Great analysis.
In general whales cause a lot of volatility for currencies on exchanges which I do not think is a good thing for companies trying to grow a business. The success or failure of these businesses can turn on what these whales do.
Having said that, that is all part of the free market and we just need to ride out storm. I am hopeful for the future of steem. It's a great idea but until it's user base grows and people can make regular income from contributing its future won't be certain.