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RE: Reducing the number of witness votes
At this stage, if the need arose SteemInc could step in and elect all the witnesses under both methods anyway. I will leave the conversation now, as the more I think about it, the more I think we should extend the voting out to 50 as EOS is looking to do. I would say that in time whale steem holdings will become more dilluted and the backup witnesses will become more important - so more votes is more decentralised.
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Once this happens it immediately becomes centralized. In time it might be better to have more votes but at the moment it is a risk. You mentioned to TC a person with 5 million buying a position, with 15 million they have all positions.
Doesn't work this way T. Someone buys up 15 million Steem - price goes up. Meaning Witness earnings go up, more Steem gets staked by exchanges etc to retained witness position. 15M steem is a little over 5% of all Steem. Sure it is going to help a great deal - but they will still need to make friends.
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It is the number of friends they need to make that is the difference. With a couple of the right friends, all positions are locked firm.
Not 20 positions though. And thinking logically - why would anyone invest 15M in Steem to ruin it? They could build and operate their own Steem blockchain.
I see that you have a level of passion for this issue T - for me it is just something trivial some of the whales moan about.
At its core - the witness voting system is fair and will work well. It may just take a few years for more dolphins and whales to come along to reach potential. IMO.
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