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No you can cash out your Steem dollars immediately, for example by transferring them to Poloniex and selling them for BTC. Of course that means cashing out to a less stable asset, so if security is what you're after you're better off keeping the Steem dollars.

is this what most whales do?

i noticed on steemwhales.com that most whales don't hold STEEM dollars and am trying to understand why.