Absolutely. It becomes a matter of voting up the user or voting down the user rather than the content itself. I divested my Steem Power because anyone can easily nullify my support for another user. So, the inflation that I pay for for holding Steem makes me lose worth but those that with a huge amounts of Steem power use the money creation with vote selling to improve their position in Steem. It just makes more economical sense to hold bitcoin if history is any indication of future direction.