It's not too high. Think about it, over 95% of STEEM are locked up in SP, thus leaving only around less than 5% of all STEEM in existence right now as potential liquidity.

Also think about that the majority Facebook users do not hold Facebook shares thus they have no stake in providing content or value to the system. Whereas by becoming a Steem user, you automatically become a stakeholder and thus have a greater incentive to add value to the system.

Also, Steem is very young as of right now and I can already see the vast the vast potential available. With more things to come such as encrypted chat systems, saving articles, possibly communities/groups, possibly being allowed to change the style of your blog (kind of like styling a reddit page) and a fully working transaction system this has the potential to blow Facebook out of the water.

Moonshot here, but imagine if this experiment works out and establishes a large user base. Maybe in the future some sort of Open Bazaar integration could be implemented as well.

Essentially when money is programmable and implemented within systems of value creation the possibilities are endless, because programming is god.