RE: Burned tokens, rewards, and inflation summary September 17, 2022 - Total burn estimates: 96,709K STEEM/SP and 60 SBD
From the 2nd graph above, the total new rewards per day are about 58K (down from about 60 or 62K when I started this tracking - I presume due to declining inflation). At the same time, we're burning about 1K per day, 1.7% - and that doesn't even count rewards that go to witnesses or SPS.
From June through September, we've burned nearly 100K, so if you extrapolate that for a year, 300K per year is even plausible. But, with current_supply at 400 million, that's still less than 1/10% of the supply.
To be fair, though, STEEM has advanced by 10 or 20% against BTC and most of the comparison tokens that I'm tracking. Also, I haven't seen any real evidence that power-up behavior drives the price. It feels like the opposite and prices drive powerup/powerdown.
So all that is to say that I agree that the effect so far is limited. Looking at the big picture, what we're burning is still pretty small. In the end, I think he key is still the same as it was when we started talking about this. Burning tokens has to be an audience-building lever before it can become a price lever. I still think we can accomplish this, but it's not an overnight thing. There's a long way to go.
@cc: @pennsif
Yes, the burning is likely more of a community signal, than an actual price mover.
Buy demand will always be the only true market mover. Hungry-Griffin is pushing on that lever today.
I guess there is a big pile of STEEM on the exchanges to be soaked up before the price starts to move up appreciably. Although there was a bit of a price spike a few hours ago.
Right, I always forget about that. STEEM is still comparatively well placed.
Yes, compared to the current_supply, the amounts are really small, so the effect can only be seen in the long term. We will observe it...