I am not talking about "circulating Steem," I am talking about Steem supply. Since SBD is meant to track the USD its inflation rate can understandably fluctuate. I am talking about the supply of Steem. Increase in money supply is the definition of inflation and the inflation rate of Steem is currently 36% a year. Not a recipe for success as a currency.
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Circulating STEEM is part of the total supply. My point is that an increased supply of SBD will lead and has, in fact, led to a faster-than-normal increased supply of STEEM. The reason why constraints on the supply of SBD were relaxed was that witnesses did not want the kind of pump we saw in December 2017. That backfired.
My point is this huge inflation rate is damaging to the value of steem, as inflation always is.
The price of one token is one thing and the market cap is another. Our of those two market cap is more important in my opinion.
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Market cap is a function of the price of one token.
Also of their quantity.
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