McAfree was only not primarily referring to the liquidity available for him to cashout 1% a week, rather the fact that he can't cashout 30% in week because he is forced to lock it for a 1 year weighed average cashout.
Fair enough, but he can't cash out 30% of a private business or real estate or many other investments in a week either.
because the majority of the rest of the money is not cashing out. If everyone is cashing out weekly, including the Steemit account, then Steem would need 1% of the money supply weekly in liquidity.
I'm pretty sure it is. Just about everyone has been cashing out weekly (or close to it) including the Steemit account. I think the last number I saw was 35 out of the top 40 accounts or something. The Steemit account doesn't sell every single week but they do power down every single week and when they do sell they sell a lot (it seems often in negotiated deals). If anything the rate of cashouts is much higher now since nearly all devs and early miners are cashing out disproportionately (and own disproportionately approximately-100% of the coins, as you know).
BTW, my stake was closer to 2% than 1%, though it might be smaller now. You have to add a few accounts together.
I am nearly certain that is what he meant, because I did listen to what he said in the interview.
I heard the interview too, and I'm not sure that's what he meant (I just logically think that makes the most sense). It was a very fast comment without a lot of explanation.
I do agree that there are clearly coin speculators who want to play a pump. Steem won't be for them. I don't agree that precludes there being long term investors who are not looking to play a pump
if the investment looked otherwise attractive (which to many at the moment, Steem does not).