This is really quite a hornet's nest @abh12345 because it seems like we ultimately end up back at the same place: (1) the code allows people to do whatever they will do and (2) no matter how "idealistic" some people may be, there's always going to be a "greedy" element that walks in on top of everyone else with combat boots on... and just not giving a damn.
Of course, we also have the great "battle" going on here... over whether Steemit is "A CONTENT platform that happens to pay" or "A CASH DISPENSER where content happens to be the method of dispensing."
Personally, I'm a content creator. If the only thing I cared about was money, I probably wouldn't be wasting my time with Steemit, I'd be off doing FOREX trading or something.
What's my point? It's easy to look to the Whales to be the scapegoats, but there wouldn't BE any bidbots if there wasn't a swarm of lower level lifeforms convinced they need to spend $1000s on something that isn't even particularly profitable.
The only reason I am not completely disgusted with the OP whale cited in the first paragraph is that he's a long term player in this ecosystem, at least if we're to take him at his word.
=^..^=
I think Steem/it could work as both a cash dispenser and a content platform, just perhaps not spitting out quite as much moolah as it is right now.
The cited witness is a long-term player and to his credit, has a lot vested here. Whether that is because he has millions elsewhere or remains pro-Steem, I'm not sure :)