Agree and disagree. Yes "most authors" purely counting numbers can't hurt the price because their earnings are tiny. But the reward pool in the aggregate is responsible for a large portion of the selling pressure, in that it totals about 17 million STEEM per year, far more than what even Steemit is selling (about 9.6 million per year).

Not 100% of the reward pool is sold immediately but a very significant piece is, and of that which isn't sold immediately, a lot of that ends up being sold somewhat later anyway.

17 million STEEM/y is important, it is a big challenge to find enough investors to float that selling, and we need to be very careful to make sure it is used effectively.