I have often wondered about that. If STEEM was not an inflationary coin, then the supply would eventually be limited once it reached its maximum amount, like BTC. However, since STEEM will continue to be produced every day, there will always be new coins being produced, which will create far less of a demand due to the excessive supply...
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Good point as in the case with great coins with excessive supply. However I am sure that steem price will spike up when we get massive (millions) of sign up in steemit leading to excessive demand of steem power, however it will take some time. So we will keep enjoying the cheap price now and continue powering up gradually. When all goes well in few years time and steem reaches 1K + @papa-pepper and tribe will be the richest family in the south. Thanks for your comment.
Another issue is with scam....what do you think about the issues of scam as indicated in my lastest post? I explained some points about and effects on steemit-feel free to see it and send your suggestions on what to do. More success