Steem Hyperinflation
Somehow, I got a feeling that the amount of Steem being supplied is hyperinflationary, and am very curious/nervous about the amount of new steem entering circulations. However, I'm unable to find any reliable historic data so I aim to have this post as a guideline to the amount of steem being circulated.
I want steem to succeed as I'm sick of the likes of facebook etc... Decentralisation appears to me, and Mark Z does not need to get any richer. Especially with selective censorship decisions made by the power that be, is simply wrong.
Update 1: I'm now able to Power Up, thanks!
Update 2: I'm now trying to keep the below table updated!
Update 3: Made the below table easier to read, with hourly data as long as I'm awake!
I'll try to update the total number of Steem continouously in this post by keep editing this post I want to get a handle of its dilution rate, as it's definitely much faster than 0.19% per day published in the white paper, it's more like 1% per day. I'll use UTC time for consistent comparison. However, I'm not a script and I have to manually update the table once per hour. If the below table helps others then it's all worth it.
Sunday, 17 July 2016
| UTC Time | Total STEEM Supply | Daily % | Yearly % |
|---|---|---|---|
| 22:00 | 103239859.764 | ||
| 23:01 | 103288350.822 | 1.11% | 5717% |
| 00:00 | 103336393.33 | 1.14% | 6297% |
| Monday, 18 July 2016 | |||
| 01:00 | 103385061.983 | 1.14% | 6185% |
| 02:00 | 103433043.171 | 1.12% | 5824% |
| 03:00 | 103479497.66 | 1.08% | 5108% |
| 04:00 | 103527355.608 | 1.12% | 5742% |
| 05:00 | 103574748.47 | 1.10% | 5511% |
| 06:00 | 103621737.326 | 1.09% | 5316% |
| 07:00 | 103668818.744 | 1.10% | 5348% |
| 08:00 | 103717064.845 | 1.12% | 5890% |
| 09:00 | 103764041.961 | 1.09% | 5282% |
| 10:00 | 103811381.057 | 1.10% | 5436% |
| 11:00 | 103859898.813 | 1.13% | 5993% |
| 19:00 | 104237284.7 | 1.09% | 5307% |
| 20:00 | 104284694.355 | 1.10% | 5370% |
| 21:00 | 104331151.935 | 1.07% | 4948% |
| 22:00 | 104375492.66 | 1.03% | 4136% |
You will be able to power up shortly. We are preparing to re-enable active key use on the website.
I have already lost ~ 3-4% due to dilution.......
https://steemit.com/satire/@business/what-2026-will-be-like-when-your-steem-power-reaches-infinity
haha Steem will own the world!
Pleas check out this post I made about a steemit Bug the dev's should see this post so they can fix it. https://steemit.com/bug/@stijn/steemit-bug-needs-to-be-fixed
Thank you for the hard work
by the way, is it true that 80 percents were premined? https://bittrex.zendesk.com/hc/en-us/articles/218269848-STEEM-Q-A-with-Ned-and-Bytemaster-04-17-2016
The dilution rate of 0.19% per day is due to the changing conversion rate between VESTs and STEEM. You can find that information on https://steemd.com/ on the right hand side.
Currently it is:
steem_per_mvests 223.282The number listed on your wallet page as Steem Power is a representation of VESTs in your account, denominated in STEEM.
The effect of the changing conversion rate is similar to a stock split. There are other ways that STEEM is created, such as participating in voting, posting, and commenting. That's why the money supply is rising faster than it would if it was only a matter of dilution/interest.
You might be interested in this post @lukestokes made:
https://steemit.com/steemit/@lukestokes/do-you-know-your-steem-power-interest-rate
Thanks bacchist ,
But these are STEEM and not STEEM Power that I purchased off bittrex, after that exchange trapped that for 2 days, it looks like STEEMIT is also trapping me so I'm getting heavily diluted and can't do anything about it. Very disappointed at the fact that they've locked up the market and I'm stuck holding steem while watching it getting heavily diluted.
Like @dan said, you will be able to power up shortly.
I'm waiting to power up, myself. But I completely recognize the need for security. I appreciate that they are taking it seriously.
power up and bittrex seems to work again. at least for me :)
Lets power up :)
Seems that Steem supply is increasing at a rate of about 2500% pa based on snapshot data being collected. I don't have a script to do this so it's all manually done. Hope the above data helps others.
Random question, since it sounds like you are speculating on the value of Steem as well... if you convert Steem to Steem Power, are you pretty much banking on Steem being around and prospering for the next 2 years? The hack from last week worries me of all the uncertainties that you just can't predict. And 2 years is almost an eternity in crypto land, anything can happen.
But the 5000% annual inflation is troublesome. It seems like if you have a LOT of SP your earned interest may help balance the inflation of Steem. But if you have a few hundred SP and it's stuck for 2 years while Steem is hyperinflating.... aren't you going to be at a loss if the price of Steem doesn't significantly go up?
Great question. I'm not speculating the value of STEEM but want to see this whole project succeed as a platform. I have converted some Bitcoins to STEEM and it got trapped for a few days and that's when I start to notice its high dilution. I read the white paper and it's 0.19% per day however the actual rate is much higher. It certainly got my attention then.
I think the SP interests cover most of the inflation but since Steem value is ever dropping, it'll be profitable only when the increase in the quantity of steem > the price drop of steem.
Fyi, you might not be able to power up right now directly from your steemit wallet but you can definitely click the menu in the top right > click "Buy Steem Power" (or steem) and transfer from bitcoins, bitshares or ethereum to steam power directly through there.
Cheers!
Thanks for that but unfortunately I have a lot of STEEM is stuck inside my STEEM wallet, and it's very painful to watch it being diluted and I cannot do anything about it......
What's stopping you from :
I can't transfer anything out
Sorry, I thought your steem wallet was outside of steemit.com. Anyhow, seems transfers have resumed now.
Now you can power up again
The .19% per day figure applied, iiuc, only to the "dilution" caused by the increase in steem supply due to interest on steem power. Im pretty sure the additional increase youre seeing is due to newly mined steem (i think they mine 80 a minute)... also its not inflation
There is some type of reverse split schedule I heard, but it does seem astronomical given the current whale values growing daily....it's like the Fed pumping and making more fake money...the dollar keeps devaluing.
Yes, I understood it to be done after x number of blocks. However, current inflation rate is pointing at about 1% per day or 5000% per annum when compounded. So this reverse split will need to happen less than 1 per year to contain the number of steem tokens.