Again, I don't discuss the market cap of Steem. I assume that the ~$1Billion USD market capitalization is accurate.

According to the current schedule, total number of Steems are inflated by 9.5% in a year. That makes 8.7% dilution in a year. 75% of 8.7% makes 6.5%. That 6.5% is allocated to the authors and curators for the content created in a single year. That amounts to $65 Million USD a year.

Do you believe that the content created in a year on Steemit is worth $65 Million USD?

In other words, suppose that Steemit is your own private website that you host on GoDaddy. And you have a billion USD in your bank account. You allowed all these people to create content on your website. Would you give $65 Million USD of your billion USD to these people for the content they created on your website?