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.
There is currently no dilution of your share at all. It is being paid by liquid steem holders. SP is actually deflationary (or at least it was when I looked the other day; not a big chance since then).
You seem to entirely forget (fail to incorporate) the argument you and I had on the prior two pages of this thread.
I am diluted (speculation option removed is a dilution) because the speculators (liquid STEEM holders) are, thus they don't speculate (there isn't sufficient demand from them to hold to make the price rise).
You can't compartmentalize that which is not orthogonal. Nature routes around your imaginary Coasian barrier.
Apparently this concept is beyond your IQ, because I have by now stated this several times and you are apparently just are not getting it.
(It is ludicrous for you to presume I don't understand the math of the relative money supply dilution given I had very long technical discussion in the comments of my blogs about that, which I know you read)
Did I write "money supply dilution" above or "dilution" which is a general term? My share of all potential investment demand is diluted by the removal the speculation demand.
If you earn via the blogging features, then you will gain share relative to both liquid steem holders and other SP holders, but if you don't you will lose relative to other active SP holder but gain relative to liquid steem holders, balancing out.
There no such "balancing out" holistically. It is an illusion you and Dan's other minions have formed as a delusion in their fooled minds.