I was really against the Economic Improvement Proposal and for a linear reward curve and passive income, but that did not matter, the Steemit Inc team wanted to force every holder to do content discovery and so on... even if some people (like long term investors) are not able or willing to do this.
Now they will have to bleed until the development is ready. Not many investors are willing to pay for this and not be recompensated by the passive income for delegating their powered up positions.
They prefer to leave and buy back later when Steemit Inc has delivered on their SMTs, websites and so on. Which can easily take a year or more as I see it now... Perhaps they make SMTs a reality in March, but there are still many peaces missing until people will adot it massively and create enough demand to make Steem worth something organically.
Investors might be starting to speculate a bit earlier, but after that many disappointments and the holding fee plus Steemit Inc dumping more and more Steems in order to be able to pay for their expenses in the meantime, plus a bad market, I now see a 0.02 USD target absolutely feasible.
When it reaches this bottom I will reevaluate if it is worth to invest something in it if the development has progressed considerably and a release of the missing parts is probable or they reintroduce the linear reward curve.