So you're basically saying that the limited supply of STEEM will put an upward pressure on the price?
I would think that all of the STEEM that they have given out to new accounts that will probably never be used again would have some effect on supply too...
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That could well be. When I joined a little over a year ago, I was given 0.5 Steem of my own along with the delegation. Not sure when it changed, but new signups through Steemit are now getting 0.1 Steem.