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RE: Steem Price is being pushed down by 1 person! Speculation on why and where it may end up
That move is expected and In my opinion desired for the following reasons:
- It helps even redistribute Steem Power
- Keeps the price relatively low or what I'd consider normal for new users to buy in and invest
We are still in beta and everyone knows that the power holders(aka "whales) are few and hold most of the steem, if they "hold" on it, they will continue to be the most powerful ones in the platform so powering down is very nice of them as they are "giving up" on their influence to leave space for others to take the spot, making the system more fair.
How does losing our indigenous whales and replacing them with new outsider whales make the system more fair?
'steemit' is not really a whale, it is the stash of coins that Steemit Inc. has that is earmarked for selling (just like they are doing) and being given away to new users.
I'm not implying replacement, I'm implying on distributing the power more evenly, If our current whales don't power down, they will stay the biggest investors forever and scare off any new investor, since he'll have to invest Millions to gain influence. Currently we have, 33 people with very high power, wouldn't it be better if we had say 100? There are 33 people that distribute the most rewards... to a lot of users...