But....why do Factoids issued at ICO have any value at all in this steady-state scenario? ICO Factoids are not needed for burning to create ECs - that is taken care of by the inflationary Factoids. Thus ICO Factoids are functionally useless.
Well, ICO factoids are fungible with inflationary factoids. So they are the same thing as soon as the inflationary factoids have been created.