Minor comment: You mentioned that BTSX has stayed stable around the 3 cents mark and has not seen the same volatility of BTC because it is not competing with it in the "cryptocurrency" space. I think the reason is more likely to do with 75% of BTSX trading being done in CNY as opposed to BTC.
Check this out: http://coinmarketcap.com/currencies/bitshares-x/#markets
It could be argued that the reason the price has held steady is that it is competing in the exact same space on a different channel. Most of the BTC market is BTC/USD or BTC/CNY. BitSharesX is BTSX/CNY. Same game, different pair. Those deep into that pair trading aren't watching what BTC is doing because they don't really care.
I trade BTSX/CNY because that's where the action is. I wonder what percentage of the BTSX/CNY pair volume is non Chinese. Probably very small but we're there
Never the less, I think you and Max are both correct.