And moreover because the rewards are not attaining sticky adoption and there is very little speculation incentive due to the lockin, thus the market price is not moving up enough to offset the dilution of my share.
Your (investment) experience is such relative to the price spike. The experience of an investor that came prior to the spike (say early July) is different. Inflation has not been a problem for him, and he has a profit - despite the halving of the price.
It will be a problem for him as the price continues to decline while his SP remains locked up. Perhaps some early investors might be able to cashout before the price falls below their entry price, but that doesn't absolve my point.
Fundamentally there is no investment case. You are going to end up kicking yourself as all the others who invest-and-hold in SP.
If Steemit Inc magically converted all Steem Power to Steem and gave it away to the users, most users would say "oh free money, let me cash them out"
Except if you locked it up.
Yeah, and the trolling that goes like "ohhh the whales are powering down, O M G, they are dumping millionz", would now be about the powerdown of the ex-minnows that now cash out the same SP
Nope because there would be multitudes of them. The jealousy is due the 40 whales who control the money supply and the rewards.
The "wealth distribution" most are complaining about is how to get free SP and cash them out. They don't care about shares. And even if you give them 1/104th to power it down per week, they'll take it.
Sorry you don't seem to understand the reason for the discontent.
People want to invest in something that is a level playing field, not a whale controlled "corruption".