You don't understand my post. Just try to explain what you think was disproven, then I will explain your myopia. Apparently you lack math skills.

Just do the math and assume no one converts STEEM to SP. Only 3.875% per year of STEEM will be converted to SP. Multiplied by 9. It is less than 50%. Everyone is trying to cash out all their SP over the 2 year sliding window. Well perhaps I miscalculated because of the 2 year window is it closer to 0.3875*9*9.

But it still means you have 1% of the marketcap coming up for sale every week. 1% of the marketcap as float I think is reasonably high. The current daily volume is apparently in that approximate range.

And that doesn't change the point that you who ever is still holding SP is learning to game the voting to maximize their curator rewards. That appears to be a Tragedy of the Commons, because they all end up voting together like one mind in a monkey-see-monkey-copy groupthink.

You argue that people will be disinterested in their curator rewards and instead vote their conscience or the long-term benefit of the site. I would rather think they would not bother to vote then, which was my point to smooth that people will grow weary of curating if the payout is not significant for doing so.

My point about SP versus STEEM is about the pressure is on the sell side. That SP become a larger % of the marketcap via relative debasement, means also more of the marketcap is for weekly cashing out. You don't have a mix of people who invested willingly for long-term. They are imprisoned for 2 years and forced to either game the curator rewards or just become passive and wait out their 104 weeks.

It don't see how the incentives are aligned to incentivize people to invest in it. It is all about extracting from it. There is no benefit to any long-term valuation investment.