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RE: Is SteemIt.com Turning Into Federated Media?
If larger account holders wait, they're own stake is suffering dilution. And if they all are holding out, then that means the reward pool grows and is divvied out to other posts voted by dolphins more evenly.
So it is in the interest of a larger stake holder to actively participate in the platform.
Other whales could potentially downvote him / her if it was known that a deal was struck, in which case, loss to both parties.