Those with substantial stakes are inveterate profiteers, and were convincing in their assurances that they wouldn't fund development with that stake. Since the vast majority of stake is in the wallets of 35 whales, and they won't part with any of it, the only funding source left was a tax on creators, whose current share of rewards is less than ~10%.

~90% of the stake in Steem therefore will not be funding SPS, and those costs have been foisted on creators as a regressive tax - a tax on those least able to bear it. Retention last I checked was ~7.5% YOY. The median payout was .01 SBD. This tax is going to fall hardest on folks making about $.01 for their content now, and not staying here very long to be taxed already. Bye bye market for Steem. Without users the value of Steem will plummet.

The current proposal for SPS delivers 10% of inflation - the rewards pool - to fund SPS. It is completely delusional to claim that 10% of stake on Steem will ever vote to exercise control of such a mechanism rationally. There is no example of such coherent voting in Steem's history, and just because it's theoretically possible for such a thing to happen is no reason to expect it to. After all, we could all just quit arguing and fighting and world peace would break out today. It won't, and only fools will expect it to.

I have repeatedly called for prudent preparations to be made to reverse HF21 in the event my dire predictions are fulfilled. Please exercise that prudence by enabling a rapid reversal of the HF should price plummet, users hemmorhage, and market cap decline. Failing to prepare is preparing to fail.

Don't let profiteers suck the last bit of value from Steem before abandoning it's empty husk.