What's even the point of all this in the first place. Upvotes are financed by inflating the currency so in essence the community pays for upvotes. So we all just pay ourselves in some way.
Usually that's not how business works, you can't just print money and give it away to the community. As long as the growth is bigger than the inflation it's not a problem but this is not something sustainable.

How is this any different from what central banks are doing with their QE? This is even worse because the whole business model of Steem is just printing money.

I'm not saying it will fail but it's not really a free lunch, you have to fight off the inflation.
A system like this is also easy to abuse.