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RE: Gaining Steem-ipendence
It's true that them selling at least leads to more distribution, particularly at low prices. But the way limit/market orders work means that the combo of these 3 things creates massive downward pressure on price.
Those who want to buy can set a limit order for a lower amount than the market rate, then wait. Those selling need to pay the bills this week, so will change their order to go down toward where the buy orders are. This is repeating regularly with a lot of STEEM, so puts downward pressure on price.
Yep, it is going to be interesting as essentally the people who have set a buy and a wait are actual investors who don't need the money now. In time, they are going to be the ones who can drive development perhaps.