Lower payouts = lower interest from the community. A lower interest will most definitely correlate to a lower price in steem, and hence the cycle continues.
That's my biggest concern as well. In principle, the decrease in inflation will make up for this in the long run, but that could take a while. In the meantime, enjoy the cheap Steem.
Hey, that is the way to look at it... Cheap Steem. I've been loving all the cheap Steem and shilling steemit for cheap power ups, and now i'm concerned it might get cheaper?
You brought me back into the light!
Keep-on Steemin-on