Most of the GRC whales will be those people who were at it in the first year, investing more money then GRC was worth at that time.

And actually the coins I looked at the top50 always had more then 50%. Steem is the same I think, with a hundred times bigger user base!!

But you are right, we might have to talk about the PoS and mining. But if so many adresses do not go online, how many additional will not go online with even lower rewards?