"The current structure of the asset (with limited liquidity, see the Steem Power locking down mechanism) plays a very important role here, because it's basically turning users into stakeholders."

It is important to consider the difference between investors and profiteers, and my position is that the present stake-weighting mechanism encourages the latter at the expense of the former, which results in the failure of underlying token (Steem) to exhibit the predicted resistance to general market pressure (i.e. simply reflecting BTC price fluctuations).

I expect the introduction of SOC (SMTs, Oracles, and Communities) to potentiate a paradigm shift that will enable communities focused on enabling investment (HODLing stake) rather than maximally extractive strategies (profiteering) to produce the anticipated effect.

Thanks!