Since it is a beta project, it is always hard to say what will turn out. Like how you put it, free market will always prevail and I personally think this is true. Who have the most asset always gets the final say. Thus, if we wanna be the big player, we have to invest. This is the game designed by @ned afterall, and we willingly believe and join the game. His intention on reassuring the profit for the investors may play as a stabilizer for Steem too. Without the investors’ capital holding up, I don’t think Steem will go anywhere. Similar to any other coins.
I would definitely hope Steemit can evolve to a better version after SMT. Been hearing that since last year but yet to happen. Hopefully, we all can benefit through this platform (investors included).
I understand more about the inner mechanism after reading this. Thanks @firepower ;)