@hisnameisolllie True, maybe it's a problem of definition. Also I agree that in this instance there is no fraud, even if steem should collaps.
Constant or falling user base would result in Steem falling in value.
Agreed. I should have asked more precisely: Will the price/cap go to $0? Assuming that a part of SBD will be cashed out and no new capital flows in, it should eventually reach zero. If a startup has no plans to ever sell goods or services to customers, should it be worth anything?
I would refer you to this, for the latter point (Bitcoin 2.0...);
https://steemit.com/steem/@dan/steemit-s-evil-plan-for-cryptocurrency-world-domination
With regards to the former, there would certainly be issues if market cap went below SBD circulation. It is possible, but unlikely IMO. SBD supply will be 2.5% of the value of New Steem Created moving forward though, and is currently (roughly) 1% of Mcap, so we have quiet a bit of room..