IMO, massive PowerDown is only indicator of unhealthy system, like high body temperature. The main reason - PD users do not believe in system future. Why? Take the last experiment - whales went south, average upvotes are higher, what now? Whales cannot sit there forever. There is some new story about voting cap - I still don't know details. I think, more experiments needed to know what needed, but better organized than the first one.
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You are right but I when I said "massive power down" I was referring at ppl trying to sell a part of their steem to take some profit. Maybe buy back at lower prices.
Hmm.. This is not good though.. Maybe the idea to drop PD from 2yr to 13 weeeks was wrong?
I think it's cool, Steems have to go from whale to minows, these high variations in price are a good thing.
This is something I have been thinking about also . That some of the large whales cause a pump so they can dump and then buy back at lower prices
This is something quite common in the crypto world. With that said, I don't think there are whales big enough at the moment to generate this kind of volume. If I'm not mistaken, we reached over 7 million $ in volume / 24h.