oh duh ok it was steem power, not steem im stupid. Well, i mean with the steem power its just an issue of flat out liquidity.

Youre buying something for value that you won't be able sell (for whatever reason). That non-liquidity makes it worth less than it otherwise would be.
His problem is he can't cash it out if he wants to. That decreases its value. I actually had the same issue recently when i was considering buying some old miners, but decided against it.

Im not neceessarily saying i agree, but pretending his liquidity concerns arent founded is still absurd.

Hes basically forced to hold his investment regardless of how he thinks it will perform.

Yes, hes remunerated for this with SP incentives, but thats cold comfort with double digit %age drops happening every few days.

As an example, i recently was talking to a guy about biuying a bunch of miners with around 100btc worth of SP. I passed on it for essentially the same reason... because he was only offering me a 20% discount on their steem balances and it wasnt worth it for the reduced liquidity.