The reality is that most whales being created on Steemit through mediocre blogging, do not understand fundamental market mechanics. In fact, I would bet that a minority of Steemit users have even read the obfuscated white paper. This can lead to a rally among smaller speculators that inevitably produces a bubble. It’s similar to playing musical chairs as a kid, as prices become nominally higher, a chair for a person to exit at a “fair price” is removed.