True. But less users does mean less competition. Means the chance of your posts be nested is lower (assuming average post per user is around the same). Plus since rewards are fixed, less users does mean you can receive a bigger piece of the figurative pie.
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The supply of steem is constantly increasing along with the increasing demand from new users. More competition is a good thing because it means that the quality of the content has to be better and will attract even more users, which drives the value of steem up even further.
I hope you're right... That's what I would like to see as well.