You make some good points but I think true value will come from utility.

If Steemit continues to evolve in a way that makes people want to use it then it (and Steem/SP) will increase in value over time.

The past peaks in value were just the usual crypto shenanigans created by deliberate pumping, bandwagon jumpers and the ether meltdown.

They did not represent the true price of STEEM at all. It is not surprising that some people used them to sell out.

If Steemit does things right then concerns about people powering up, down, left or right will become insignificant.

If things go badly then another competitor will come along and replace it.

Trying to artificially engineer success by expecting large holders to act in the "best interests of the platform" has never worked for anything.

It will always fail because it is false value and particularly futile for a utility based cryptocurrency like Steem.