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RE: So the question is what happens if powerhouse with 1 000 000 SP powers down?
if someone huge powers down, and sells, steem will go down as a result. but only if lots of whales do it are we at risk. one or two and price will go back up, look at the current trendline on bittrex. Also I am working on my own website and if steemit fails I have a vehicle of success no matter what! but I believe in the steem! For now atleast, and I am very confident right now :D
Im not sure about numbers, but what I fear is that people will pay out most of the steem dollars they earn. Because its so tempting to take profits which are earned in some ways just to see if they are real. I'am thinking that it is something that could drain this platforms wealth. But I hope that creators had it in mind while creating it. Its not that there won't be much steem, but how much will be price of steem is you can cash out half of your earnings in steem dolars every day.