With a referral program, it's hard to say how much the word would spread but I imagine that it would grow exponentially and servers wouldn't be able to take it.
Actually, this is a problem STEEMIT already has now, without any kind of "referral" service. There's supposedly a 50,000+ account backlog that's been trying to work it's way through the queue!
I tend to think these referral services are more of a deterrent in the long run. It's also one of the problems I (and apparently many others) had with bitshares / openledger as well, as evidenced from the following thread: https://bitsharestalk.org/index.php/topic,23691.15.html
Thank you for sharing this information! The more you know, the more you know! It's not surprising there is such a backlog!
apologize for all the link drops, but thought you may appreciate this one as well! lol
Link: State of Steemit: Big changes in Steemit recently!
No problem! You may also want to check out @timcliff's post, and our comment thread therein on the subject that starts with this:
Link: New Accounts Don't Have Enough SP to Fully Interact with the Blockchain. Should witnesses update the Max Block Size? (Discussion)