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RE: Too tired to post (and other fallacies)
Supply and demand.
And, if steem matures there will be a lot more value being integrated into the blockchain,that means that more can earn, in a similar way to how investors get dividends. Still got to buy in though and it isn't just the Steem token that can hold value. It is possible that an SMT well and truly outperforms STEEM while still being on Steem.
It's too early to say how SE-tokens or SMTs will succeed. One thing the creators of a token should think about really carefully is the supply parameters and issuance schedule. Not too many will want to hold is the max supply is ridiculously large.