There is a lot of talk on STEEM about Whales, but we have not even begun to see the effects of a single Whale. Whales make waves, that is why they are called Whales. What a Whale does is goes in to the market, drops $1,000-$100,000+ in the Market, jacking up the price. Then wait a few minutes, and sell about 1/6-1/4 of it for a huge loss, knocking the price down lower than it was before they came in. Then they use the money they got for selling all that STEEM (though at a loss) and use it to buy STEEM for even more than they paid before (again at a loss). Then they put all their STEEM they have for sale at different intervals ($6, $6.05, $6.10, $6.15, $6.20, etc) below the lowest Sell prices (of those that are left), then set up a buy wall with 1 or more Bitcoin, so that they buy price is locked in at the new higher Price.
There are now about 100 people with that capability here on this Website. And some of them might not even realize that they can do it. But STEEM is about to see some major Whale activity over the next year.
The way things are going right now STEEM and other coins could hold each other up without Fiat or Bitcoin. For example, Compuceeds is now traded on OpenLedger. There are people with Tens of Thousands and Hundreds of Thousands of Euro in Compuceeds. Once they all get on OpenLedger and start trading, some of them will turn their Bitcoins in to STEEM and then put that in STEEM Power. And if just 2 people put in $10,000 each, or 4 people put in $10,000 each, or 10 people put in $10,000 each, the price of STEEM would go up dramatically. And all the STEEM they put in to STEEM Power will be locked away not being traded. And another site is starting called PostBase that will pay in its own currency, so there will be plenty of opportunities for people to get in early on a platform and then become a STEEM Whale.
So STEEM doesn't even have to be held up on Fiat or Bitcoin. As all the new STEEM and Steemit based platforms come out, they will all support each others economies back and forth outside of Bitcoin and Fiat. Every time someone brings money from somewhere else to Steemit, the price of STEEM will go up and as we have more STEEM Whales the markets will go higher and higher.
So far we may have possibly been seeing some Bear-Whale activity, but nobody likes Bear-Whales and eventually they do stop. And when a Whale starts creating waves it benefits everyone, even a Bear-Whale doesn't want prices low in the long run, because they are buying during the cheap prices they create.
