There is more than enough STEEM out there, imo inflation is way too high compared to current demand and medium term use. You site how quickly a few hundred K STEEM gets thrown into projects, but this all adapts to price. When the price was 5$, I used to carefully consider what to do with 10 or 20 tokens. Not so much today. The only way to drive up price is to match scarcity of STEEM with utility. And when price goes up, you can do more with less tokens.