Not based on the holding. Inflation, yes true, precisely the reward pool of PoB.
HP(influence tokens) is a tool to distribute/redistribute the reward using upvote/downvote. But that does not equate to "money comes from HP". Because even if a curator does not vote, 65% of the reward pool is still being created & distributed among the authors and curators. It is a separate thing that whether you are a beneficiary of that reward pool or not. So in either case, whether someone votes you or not, the reward pool will continue to allocate 65% of the pool to the authors and creators. That means it is the reward pool that is paying you(or in other words, it is the Hive community that is paying you) and not the voter who is voting your content(albeit it is influencing the distribution of reward).
I think you are talking in deep technical, as this is about basics I keep it as simple as possible. But you comment is great thanks for reply.