The squaring function of SP is largely a misconception. SP is linear-weighted between accounts. 5 accounts with 1 SP each voting on a post is exactly equal to one account with 5 SP voting on a post. The squaring comes into play when comparing posts against each other. A post with only a small amount of SP voting for it gets essentially no reward at all, and the reward rapidly climbs as the amount of SP voting for it (whether from one person or multiple people) increases. This is useful because otherwise you would have thousands of spam posts getting paid each just getting a few votes from each of those thousands of bulk accounts that @alexgr just posted about (vote limits per time does not work there).
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