haha I read about that, that system was highly experimental and, if I may say so, batshit crazy
that, coupled with the low steem liquidity due to the 2 year lockup period, basically guaranteed an insanely unsustainable price rise and its inevitable collapse
This is a little different, the 9.5% inflation reducing over time is very sound. But I honestly think the 15% of new steem created to pay 1.5% interest is a waste, and splitting this amount between rewards and development support is a very good direction to go
That was batshit crazy indeed, but also a reality at the time, and people were buying at the top and lost so much without knowing the full story. I agree, that amount would be better served somewhere else.
ya I feel bad for the people who bought at $1-4
Thanks for having a look at my suggestion moon, always appreciate your views