Yes, I think bid votes are the main problem in Steem.
They convert the Proof of brain rewards into a proof of stake model. Furthermore, they make the promotion mechanism useless, which is the main tool for burning SBD.
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Promoted is poorly implemented though. It should be in category/tag feeds and also on trending/hot every xx posts.
Yes, promoting post should be reworked to add more visibility to promoted posts.
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