Good one! The middle path is needed, all these calculations are without the consideration of vote buying and all those bid bots and numerous accounts owned by the same person.

There is no perfect solution. Perhaps one could have some simulation of the different formula and see the results. Then, psychological persuasion can never be predicted in advance. A referendum?! The whole ecology of Steemit is far too complicated to be dissected and analysed. How about those whales and dolphins, passive investors's reactions.
No way that a change will not entail unforeseen consequences!
There is no such thing as free lunch! Karmic rules.