After the halving: Steem inflation vs. BTC inflation
As you're most likely aware, the Bitcoin (BTC) halving happened yesterday. Accordingly, I thought it would be useful to publish a post-halving snapshot of the STEEM vs. BTC chart that I created for my quarterly inflation posts.
In terms of New Steem per day / New BTC per day, here's what we might now expect in coming years.
Noteworthy
- At present, 199 new STEEM will be produced for every new BTC. This is roughly double the pre-halving rate (of course).
- Over the next year, that declines to 198 STEEM per BTC
- Over the next four years, it declines to 184 STEEM per BTC
- The next time the ratio of new STEEM / new BTC would be expected to surpass current levels is at the next halving, circa 2028.
- The post-halving rate of decline for new STEEM / new BTC will decline more sharply after each of the next two halvings (and part of the 3rd).
- I believe that this is the first four-year period in Steem's history where the number of new STEEM per day would be expected to decline in proportion to new BTC per day. (maybe it's even the first 1 year period)
- At the time of the 4th BTC doubling (circa 2040), the new STEEM vs. new BTC ratio will have only increased by about a single doubling.
Caveats
- This doesn't include token burning initiatives like #burnsteem25
- This doesn't include reductions to the virtual supply that might arise from STEEM price changes
- Since the current STEEM price is below the SBD print threshold, price changes cannot increase the virtual supply or daily new STEEM production above these projections.
- This doesn't include potential rule changes or parameter changes that could be introduced by Steem witnesses or BTC miners.
Thank you for your time and attention.
As a general rule, I up-vote comments that demonstrate "proof of reading".
Steve Palmer is an IT professional with three decades of professional experience in data communications and information systems. He holds a bachelor's degree in mathematics, a master's degree in computer science, and a master's degree in information systems and technology management. He has been awarded 3 US patents.
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I would be delighted if you would publish your STEEM metrics again. Especially when the STEEM price was a bit higher, I would be interested in the amount of powerdowns...
Well, I can work out the amount myself, but your graph over time better illustrates a possible increase.
Unfortunately, I haven't been able to get the powerdown data ever since the big performance issues last year. This SteemDB.io page hasn't updated since September 4, and that's what I was using to build the powerdown graph. I'd have to rebuild the data by going through the operations block by block. A big part of the reason why I stopped publishing those posts was that several different steemdb.io pages that I needed had all stopped updating. I do keep an eye on pending powerdowns, but I haven't been recording them. (it's presently back down in the 300-400K per week range, after spending some weeks or months up near 900k or a million.)
I guess it wouldn't be too difficult to slap together a script to update the last 7-8 months. Maybe I'll spend some time on that in the next week or three...
TEAM 1
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Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.