of course the points system needs to be fixed so it isnt just a few bot owners getting the rewards
as far as price plummet theory consider this.
SDB stability creates value, the corrolary is that SBD volatility reduces value as if we cant rely on SBD to be close to a dollar, then the entire steemit system is less reliable (for fiat oriented people)
the liquidity before was overkill, but now, if anybody sneezes the internal market price changes by 20%. Not exactly whale friendly, or even if you need to cash out to pay rent it is not good to move the price 10%+
24hr volume of $14130.54 for a market cap of $100 million+
you might not see a problem with a 10000x difference between marketcap and liquidity, but I do.Liquidity creates value and so does stability. right now just relying on random buyers and sellers, there is no depth most of the time and it is not anything that can be counted on.
It's like going to the bank and they say, "sorry we cant process $2000 right now, but we are happy to convert $250 today" how confident are you in such a bank?
do you still not see value in liquidity?