Right and wrong is a very subjective term. There is no boolean answer to right or wrong. Everyone has a different perspective of looking at things. So I would prefer steemit as a system which rewards good content and ignores the bad. If a content is really bad, it will indirectly be impacted because not many will like it.
The main argument comes in when we talk about self voting and using bots. Its a big debate with no good answer. I think the platform will find its own solution eventually as it evolves.
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