I don't know the answer, but I'm grappling with the question of whether or not having a lot of Steem Power (i.e. a whale) makes you more qualified to determine what content is good or bad. In some cases Steem Power is earned through participation in the system, and by posting quality content you are demonstrating your skill at contributing, which may be a quality that would indicate you also have good taste for rating the work others; however, this might not always be the case and not all Steem Power was earned this way, especially some of the early adopters who became whales as a result of getting in early or getting lucky.
Owners (whales) are qualified to where they want to distribute voting power. This first distribution year is all about getting voting power in the right hands.
It is a huge part luck I think. I don't think any whales got there just from luck, but I do think there are plenty of talented people on here who won't make it to dolphinhood until they get lucky. That is how the platform works and how most of the real world works too. There are plenty of people who work hard and make valuable contributions but only in the hope that those contributions will one day be recognised and valued.
Steemit is an excellent platform for that. But it is a lottery.
Apparently this is the issue for Reddit. That misinformation sometimes ends up getting voted up. :(