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RE: Remember back to 2015-2016 when it was cool to announce announcements hoping for a pump?
I think the problem is that STEEM has an infinite supply.
There's always more. So, at some point supply > demand.
I think there's only a total of 300,524,315 STEEM. Got this from coinmarketcap
Here's the whitepaper: https://steem.com/steem-whitepaper.pdf