I think they were simply optimistic about uptake and especially the rate of buying and banking steem. Obviously they were mistaken. Also, the rewards come from inflation, but it needs to be pointed out this is coming out of everyone's wallet. So by its nature it has to be inflationary. The issue is how much.
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Why would you say the rewards come from everyone's pocket, when the pool is generated (money are printed) every day? And I don't agree there needs to be inflation - a finite number of Steem can increase its price, per share, as Steemit becomes more and more valuable.