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RE: Vlog 435: Dollar cost averaging strategy + AFIT, PORN, DEC + STEEM usecase in the future.
What do you think would happen if instead of earning Steem from blogging, you earned a new SMT like you talked about and a hardfork dropped the inflation on Steem to something really low, say 1%.
I always hear the high inflation scares investors away. What happens if we just flip it on its head? Since Steem would still been needed for RCs, I feel like the price of Steem would have to rise. Companies could take the hit as well since they could buy the Steem and then delegate RCs to new accounts to interact with their game/app/etc. The companies could then earn back that money with ads and other sources of revenue.
Interesting thought, I'll have to ponder on that a little longer first.
I have not thought it all the way through but I think something along these lines has promise. It would essentially be like burning an astronomical amount of Steem since those coins will never come into existence. Since the steem reward pool would go to zero (the current reward pool would be converted into whatever the new SMT is called) the amount of Steem available on the exchanges would quickly dry up and the sell pressure would be removed, driving up the price. After a brief window where nonbelievers sell their Steem, Steemit Inc would be the main seller and could almost set their price. As the price rises, they would need to sell less, encouraging the price to go even higher. People could be encouraged to power up through two mechanisms: 1) The low amount of Steem inflation remaining (whatever is agreed upon) goes to those with powered up Steem and is given as Steem power, 2) Individuals/developers/companies need to power up to delegate RCs to use the Steem blockchain.
A quick reversal in Steem price coupled with MIRA, SMTs, Comunities, etc should get people to revisit their negative view of the Steem blockchain and hopefully turn this ship around.
I agree with you. Steem should not be a reward for posts. Steem should be a coin only for investors!