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He won't be able to vote from the exchange and his stake won't be as big as it is on Steem. Even with what he bought now.

The thing is if he has a lot of Steem on an exchange and he gets airdropped Hive token, he will have a vote if he powers this Hive up.

True, but I think it will still be smaller in percentage than the ninja stake for steem. But we’ll see.

Key word... probably