Like what @tarantulaz and @smooth are saying here, take a look at STEEM against other currency while is there a steady bleeding on the price? the answer is simple because of authur_content_return > total_amount_outsider_buying_inand it will stay this way unfortunately if the user growth can't match up the content reward.
RE: Was the Launch of Steem a Scam or the Only Legal Way? - Thoughts on Steem by Charlie Shrem a Week Later