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RE: "...it makes economic sense that the value of steem will go up in the future."
I will argue that there is some cash inflow into the system. People exchange fiat for steem. I have bought steem booster cards with PayPal, that's fiat. If fiat wasn't being exchanged for steem or any service provided in the dapps chances are seem will die. This is my take. I might be wrong.
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