At this stage, if the need arose SteemInc could step in and elect all the witnesses under both methods anyway.
Once this happens it immediately becomes centralized. In time it might be better to have more votes but at the moment it is a risk. You mentioned to TC a person with 5 million buying a position, with 15 million they have all positions.
Doesn't work this way T. Someone buys up 15 million Steem - price goes up. Meaning Witness earnings go up, more Steem gets staked by exchanges etc to retained witness position. 15M steem is a little over 5% of all Steem. Sure it is going to help a great deal - but they will still need to make friends.
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It is the number of friends they need to make that is the difference. With a couple of the right friends, all positions are locked firm.
Not 20 positions though. And thinking logically - why would anyone invest 15M in Steem to ruin it? They could build and operate their own Steem blockchain.
I see that you have a level of passion for this issue T - for me it is just something trivial some of the whales moan about.
At its core - the witness voting system is fair and will work well. It may just take a few years for more dolphins and whales to come along to reach potential. IMO.
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