I agree! I don't believe it is a ponzi scheme either. However, I think for Steemit to succeed, the Steemit society is going to need to police the content rigorously. I wrote an article about the place Steemit could take in history and how it relates to a ponzi scheme (like you were saying with the 2 year cash out time and the whales aren't cashing out!). I think you might find it interesting.
https://steemit.com/steemit/@melek/open-discourse-and-how-steemit-is-qualitatively-different-from-every-intellectual-society-that-proceeded-it
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Note to the people I downvote for spamming up my posts with links to your own posts: If you're gonna do it, this is how: say something relevant and constructive first. :P