That scenario is a possibility, but the idea is that speculation on the currency and getting new people into the system is what will keep the value steady as far as I know. That was my take on it anyway
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Thanks for your answer, I'm not here to be a party pooper but I've always been a skeptic, I love Steemit and the idead therein but still a skeptic about eveything deep down, I can't help it.
That's the definition of a Ponzi Scheme. The only hope Steem has of procuring value is if the money invested into people writing is invested into actual infrastructure. Given the Bitcoin whales have been defending and enriching their sovereignty for almost a decade now, I seriously doubt anyone involved in Steemit has the capacity to be the champion you need. The whales are too busy overpaying to get girls to join the party. I dunno...
We'll see :D I think in six months/1 year we'll have a good idea about how this is all going