Two quotes from Dan regarding ETH mining:
Ethereum creates 5 new ETH per block and spends the proceeds from selling that ETH to pay miners which spend the majority of their income to pay electric companies and hardware manufactures
In order for eth to sustain its price it must raise 5 billion in the next year
That pretty much sums up mining. It's incredible that BTC and ETH can sustain their prices with that massive sell pressure, but how sustainable can it be? What if someone invented a coin that doesn't have such a sell pressure...
Like STEEM? =P
Actually also Steem must attract millions of new investments per year, but in return it get's value adding content that attracts new users. I was thinking of Bitshares :-)