I am certainly not an expert on crypto-currencies. In fact, I am a raw novice. But here's the way I understand it: Crypto-currencies are not created out of thin air like the fiat currencies issued by our central banks may be. Rather, valid crypto-currencies require a corresponding amount of "work" to be acquired or "mined." The work required to "mine" Steem comes in the form of creation, curation, and commentary. That work produces a work product, although it is arguably of variable value.

If new issues of gold-backed currency are backed by corresponding new gold reserves, then inflation does not result. Correspondingly, if new issues of work-backed currency are backed by equivalent new work, then inflation should not occur.

The above thinking very much supports Jerry's call for more permanency in our currency. If the value of our work goes poof after seven days, then doesn't the backing for our currency go with it? We need our work product to have a long term, if not a permanent, value in order to consider that work product as a valid backing for our currency.

If a year from now the total value of our collective creation, curation, and commentary is 20 times what it is now, then a year from now, we should be able to have 20 times as much currency "in circulation" without inflation.

If I am wrong about any of the above, I am asking y'all to help me to understand it better.