If there's no reason for people to buy Steem, yes, eventually all Steem will be cashed out by the authors. Which outlines another flaw of the system - like any proper functioning economy, we need not only to import products and services (sell our Seem for other currencies), but to export products and services (Steem to be bought, in exchange for other currencies).
Since we are not exporting anything (we offer our content for free - there's no advertising, nor subscription), Steem will only be exchanged for other currencies. That's why it's constantly printed, but the more there is, the less its value.
If there's no reason for people to buy Steem, yes, eventually all Steem will be cashed out by the authors. Which outlines another flaw of the system - like any proper functioning economy, we need not only to import products and services (sell our Seem for other currencies), but to export products and services (Steem to be bought, in exchange for other currencies).
Since we are not exporting anything (we offer our content for free - there's no advertising, nor subscription), Steem will only be exchanged for other currencies. That's why it's constantly printed, but the more there is, the less its value.