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RE: Liquid STEEM Report Jan 10, 2019
I think this is a healthy ratio... I think only about 20% of total STEEM is currently listed on exchanges for trading. This goes back to our discussion about the 51% attack.
I didn't quite realize what you were referring to about the need to get that much STEEM. Now I see what you are saying.
One needs to buy up a huge amount of STEEM so that they can power up and vote a bunch of witness nodes to put them into the top 20. But if they attempt a 51% attack, it would devalue their SP holdings to the point it would cost them more than their investment.
The problem with attempting to pull this off (as you are pointing out) is that there just isn't enough STEEM available for purchase.