You're right, but I also wonder what those tokens are actually useful for. I couldn't find anything on the Dlike website nor in the whitepaper, so I wonder why anyone would even want to have tokens. Does anyone know?

Obviously, after the IEO it might happen that the price crashes because anyone who's had some might want to liquidate. Basically, a fair price could precisely be determined by the capital cost for buying STEEM and staking them for Dlike rather than selfvoting or delegating to a bot.

So I guess your model is the better one, even if the rewards structure obviously won't be sustainable.