also when the Leo.voter rewards are not just powered down and sold.
This won't happen. Previously, Leo was paid to hive delegators via extra inflation (not exactly inflation, but the end result was the same). This extra inflation is now over, so the Leo that is paid to delegators comes from the market. Bought with the hive that gets powered down.
Most delegators of HIVE POWER to @leo.voter also just sell the LEO they get on a daily basis and buyback HIVE
On the whole, this is a net neutral for Hive but everyone seems to think they can point to it as a net negative
If you actually track what's happening, it's basically all a wash: hive rewards buy LEO to pay LEO to delegators. Delegators sell LEO to power up more HIVE.
This is good trading volume for us and for HIVE but these ppl again like to point it out as a net negative. Also consider how much value there is in our curation activities to actually support good authors and keep them on Hive. Seems they like to overlook that too