Likes will be paid by new belacoins. Supply will be maximum 54 m if I`m correct.

But where does demand for coins come from besides speculation?

Why should I buy belacoins to donate it for nice pictures? It is the same with steemit. The only reason for buying steem is to vote and hopefully get a share of the reward. But, the reward is a function of inflation. And since they changed the inflation model from hyperinflationary to moderate, most blogs only get a few cents. Therefore, user growth has been very low in the last weeks.

It would be different, if paid advertising would be allowed on the platform and rewards of it would be distributed between coin holders. 

I bought some belacoins for short-term speculation. To buy more and hold it as an investment, someone has to explain me where the demand for the coins should come from.