The white paper is out of date on that point. See the faq for the updated inflation rate - https://steemit.com/faq.html#How_many_new_tokens_are_generated_by_the_blockchain
But your point is well taken about the community growth vs money supply. It's something I've been pondering in my week here too. At some point I'll get the calculator out and do the compound interest equation to see how it could play out.. ;)
THANKS for pointing that out! So just by that alone (100% inflation rate dropping to less than 10%) means that earning a share of the rewards has become more than 10X more difficult! Add the fact that there are now only 10 full-power votes per day instead of 40 and we exacerbate the inequity even farther as people are now hoarding their votes rather than spreading them around.