You're right, but I also wonder what those tokens are actually useful for. I couldn't find anything on the Dlike website nor in the whitepaper, so I wonder why anyone would even *want to have* tokens. Does anyone know?

Obviously, after the IEO it might happen that the price crashes because anyone who's had some might want to liquidate. Basically, a fair price could precisely be determined by the capital cost for buying STEEM and staking them for Dlike rather than selfvoting or delegating to a bot.

So I guess your model is the better one, even if the rewards structure obviously won't be sustainable.