It also charges the accounts that are actually using blockchain applications rather than parking their tokens in the stacking system. You’d be actively penalizing the people who matter most to increasing the value of the network. Lots of defi applications become less interesting in an environment with 10% inflation and 18% stacking yield. Why risk my tokens in an AlexGo farm pool or buying the latest NFT when I can just stack them for a riskless return?
Stacking is the application of last resort. It’s the safe thing to do when you don’t want to do anything else, and it generates no external real-world value. It’s only purpose is to act as the token sink for the PoX consensus mechanism. It’s APY should be low to reflect that.
Absent imminent threats to the security of the chain, I don’t see why miners and stackers should be given more network value at the expense of application users which is the net effect of this proposal.
In the short term this is true, sure. But in the long term STX price will correspond to the real world value that the blockchain provides. Hyperchains and Native BTC functionality are how we build the STX security budget and its token value. Once we get that, 1000STX per block will be plenty.