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It should be around this for end 2019 : 324,458,952 STEEM but it is as of today : 323,192,941 STEEM.

So for next year we get a lower inflation rate but against a higher virtual supply.

But isn’t that just an artifact of the current price against the debt?

Yes it is, and it is staying with us for a long time, compounding like a front-runner, I think it's manageable but for content creators it means, higher inflation than expected. Maybe dilution is the better word.