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RE: I've been wanting to get an answer on this. What's to prevent someone from selling their votes? What if a whale sells their $100 vote for $50 of bitcoin on other forums?
Whales have the most vested stake in Steem. They can only cash in their Steem Power over a two year period. If they do things like sell their votes that hurt the public's confidence in the Steem platform, then the Steem they eventually get will be worth far less than it could be. Whales, more than anyone, have a strong interest in preserving the public trust in the platform.
Exactly. It's like a lock-up period for hedge funds and private equity. This lock-up period ensures the stakeholders are all aligned, as "shit goes down."