Well, not completely off, but just reduced it dramatically...
To the point where we got rid of the inflation content reward pool all together, basically turning off the inflation to steemit.com. The remaining inflation would go to pay SP holders, witnesses, and the SPS.
At this point I am not sure what a good overall inflation number would be, but perhaps something in the 1% range would be sufficient.
Something low enough to make the coin a lot more scarce than it is now, while being high enough to keep things running.
The reason I am proposing this is due to some thoughts I have been having for a while now as they relate to SMTs.
Why is it that basically every new app that builds on the steem blockchain will eventually use an SMT, but Steemit.com does not?
If steem is truly to be the base layer, we shouldn't have one app that is benefiting from the inflation while the others are not.
We should truly set steem up to be the base layer and all the other apps can build on top of it with their own tokens.
I am not sure what the best inflation numbers are at this point or the best split between the SP interest, Witnesses, and the SPS... but overall, going this route makes a lot of sense to me and something that I have been thinking about for a long time.
I was recently reminded of it by a comment on the newest Steemitblog post by 
"I have an idea I would like to hear feedback on from the community because I have not truely thought through all the pros and cons. We all want Steem to increase in value. I have heard the high inflation rate scares off many investors. This forms the basis for my idea below.
Once SMTs are released, I propose dropping the inflation of Steem to something reasonable. For the sake of argument, let’s just say 1-2%. There would be no steem reward pool. Inflation would go to current Steem holders, the SPS, and witnesses. People would still earn crypto by posting, it would now just be in the form of that communities SMT and their own reward pool.
Since RCs would still be needed, people will still need Steem to interact with the blockchain, creating buy pressure (finally). App creators could buy the Steem and delegate those RCs to their users. The apps could earn revenue from ads, etc. ... something like that. Or users with RCs could earn passive income through delegations. Maybe this is how Steemit Inc could keep their Steem and earn the necessary money to stay in business. Rent it out.
I do not have the details worked out obviously but to me something needs to be done about the price of steem. I know I am stating the obvious here.
@aggroed wants more ways to burn steem. I say lets considered burning future Steem by reducing inflation. With SMTs, do we need to keep printing Steem at the rate we are. It seems unnecessary and a pain to police.
Going away from the current Steem reward pool also might solve another problem. Starting with a new SMT community would reset the playing field so to speak, decreasing the importance of the premined stake, etc. I know communities are already doing this. This would just be doing it for Steem specifically.
Thoughts on this brainstorm from my phone? I am sure there are major problems, but let’s stsrt the conversation from here."
While not agreeing on everything in here, I do share a lot of his same thoughts on this.
I am not sure the problems with steemit and steem can be overcome by the coming changes in the HF, in fact I am pretty sure they cannot.
However, basically starting over with a separate coin for steemit and dramatically ratcheting down the inflation on steem may be just what the doctor ordered.
I am not sure whether going this route will create enough demand for steem prices to go higher, but we have basically seen over the past 16 months that the current inflation model likely isn't going to work, not to mention all the problems we have seen on Steemit.com over the past 3+ years with everyone trying to share the same reward pool.
Which means, exploring something along these lines makes a lot of sense to me.
Again, many details will need to be ironed out and worked out, but the basic premise is there.
What say you?
Stay informed my friends.
Image Source:
https://www.ccn.com/major-milestone-steem-blockchain-hits-1-million-accounts/
-Doc