Okay lets say Steems price got close to $100
The smaller minnows in the community would take the steem power they had and power down because that would give the most amount of money fast. It would clear out all of the crap posters and all of the people who didn't care about being successful on steemit. So it wouldn't be that bad at all until some account that is worth over a million decided to cash every bit of steem power out to bitcoin and the price of steem would drop like crazy. For instance when bitcoin hit 10k it went crazy up and down, but steem doesn't have all the attention to go back up fast.
Remember, I’m talking about Steem not just steemit as a platform... SMT 😬