highlighting just how many people in the Dolphin category are milking the Hive cash cow....

Interesting - I took exactly the opposite perspective: just how many are powering up. I found it reassuring, that of the top 2,500 accounts, three-quarters are vested in HIVE, with something like 60% of available HIVE sitting in those wallets. Even with the lower 1,500 accounts, there's still two-thirds of accounts with a KE=<1.

Always good to review where we're investing rewards, although I was surprised this wasn't happening anyway as we've been around this block more than once.

More challenging, I think, is where to invest in smaller and newer accounts - that's where the KE becomes useful, assuming we're looking to diversify and grow the middle-class. Even there, a KE>1 might be because earnings have been powered down and invested elsewhere in the eco-system like Splinterlands or other H-E tokens or moved to HBD through one mechanism or another.