You know, Dan and Ned aren't idiots, they didn't just randomly come up with this N^2 willy nilly. They did it for a reason. It's game theory, with the N^2 power curve, there is a synergising affect of multi accounts voting on the same post, with an affect greater then single votes alone, and this is just as true with whale votes as any other.
Except all of this is with the assumption of equal vested accounts. Not a reality.