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RE: It’s so easy to become a millionaire with Steem
The annual interest rate paid for holding STEEM POWER is 90%!
I am truly tired of read this incorrect info again and again. It is MUCH more for the next several years.
Thanks! You are correct, except not for “the next several years”. My calculations were based on the minimum rate of interest that will be the case by May 2017 and ongoing. The white paper explains that at a minimum ~50 STEEM are created every block (or which 90% or ~45 are distributed to STEEM POWER) and a block is produced every 3 seconds, thus 50 × 20 × 60 × 24 × 365 = 525,600,000 STEEM are minted per year. Given the current outstanding money supply is approximately 91 million STEEM, the current annual debasement rate is 525 × 0.90 ÷ 91 = 519% per year! OMG!
I will add this information to my blog post.
1st Actually min:
Which makes the total 40 per block (or 800/min)
2nd The actual current supply is 107,869,765 STEEM (source steemd.com)
But generally yes, pretty astounding percent.
I see I was in a rush and I included the 1 STEEM for PoW, but that was reduced after block 864,000. I will correct my computations in the blog post. I didn’t know that coinmarketcap’s money supply data was lagging that much.