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RE: Why Rewards Have to Change... (Fair warning, this is a long one)
Interesting that now we can move beyond theory into experimentation. PALnet is a new Steem environment does 50/50 author/curator rewards so we'll see how it plays out. But thanks to the new tools like SCOTs it is possible could set up another Steem environment and test the more extreme model you mentioned and see how it compares.
I'm sure someone will find a really great balance at some point, but it's going to take some out of the box thinking to figure it out.
I think the out of the box imperative is the actual problem in this particular case. Thousands of years of investment experience has been ignored and capital gains have not been the mechanism chosen to reward investors. Instead extracting profit before it can inure to the underlying investment vehicle has been encouraged, and the slow decline of Steem market cap has been the result.
This is not a surprise to actual investors, because of their personal experience. I think what we need is establishing sound and proven capital gains mechanism as the incentive for investors and ending profiteering. Instead of encouraging stakeholders to increase the value of Steem, we've encouraged them to put that value in their wallets, and that doesn't float all boats equitably, but concentrates it in the wallets of those with the most stake.