Despite the logical assumption that the greater profits available via capital gains will incite whales to act to create capital gains, the history of Steem reveals the opposite to be true. Whales compete against each other to extract rewards and increase their stakes relative to the others. The extant code discourages investing, and encourages that profiteering instead, and this incites capital losses rather than capital gains.
Nobody wants Steem to plunge in value, but that's what EIP will cause, and whales have proven unable to agree to limit rewards so that they cannot be extracted by substantial stake. They are each acting in their individual interest, rather than as a community; competing for rewards rather than cooperating platform wide to create capital gains.
Powerdowns of millions of Steem are ongoing presently. Whales are preparing to sell their Steem before it plunges after EIP is deployed. The extant code simply too strongly favors extractive profiteering over inciting capital gains, primarily by enabling unlimited rewards to be gained by the VP of substantial stakeholders.
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