What I have found interesting and that actually delights me is that @modprobe posted a review on the live debate about steemit. I would have wanted to write a review as well, but modprobe was way quicker than me, and with his quality review he deserved the rewards he had received.
The nice thing about this is that I realize that competition is starting to exist on Steemit. Competition not only based on quality/creative blogging, but now timing has become an important role as well. The article that gets posted first will have a first mover’s advantage. I consider this as a healthy sign for the growth of Steemit.
But let’s go back to the debate. There were still a few things not clearly explained. Hopefully anyone can elaborate on giving additional information on this.
1) Tone Vayes mentions that the white paper states that Steemit multiplies the steem supply by approximately 100% per year. In the white paper I have found:
Strangely when looking to my personal wallet and keeping track of the growth of steem power I see an increase of 0.7 percent steem power per day. When calculating it per year, It’s 1.007^365 = 12.75 multiplication per year.
2) Then I also have a question about powering down. The white paper states:
If it takes 104 weeks to exchange steem power to steem, doesn’t this mean that weekly around 1 percent get exchanged back to steem? But in the meanwhile weekly power up adds 0,7 x 7 = 4,9% of steems to our steem power. If 4,9 percent is higher than 1 percent, doesn’t this mean that the accumulation of steem power is higher than what is transferred back to steem?
If my calculation is correct, why is steemit doing it? Is it because the supply at the moment is too low when anticipated for future outlook?
Hoping for any good answers.
Thanks