Depends about what you call 'long-term'. In the next weeks everything can happen but I don't see it as 'printing out of thin hair', I see more plausible the STEEM price collapsing once dan and the other walls starts getting huge amounts of liquid STEEM weekly. When that happens I guess the STEEM price won't keep it up with HIVE.

As a resume, HIVE is extracting their value from the old STEEM (as they're the same but with a polished governance & distribution, hence, a better token.