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RE: Programming Diary #28: Thoughts on the problem of overvaluation
I still like the idea of separating investors and bloggers. So - bloggers create the content that makes up Steem as a platform. Investors curate these blogs (whether manually or as a trail...) and so authors are rewarded based on quality and likes. Investors, for their part, can NOT blog with their accounts, so they cannot vote themselves or buy such votes. In return, they receive a variable (price-dependent) return...
As a concept, I like this idea, but I have trouble thinking how it could be implemented on a decentralized blockchain when an investor can always set up multiple anonymous accounts. Two of the core ideas that Steem was pushing when it launched were censorship resistance and anonymity. Both of those principles that were designed into the chain make it very hard to limit someone's capabilities based on their identity.