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RE: Steem dropping! Oh no!
Ok, so I do really need to clear this out or at least defend where I stand.
Centralization is the process by which the activities of an organization, particularly those regarding planning and decision-making, become concentrated within a particular location or group. (Source: Wikipedia)
Use that definition and look at Steemit. Whales do make all the decisions here, if they like you, they upvote, on the contrary if they don't like you, they flag you.
So, the definition says power needs to be concentrated within a particular group, and it is; whales make a small, I would say tiny minority here on Steemit, and they do control it all!
(Whales = People with 100,000SP or more)
Your statement is factually correct. However, these people are whales for a reason, that usually being contribution to the platform, serious abuse of flaws in the platform, or market manipulation.
It still doesn't change the fact that it's centralised.