inflation based blockchain

STEEM is only minimally inflationary long term. The planned inflation rate at 20+ years is 0.9%. While the inflation is nominally supposed to be used to reward users at this point, it could also be viewed as an initial distribution phase (with inflation declining by 1% per year) not unlike Bitcoin's halving schedule.

I think Steem's competitive edge and ultimate value lies in its ability to attract user numbers through its social media interface

But can it do that? So far this has not been shown to actually work...

our gut instincts just don't converge here.

I'm not really a strong partisan on the matter at this point, more being open to different approaches. Let's say the voting-based social rewards just doesn't work out, then what? Curl up and die, or pursue other paths to growth and success?

Anyway, I'm certainly interested in your ideas and others' ideas how to improve the effectiveness of voted rewards. It is just the part about it being a definite choice of that or a deteriorated/failing investment that I don't necessarily accept.