This is a subject I haven't seen yet talked about in this, but it was always something I remember posting a lot about. A great example of how counterintuitive it is, is the fact that cutting the issuance rate of new steem from 100% per annum to 9%, and within 2 months the price rapidly climbed to a valuation that more accurately reflected the growth of the platform. What it shows is that it's not how big the rewards are, that matters so much, but rather, that people see a good reason to hold it. Too much going out to rewards erodes that.
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On the contrary, the empirical data has shown that when all rewards are going to the same people (which is still inflation), with little for new users, the network stagnates. When new users are getting rewards, it grows. This can be seen quite clearly in @eroche's payout distribution posts.