How exactly do you away free money without printing it?
You have stated that inflation is not needed but have not explaned how
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How exactly do you away free money without printing it?
You have stated that inflation is not needed but have not explaned how
I did explain. You print a finite number of money.
But that way you will eventually need a new way of funding. Like transaction fees or something else.
If there's no reason for people to buy Steem, yes, eventually all Steem will be cashed out by the authors. Which outlines another flaw of the system - like any proper functioning economy, we need not only to import products and services (sell our Seem for other currencies), but to export products and services (Steem to be bought, in exchange for other currencies).
Since we are not exporting anything (we offer our content for free - there's no advertising, nor subscription), Steem will only be exchanged for other currencies. That's why it's constantly printed, but the more there is, the less its value.
@dek - Commenting here, but intended for
If Steemit posts really have value beyond the upvoting period, that suggests authors should delete their content the day before the last payout period expires, and then sell collections of their content, through Peerhub for example. The 30-day upvote and editing period is just a 'pre-publication market testing' period.
The inflation to reward content and miner is about 10% why is the inflation 300% ?
There is a lot of unecessary inflation right now.
If the inflation could be 10% per year every year trader would be able to speculate on the currency and increase its value, as it is now nobody is interested to buy such hyperinflated currency
I wrote a post about this here https://steemit.com/steemit/@snowflake/why-not-inflate-steem-by-only-10-or-whatever-reward-pool-is-instead-of-having-this-crazy-printing-going-on