Yes mostly the first point.
You hope.
Second and third point seem remain with curation reward too. The magnitude can be different but we cannot tell it will be greater or smaller.
The magnitude might be the same, but the effect will be magnified because youre taking the honest (but profit motivated) voters out of the system. That is to say, the bad fish might be the same sized fish, but theyll b e swimming around in a far smaller pond.
One possibility is stakes of sockpuppet voters are much greater than curators. But I think abusing the system will bring more stakes from the inactive to curation, especially for moderation (downvote abusers) because abusing consequently shrinks the pie so some investor on the edge are willing to give up incentives to prevent abuse.