You also would increase the number of users that influence how rewards are distributed. Imagine also onboarding miners to bitcoin along with users. I can kind of understand this. I have some practical demonstration of this. After joining POB early on, with a constant creation time of 50 POB/10 minutes, I was able to make votes and vote up 80 POB a single post. Now, I can only 100% vote a post to 17 POB, as other users have joined and bought up their own stake. I'm not saying their reasoning is right, though.
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The more spread out the total vote value among users, the better the decentralization. That the own vote will have then less value is natural and should be for the most part compensated by the higher Hive price. Makes more sense to me than a small number of whales who mostly vote within their circles.