There's only 10% annual dilution in holding SP, since 10% gets paid out in rewards for curation and content creation. Steemit the company is the largest Shareholder with like 60% of all Steem Power. Steemit has to power down every few weeks to pay its developers. Its the same as any company would do except the big difference is its open for everyone to take part in the growth and profits. If you either power up or make great content. I don't understand how anyone can call this a Ponzi when so many people getting paid in SD. Money goes in and out. In a Ponzi it only goes in and never back out!