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RE: @snowflake's really interesting proposal - Turn whales into moderators and give dolphins all the voting power (TLDR Version)
The same problem exists with today's version of the system. The proposed change doesn't really make that particular issue any worse. [Edit] (at least that I'm aware of - if there is something I'm missing, please elaborate.)
Well, even if it doesn't make it worse I still fail to see how it's making it any better.
However it looks to me that now just a few dozen whales are really able to abuse the system and they are capable to moderate each other. With proposed changes more regular users would get the opportunity to abuse the system - with the same numbers of moderators to take care.
That's a good point against having only the mods have downvote power. If any user could downvote, then the community could moderate itself except in extreme situations where the actual mods had to step in. Thanks for the input!!!