Tone Vays is wrong about the Steem inflation. Its more like a stock split since 90% of the new Steem creation goes back to the Steem Power holders. 10% is paid out for curation and content rewards. The power down is set-up for a period of two years to give rewards to longterm power holders. At the current rate of growth Steemit will be to 1 million users by next year. Reddit is worth 5 Billion, so it only makes sense to start powering down after the site has massive growth. I believe the founders understand this.