You are ignoring the effect proposal has. Your proposal will massively increase the amount of HBD in circulation by not allowing the price to pump.

Without it, I agree inflation is fine and wouldn't be able to ever catch up. Both the proposal and inflation together are very destructive.

We have to accept the fact that cryptos still go through bubbles. Hive collapsed by 99% last cycle. Who knows how much it will be the next time, but we have to be ready for that.

When SBD crashed form $15 to $1 in 2018 it had no negative effect on Steem. However, if we manage to sell and recycle profitably enough HBDs to keep the price at $1, an equivalent sell off will take us well below a dollar very quickly, and hive will be crashing at the same time. On top of that, there are interest rates.

We need a way to offset the negative feedback loop HBD creates.