I already provided a possible solution to this problem in my blog, check it out :)
https://steemit.com/steem/@freethoughts/why-steem-may-need-moderation-and-how-it-could-look-like
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I already provided a possible solution to this problem in my blog, check it out :)
https://steemit.com/steem/@freethoughts/why-steem-may-need-moderation-and-how-it-could-look-like
Yes it's a complex issue.
Another side effect of having specific moderators is the whale wars that happen. People purposefully down voting another's content for reasons other than quality. Eg they don't like them or they are trying to make a point about using bots or when the vote is made etc.