I like the whole concept of Steem, but I can't see how price can ever hold up when you have people's steem power continually growing even when they are powering down on a weekly basis. It's like a perpetual money machine. How can that ever hold up over the long term??
The genius idea behind it is that there will be suckers that will keep buying Steem for unknown reasons (like speculation...yeah right, traders are idiots).
That's basically its whole economic system. I like many others called it from the start but I can't believe serious guys with PhDs and fund managers have fallen for this, it's the simplest thing ever and I've seen users here debating it like it is quantum physics.
You buy Steem, you are basically donating your money to bloggers or supporting whales powering down. That's all there is. You power it up, you still lose money, just 90% less.
Just keep your 100%.
The same could be said for almost any crypto. The top 10, top 20, etc... are all still pure speculation plays.
Also why is the general vibe that Steem will stay with its current structure? Steem can change and based on CNX's coding history, I highly doubt it will stagnate and die from a development standpoint.
If Steem sets a top cap then the situation can change but the whole system is based on infinite growth. There's absolutely no incentive to buy Steem as we all know, it will dilute forever. Do you buy something that you know it will dilute in value? Don't tell me company shares, most pay dividends and are deeply tied to their growth.
