Hello @andrarchy. Happy to address your thoughts.

Doesn't this assume a constant rate of demand for Steem that is less than the rate of dilution? Theoretically if demand for Steem increases at a rate that is equal to the rate of dilution the value of the token should remain constant.

What has been written in my post is only about the supply side, demand and thus prices are a different matter. Your points are correct. The fact of the matter is, the price of Steem tokens will be anyone's guess in xtime.

I think the answer to your question, is that, I am talking about % ownership of Total Steem Tokens, Not the value of your holding. Think of it this way.

• Imagine there 1m Steem in Existence and you own 10,000 (1%)
• If in 1 year time there are 2m Steem Tokens in Existence, and you own 15,000 (0.75%)

The value of your holding could be higher, lower, or the same. That depends on as you put it the demand for Steem (and thus the Price). One thing that is certainly true, your % of Steem Control has fallen...

Let me know if this answers your question, or if I have misunderstood. I do have a tendency to answer the wrong question ;)