I think it's important to ask the question of, what is the goal of steem ? My understanding is to promote content that is most relevant to users. The way that you describe the challenges of power abuse is the nature of any network that depends on influence, and it's a common network model for many other legitimate networks that are not on the blockchain.
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Steemit admits that if people stopped buying Steem Power, then the site would fail...so they give Steem Power owners massive over voting rights to boost up money for articles and to promote more people to buy Steem...the more people who buy Steem or Steem Power, 15% of the spread is paid to the Steem Power owners. Thus the more Steam Power you have? They more you can help to CRUSH people....hardly a free market market to share quality content and new ideas with because some of these Steem Power people are abusing their power and down voting....down voting or giving one person the power to remove say 50 to 300 votes of other people from an article is anti American....it is Anti freedom.....I have even read blogs where Steemit users call this site the new Marxist Model of the world and they support communist models.....yes, these people are posting such things...
So I am trying to understand this Steemit model considering that I "offended" some person from an article and he pretty much wiped out my entire page as a new user for 4-5 weeks now. In America we call such people bullies or even fascists.....so a small group of people are controlling the content in a site that promotes this does not happen...
A person wiped your article off?
About the model, I can see your concerns, but generally speaking that sort of cryptoeconomic model seems commonplace. Not to mention, blockchain is in a highly experimental stage, so I personally am open to most cryptoeconomic model, including Steemits. For a lot of us, it's interesting to see how people will respond to such a novel concept, and how the platform will respond as well. While we can have our predictions of how steemit will or won't become, the reality is we won't know until we reach a point in time where either scenario is imminent.