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I am not 100% certain but I believe it is STEEM owned...delegations, since they are still owned by the one delegating are reflected that way.

A 100K SP account is still an Orca even if 80K is delegated out.

Hm... Good, but the problem is when the whale power down the account and create another to divide the SP. I don't know how much of them do that, but it's another thing that we need to see also.

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