That sort of thing could help, but I really think the most vital operation is to eliminate the "lucky whales".
To be a whale, you should have had to have invested actual money, or saved your way up to whale power over time. These whales that appeared just at the beginning of Steemit's existence? They just got lucky, so it feels legitimately unfair that they have so much power, despite not investing anything.
But still, theft is theft, and that might also include changing the algorithm, to "steal" their voting power. It'd be like saying "Well, the rich people in the USA are so rich, that we'll just devalue money until a million dollars is worth nothing, while making sure food and housing is still affordable by the average people."
I mean, I dunno if that makes sense, but yeah, I feel like any solution can potentially have troubles to it.
I have to disagree with you here. If a person discovers something early and invests in it, and then it goes big. They deserve to reap the rewards. Using force to prevent this would just be another form of socialism.
Lot's of new technologies/companies don't make it. Investing in them at that early stage is risky.