Editing old post doesn't seem very useful, deleting them maybe... In the current state we cant delete a post we make accidentally, or out of schedule by mistake... That should be more relevant than editing old posts...
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I think it's primarily relevant in the context of eventual take down notices. Let's say someone published content from a third party without permisson (copyright). Then the owner of those rights may force the author to edit the content respectively. Currently all those take down notices arrive at Steemit, Inc, so I imagine they'd love to delegate them to the original authors.
But that is just a thought, no evidence here :-)