The effect would be to rather dramatically reduce the supply of new Steem, not just immediately but long into the future. If Steem Power is the fuel for Resource Credits, what happens if transactions on the Steem blockchain grow by several orders of magnitude?
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The needed RC for a transaction are (simplified)
available_sp / available_blockchain_resourcesThe available resources are constant and not dependend on the SP. Less supply means you need more SP to get your share of the resources, which results in more demand for STEEM.
Which results in a very nice income stream for hodlers of SP.
:D