This is a good idea and similar efforts have been successful in the past. The one question I have is: When someone trades STEEM for BTC, the STEEM doesn't go out of circulation, just becomes property of a different owner right?
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It does get sold to a different owner pretty much like a currency exchange. However, the Steem used for Promoted goes into the @null user and is essentially a reserve. So it is not being distributed back into the market, which could cause Steem to stabilize or go higher, depending on how much is spent on Promotions.