I see your point. My point is that it's possible to reach a point in which no one will buy back in and those so called whales will be bag holders.

When everyone and their mothers are trying to sell and no one takes the thing seriously enough to invest over $10 into it, it's dead, just like the thousands of penny-stocks that I've watched trade themselves down into "triple zero" dollars which eventually reached zero daily volume. People come to see the light that there are better options to multiply their wealth and they move on.

I don't think Steem is too far from that point. As it is, I'm convinced that very few "outsiders" to the platform so much as consider taking a bite on Steem. I wouldn't be surprised if something like 99% of all Steem buying were made by Steemit users.

If that's true and we're losing existing users in droves, which we seem to be, AND the majority of people remaining have lost faith in the future of the platform, which very well could be true, especially with the "captain" (Dan) abandoning ship just the other day, well, that's the recipe for no bid.