What he fails to mention about the 93% statistic is that it’s mostly owned by STINC (but we can’t be sure about this number because it’s not mentioned how he got it).

Mostly, what we see from his complaints/proposals is that he has some kind of problem with large invested users. Lost in his ire for them is the fact that some of them in the “top 1%” have actually bought their stake. They and others who mined STEEM in the beginning and did not dump all of their holdings on the market are the ones largely responsible for the fact that authors and devs are able to earn a lot of money by toying around on/with an immature/clunky/unappealing social media website and a blockchain that hasn’t really been welcomed by the larger crypto community.

Anyway - you’re right. Continually screwing investors (and particularly, appealing to the “redistributionist” mentality) is a great way to lose investor interest, which is already relatively low.