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RE: Proposed Changes to Steem Economy

in #steem • 8 years ago (edited)

Yes, I support this. I wrote a post about this earlier today and posted it just a few minutes ago, it seems just after this one came out... LOL: Steembabwe - The Inflation-Devaluation Issue

In regards to the 90% redistribution that I saw as a major issue I mention in the post, I said this about the purpose of SP:

"When I joined, I didn't join at all because of any "interest" anywhere. I didn't even know about that. I joined for the content creation and rewarding of such content. It's a revolutionary platform. You need SP as the fuel to make it run."

It's about voting, curation, rewards, not about getting an interest rate back on it.

I really support these changes.

I hope the amount of Steem created each day is also reduced? I mention that in my post as the major issue. Maybe I missed that in the post? You can take a look at my post for the concerns I have.

I do support these changes, it's in the right direction! Thank you for making them. Please address the amount/quantity of Steem being created that I talk about in my post, as that is still an issue in my eyes.

Thanks. Peace.

8 years ago in #steem by
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     8 years ago (edited) 

    I think this addressed your concern: "Set a fixed instantaneous annual creation rate of 9.5% from all sources (except Steem Dollars conversion)"

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     8 years ago (edited) 

    Thanks. Does that mean 9.5% of what it currently is? So instead of 400 Steem created per minute, it would be 9.5% of that per minute? Is this correct? Or is this annual creation rate different? Thanks for the help.

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       8 years ago  

      I'm reasonably sure it means an annual inflation rate of 9.5% (as opposed to current 100%).

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       8 years ago (edited) 

      It is currently about 16.5%, plus an additional 9 times that (148.5%) is paid to SP (which gets captured by the vesting fund but released as liquid STEEM later when SP holders power down) for a total STEEM inflation rate of about 160% (scheduled to reduce to about 110%). This would be changed to a total of 9.5% of which about 8% corresponds to the rewards included in the 16.5%, and about 1.5% corresponds to the SP payments.

      So to answer simply, yes the amount of STEEM produced would be cut dramatically.