If investors at large were to discover that people are regularly cashing out tens of thousands per day with nothing but spam BS, people would be stampeding to pull their money out.
Do you think so? I'm not so sure. I think those with a lot invested are actually incentivized to normalize that as they too tend to self reward and cash out from time to time.
I mean there are people who load tens of thousands on bittrex or binance and sort of indiscriminantly buy altcoins in the 20-50 list because they're low cap, and have the ability to really explode in value. Some of them really are crap coins, but the ones that are legit will explode and the gains make up for the loss of the bad coins. STEEM likely has a lot of investors that have never even created an account on the platform.