By the way, 20 cents is coming soon, slowly but surely. I am in the midst of doing a little thought experiment about the rate of supply at the beginning of a currency and the destabilising effects different regimes have, and trying to find one that has a minimal destabilisation effect.

I think it's an inverse square.

But the point I am prefixing this with is about the fact that Steem's parameters have very suddenly reduced the supply rate and non-supply dependent factors are suddenly a lot less affected by newly issued Steem and more affected by buying and selling.

I think the supply now is outpaced by the network effects leading to the ratio of sellers versus buyers, by not a huge amount, maybe 0.1% a day or so, but since HF 0.16 I am now seeing a slight upward trend and I think it is because the parameters have been brought into line with the causes of the activity leading to more sell than buy.