All the bot owners will hoard steem so they can power up their bots... Then normal users will vote down the comments the bots make and they become useless... Eventually no-one will use Steem anymore as no post or comment will give any rewards... It becomes bad joke like Facebook and MySpace...
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How do we avoid the death spiral?
Currently votes from people with lower reputation have no effect on reputation of the user with higher reputation... Steem would have to remove that restriction and replace it with weighted system that makes sure new users or old users with very low reputation can't pull reputation of another user down too much...