiat currency and central banks. However, power of bitcoin was undermined and became huge. Few years back I thought, if bitcoin was really threat simple solution for central banks would be just create more money and buy all or at least 51% of the bitcoin, and that would guarantee the end of bitcoin. However, since bitcoin was underestimated it became so big, trying to buying it all will just increase the price to the levels that even central banks won't be able to acquire.
Today, most of us involved in crypto are aware of the bitcoin civil war. Ideological differences are so big, players involved are willing to risk their stakes. It has become obvious if anybody can bitcoin, that would be the bitcoin community itself. We will all be watching it closely how events unfold next couple weeks.
Now, lets talk about Steem. Steem platform at this stage is being underestimated as well. Think about it, if Steem really was deemed a threat to Facebook or Google or Twitter they would have taken actions already. These are huge companies with a lot of money and ton of software engineers. One of their move could be to create their own blockchain and move their platform to blockchain based technology. Another move could be just acquire Steem.
This doesn't seem to be happening and the only reason for that in my opinion is they don't see Steem as a threat yet. At this point it seems when they realized the power of the vision behind Steem it might be too late, just like it was too late for central banks to stop bitcoin.
Being underestimated by other social media companies is a great asset for Steem. However, there are so many issues still need to be addressed. I think Steem missed an opportunity when there was a momentum with price going up and ton of new users coming in. There will be more opportunities like this and I think Steem should prepare itself for that. If these momentum opportunities will not be capitalized when they happen and Steem leaders such as Steemit and witnesses do not use the momentum to rise Steem might end up killing itself and opening an opportunity for a new competition to take over.
I do not think development of EOS should be seen as a friendly thing for Steem. If Steem doesn't perform when EOS is good to go then Steem's fate might become as of myspace and be wiped of the world of internet. It is always nice to be a pioneer in the space, however most pioneers get killed if they don't take proper actions to protect themselves.
Let me know what you think, as usual I appreciate any inputs.