I agree, except that you have to remember that reputation does not necessarily equal SP. It's huge amounts of SP that allows whale-sized votes, not a reputation in the 70s. Whatever the answer, I think it should be a positive reward for doing good, not a negative reward for doing what you feel you need to - i.e. you really want to reward a friend/witness because they're doing something awesome! I sure wouldn't want to have @markymark not be able to vote for @arcange just because they're both big-respectable dudes. Whales aren't the problem - it's selfish people who are the problem, whatever their rep or SP is.
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True, I forgot that aspect, and that you can become a big whale just by buying a lot of Steems. It's of course almost an impossible task to correct the selfishness of people, we just need to find a way to negate it wherever it raises its head, because it will seize any opportunity :)