Steem doesn't lose value if a whale up votes a single "bad" post. But if whales consistently up vote crap content (which everyone seems to be worried will happen for some unexplainable reason), and posters of quality content are not sufficiently recognized, the posters of quality content will stop posting. Without the opportunity to read or post quality content and have it recognized, users won't come to the platform. Fewer users equals less demand for Steem. Less demand for Steem means a lower Steem price.
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Consistently upvoting crap has nothing to do with anything I've said. I'm more worried that good stuff will be missed because it doesn't fit the whales' tastes. So you're deliberately promoting LGBT, but would you deliberately promote content that was fundamentally opposed to your philosphies? Can you be sure other whales feel the same?
It becomes a non-issue if everyone can promote things based only on their taste. People who like LGBT will upvote LGBT, and those authors will see money trickle in slowly. Without that... they are dependent on you. It's not much different than the Patrons of old really...
LOL... trying to figure out how to use the Steem API to look through my transaction history and I found this!
Not to dredge up the argument again, but it doesn't seem like much has changed... there's still a limited variety, minnows still struggle to get noticed, and now a couple whales have pissing contests on the trending page.