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Besides liberating people from social media enslavement, more steem users means more steem investment ;)

And less steem for us yes. We actually don't even need many users as STM's will take us to the moon @ around July. Stack up on steem before that happens!

more investment means higher steem prices - i am not aware of any evidence that increased levels of users results in less payout value for each user.

well as I see it the reward pool is fixed and more users means less rewards for everyone.

the more users means the more investment into Steem/SBD which means increased prices for them, which means no guarantee of a loss due to increased traffic.

I know but you can't be sure that increase in price compensates for the decrease in rewards. I get what you are saying but we can't be sure of anything, we can only speculate.

the more users there are, the more incentive there is for people/groups to want to buy steem power to influence the traffic on the site - so gradually it will become much more attractive to buy into steem just for marketing purposes.
i'm not sure the payout levels will go up or down - but there will be increasing amounts of options for increasing your payout due to new services (e.g. utopian). more users = more potential.