@smooth

But the problem is that the pressure is continually downward due to the power-down timeline. Powering down is a two-year schedule. If the largest stakeholders are powering down and selling their stake and this can be expected to continue for at least two years - while they continue to sell more SP from internal accumulation - does this not become a problem with consistent, large downward pressures?

If whales are indeed redistributing their stake, I would expect to see them no longer accumulating through their curating habits and to see newer users buying the SP on the market. But I don't believe that has been happening, according to the figures that are presented every week. There is selling by whales, but there doesn't appear to be the off-setting investment back into the platform by non-whales. The buying of SP is much lower and whales continue to accumulate more through curating based on their large influence.

Am I missing something? Is there an aspect to this that is just lost on me? I don't see the redistribution of influence occurring because the Steem is being dumped in large amounts on the market and being bought by investors. I see some of it being redistributed internally from curating. The actual external investing is lacking. So, I don't know how dumping on the external markets actually redistributes. So far, the only effect that it has had is driving down prices.