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The point is, a lot of these tokens are going into steem power. So they are out of the market. It will be very interesting to know what the inflation in Steem tokens only is.

If you are right about the 400 percent and it applies to steem tokens (after people covert to power), then this is concerning. I read the white paper and it seemed to suggest 10 percent inflation long term in the steem tokens outside of steem power. Take a look.