What a great Steemit promotional campaign this would make! When I first joined I was amazed at how well Steemit functions without any kind of moderators. In a sense you could say the community moderates itself using the flag mechanism, and in general that does seem to be an effective way to get rid of the occasional troll. I do worry a bit that flagging could turn into a form of censorship in the hands of a powerful whale, but so far those worries have proved unfounded.