Other than deluded n00bs, who is long-term investing in Steem?
Could someone give me some explanation as to why anyone would convert BTC to STEEM POWER? (not STEEM which is debased 92.5% to 100% yearly)
Blockchain investment has, let's say, 2 main types
1) individuals like those of us who frequent btctalk
2) funds who are dealing with millions or billions and are throwing money like there is no tomorrow - types of funds that have ETH at 1+bn marketcap despite all its clusterfucks
The money invested by group (2) is in the hundreds of millions, if it hasn't exceeded a billion already.
Buying a stake at something like Steem could be an investment, for them. They'd essentially be betting on its success and expansion.
Now, in a world where stuff like messaging apps and snapchats and online games can fetch billions or tens of billions, this is not very unlikely to happen.
For group (1) the dynamics are entirely different and what they do with their 1-5-10-100 btc investment is a whole different issue.
You can't buy the company, there isn't one seller.
Due to the wealth effect it is very difficult to buy a company on the open market exchanges. The price goes up as you try to buy it, due your buying.
And 90% of the market capitalization will remain in SP which is mostly liquid.
I suppose you really only need 50% of the tokens to take control of the blockchain.
But the blockchain is decentralized, so you don't need to buy Steemit. You can just build a new client and use the database.