I think we could end up going round in circles here. My point is, Steem is rare NOW, but it won't be. Consider Steem Dollar Payouts are 3.75% (of the 10% Market Cap of rewards per annum, roughly, 75% goes to creator, then split 50:50 Sd and Steem) of market cap per annum. That's currently $17m. And also consider that people will power down. Steem supply will only increase moving forward, and in a big way (relative to current levels of 1.3%).
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The inflation rate of steem is peanuts when compared to the demand for steem over time, the price of steem is indefinitely going to rise way faster and higher than any other crypto
Yes but your analysis is based on a static user base, which it most certainly is not.
The only reason we're in an infinite loop is because you don't appear to be accepting externalities into your model, but only the baked in framework to the protocols. One of our assessments will be wrong to some degree, I just don't think Steem will face a problem of inflated supply, particularly not during growth stages.