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RE: Understanding Steem's Economic Flaw, Its Effects on the Network, and How to Fix It.
Yes, the flagging is not effective over the long-term mostly because of linear. When everyone can reach for the nearest switch for max profit on nothing to do with content, there'll be too many people doing it. If you're not joining, you're losing out over time. If you're flagging, you're losing out over time too.
Edit: Flagging should be contingent though. It has some social cost attached to it. That's why it's better to have an aligned economy and just a small amount of free downvotes.
Yeah that way of flagging would make much more sense. If flagging is costing me my upvotes, why not just upvote someone else or myself? If this method of flagging was implemented, I think it would solve a lot of problems with this issue of rewards and upvotes.