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RE: I didn't think of it like this.
The big thing here is if all the whales sold and we know that this is probably not going to be the case no matter what steem goes to in the future.
This is an interesting point and I think you'd be surprised how human psychology will likely work in this scenario - lots will sell if (and when?) the price soars over $8 per your post prediction. This is because the drive of "loss aversion" for those that bought at 7c or ninja-mined runs deep and will push these whales to sell (at least in part) - especially given the recent "winter" that we've seen.
This doesn't take anything away from your post, it would just spread the benefits wider - a good thing.
Looking at the numbers we would need the whales to sell otherwise there wont be enough Steem ,unless it goes to some very high price. The demand will be high for something that will be scarce. Holding Steem will have more benefits than selling. This is what makes Steem fairly unique against all the other coins as you get paid just by holding it and having some fun.