I am not to sure on that. If everyone just held on to steem, then it is completely meaningless as a currency. For something to be usable as a currency, there has to be those that value it enough to want to earn, beg, borrow, or steal it, and those that want to use it to get things. What would the price of steem be if no one ever sold another steem? Would it then be worth saving it for a rainy day? If no one wants to buy your steem would it have been worth saving it for a rainy day? There needs to be both, those that want it for a rainy day, and those that want to be able to use it today. Commerce is a two way street.

How many people would go to work if they were told here is what we are going to pay you, but you can never use this money for anything outside of our company store, and that company store only sold one worthless widget that no one else in the world wanted.