You seem to believe that Steem, the blockchain, will do fine regardless. STEEM on exchanges will become the TRC20, not our STEEM. Liquidity for our STEEM tokens will dry up almost entirely and the price tag will drop so low that witnesses will be working for free.

I suppose that is fine if all you want is STEEM to be a utility token exclusively used within the blockchain without much of a secondary market. But people's desire for an "immutable blog space" is going to be tested soon, because Steem Classic will have to come back from a huge drop to regain the position it has right now.