I think the early voting penalty should just go away period. It was meant to penalize bots, but they all just upvote within a minute of a post now and still group to the few people who are populate. Anyone hoping to get a curation reward behind the bots gets very little since the first voters get higher rewards... effectively the bots are preventing everyone from getting much out of curation.
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On posts by popular authors it does indeed look like that.
I agree 110% with this assessment of the situation. The early voting penalty is counterproductive at best and needs to be done away with altogether.