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RE: Blockchain Governance Models | Should Steem Governance Model Be Changed?
There are some scenarios where only having 5 votes can lead to a minority stake taking control of consensus. Imagine a situation where everyone votes on the 5 more popular block producers...in that case a minority stakeholder can vote on 15 other witnesses and effectively own 2/3 plus one of the top positions.
It is not very likely but possible none the less.
What is more likely is that a minority stake can block a necessary HF by controling 1/3 of the top witness positions...we need a mathematician that is good with game theory to go over the possible solutions.
There isn't going to be a solution that covers all possible scenarios, only better ones than we have right now, and this likely is one.