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RE: whitepaper on inflation "Steem .. WILL achieve an instantaneous annual rate of approximately 12% after just 1 year"
that is only if you think people are psychologically affraid when the price is high in USD. Else your thought could be answered by the fact that newbies get their free dollars to start and people may decide to invest by marketcap or marketcap devided by active-users, rather than price per coin?
(My post above is not opinion about inflation but quesiton about the whitepaper)