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So are you insinuating that people only buy Steem to vote on their own content... and you think a system like that could work long-term?

No, people are buying STEEM to vote for you.
What do you think who are the buyers? Sponsors and charities?

The system will absolutely fail if people are just buying Steem to vote on themselves... I guarantee it.

It seems that you are expert. How much STEEM you bought?