I just read the Reddit post. It is interesting how he was a little more candid in that post about the profitability of what he is doing. I have been monitoring his STEEM Power and it hasn't been really increasing. It is a very interesting experiment though.

The whales sort of come from different angles. There was a big Ninja mine essentially and a lot of that went to Steemit Inc , founders, and early investors. Then Even in 2016 when I got on they had a partial proof of work component that every 20 blocks it could be mined but then someone was able to develop a closed source GPU miner and pretty much dominated all the Proof of Work blocks.

Then there were people who knew about the project early most of those people were involved in BitShares. So it would almost be like guys like us who know about BitShares and Steemit and so we are a little more clued in on something like EOS. All the original STEEM was mined for something like $5,000 worth of electricity and it was kind of insane because some of those people who spent like $500 ended up with hundreds of thousands of dollars.

When Steemit came out of Alpha in mid 2016 it shot clear up to $4 and then all these guys who got rich started powering down and off loading large amounts including @dan and @ned and it went on for awhile. I remember it going down to $1 and they were all still powering down and wouldn't answer to anyone about their plans.....etc. In a lot of ways I feel like them and others set the stage for the thing to be completely driven into the ground. If they would have stopped powering down at $2 or so people would have noted that and it would have been a more bullish sign.

I feel this was a big reason why it couldn't stay in the top 10 on coin market cap. I was giving the platform a very low chance to survive at the time and was honestly suprised when it made a big surge again a year ago.

But I think the people who weren't involved in 2016 sort of came up on it and thought it was a great idea but didn't go through all the drama and put a chunk of money toward it and then when things shot up and recovered they then became well off as well.

I'm hoping the EOS situation turns out pretty good and I can catch a very large ride with it but we will see in the end. I'm figuring that it will turn out solid but I don't know if I will make millions off it or something. I guess it depends if I'm able to hold on to the majority of it for a couple of years. Then I think it could maybe do that.