Your failure to see this is probably why your math is off. Youre figuring the dilution wrong because you don't really understand whats happening. Youre imagining that bloggers get paid in steem (they don't)
You had numerous errors upthread that were rebuked by @theoretical, so until you produce a cogent canonical reference for me to review, I am going to assume you are confused. Very many people have read my blog and upvoted it, include @dantheman, @complexring, @smooth. The middle guy is a PhD mathematician.
If the currency is healthy, there is no reason to believe that the marketcap would remain constant.
My point was not whether the market cap would go up, stay constant, or go down, but to not give incomplete explanations that make such assumptions as you did.
Isnt this coming frpm the guy, btw, who predicted a 1000% increase in the price of steem over 5 years.
I know the blog you are referring to and it does not predict an increase in price. Perhaps you meant to write increase in market capitalization. You keep making errors. Yes I did have some myopia in that old blog, but you didn't even get the accusation correct, lol.
Come on man, stop creating butthurt animosity and go write an eloquent, concise explanation for everyone. So then we can compare math notes. For now, you seem confused and/or the explanation in the white paper is incomplete and everyone is confused until we have a canonical specification.