Yes! love this! keep it decentralized I also understand that this would ensure the steem token would not be able to be classed as a security by the SEC since we will have a community distribution mechanism instead of a centralized group of people deciding where the money goes.
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It's really hard to say what the SEC will deem a security and what it won't, but I think the biggest issue for Steem w/r/t being a security is Steemit, Inc's large, privately-controlled stake, which this system won't change or resolve at all. Even with this mechanism, Steemit, Inc could use their stake to decide where the money goes. The fact that they choose not to doesn't change the fact that they could.
Absolutely, and I appreciate that this solution does not fix the steemit inc stake problem easily, however the same proposal system could be used to autonomously delegate steem to projects from steemit inc's stake. This would ensure a decentralised decision process as well as allow the steemit inc stake to be distributed / diluted over time, while making it difficult for authorities to demonstrate that there is a central group of people treating the coin as a security. So as long as Steemit inc put some process in place to show that they don't or can't decide where the money goes, and that there is a wider community decision where an autonomous system, that they / no central party controls, I am sure (but not certain) that it would be difficult, (maybe impossible) to prove that steemit inc or anyone is treating steem as a security
As long as their stake is not vested it doesnt get counted in the voting?
Only sp votes.