But that means that every week 1% of the SP is liquid for selling. If no one is converting to SP, then eventually it will all become STEEM which is debased 100% per annum and the curation will be dominated by the few remaining with SP.
It also appears to be a constant selling pressure juxtaposed against any speculation demand for STEEM. Analogous to miners divest BTC.
I see your point that the amount of STEEM available is only 10% of marketcap right now. So that can be another factor for price moving up so much.
Dan planned out the math of this pyramid scheme well. It is a front loaded pump with a long-tail die off.
I'm not saying you don't know what you're talking about, but none of what you just said has any basis in reality.
9 SP are created for every 1 Steem created.
Please do your homework before making outlandish claims about pyramid schemes.