The whales are loosing 10% inflation rate per year. As 10 percent of total newly created steem is distributed as rewards to content creators and curators. And whales holding steem power receive 90% of a 100% inflated steem supply. The eventual winners are not the whales, but the bloggers. The annual 10% net currency creation outflow goes to them, so there is an incentive to create quality content. And quality will then be the dominating force of steemit. Hopefully ridding bad contents, subjective propaganda, and manipulative media.
If steemit's concept works, it might be one of the most revolutionary concepts.. :)