I really hope it does, because I think the whole problem with the editing will hold people back from posting content once they find out this handicap.
Not only if one finds a misspelling or such thing, but also if there are links in the post that have become obsolete, many ( serious ) content posters will want to be able to edit these older posts.
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I do want to do away with some videos that are no longer relevant to the history, but I'm unable to edit it.