I see a problem here. What is to stop a collection of "high-reputation" users to gang up on another user that posts content that offends them?
"a consensus has to be reached by a collaboration of multiple high-reputation downvotes. In such an event, the rankings of the video drops, and the participants in the P2P CDN have the ability to remove the content and thus slow down or eliminate its propagation."
Gangs of "high-reputation" bullies, beating up minority opinions, stifling debate, silencing unpopular ideas. This is nothing new, and it would be a sad thing to see on Steemit.