But under lower inflation, it will still climb relative to everyone else, but without the ability for everyone else to do anything about it. The distribution would remain quite static and similar to now unless they sell - which is likely if price climbs enough also. The problem is that if there is such a thing as good actors to come, they do not have much chance of ever gaining influence against those who have largely proven themselves indifferent to the community for 4 years.
edit: I will add - publicly indifferent at least.
RE: How viable is Steem as a currency as the Steem network must constantly create tokens to reward bloggers and enable votes (causing lots of inflation)?