• 80% is from first week of mining ONLY while competing with others

• it was <20% after 4 weeks

• far lower afterwards due to 8 more months of partial PoW, sales, faucet operation, and difficulty to get enough of reward. Better estimate would be 0.00127%

https://steemit.com/steem/@cryptogee/introducing-steem-the-first-anarchy-mined-coin#@cryptogee/re-ned-re-cryptogee-re-ned-re-cryptogee-introducing-steem-the-first-anarchy-mined-coin-20160812t211812069z

Steemit, Inc mined about 60% of the available STEEM the first day and then continued to mine until it had mined over 80% of all available STEEM the first week. ... 320,000 STEEM mined by Steemit, Inc (Supply is now 246,786,524 STEEM)

https://bitsharestalk.org/index.php?topic=22125.0

Starting in 3 weeks the blockchain will switch from 100% POW to 95% elected witnesses. ... keep 20%, sell 20% to raise money, and give away 40% to attract users / referrers

This means that at best it's 80% of 1/4 of supply after all 4 weeks (block reward was constant) and then additional 1/21~4.76% PoW for at least 8+ more months.

Meaning after 4 weeks, it was only 20%

and after 8 more months of partial PoW and whatever was not protected against dilution makes 80% figure complete nonsense.

We're talking about sub 20% sorta-insta-mine. Typical ICO's are done with 100% premines, no competitive mining even possible for that, and even Eth was 70% premined of total future coin goal - far far worse case since nobody could compete with them for premine. They also don't give away 40% of their <20% for new people's faucet like steemit Inc.

• Not premined
• Competitive mining from start, even despite complications
• They only have <20% with half of it for being given away FOR FREE, some for selling, some to keep incentives aligned