I also think steemit is kind of a democracy, since we vote on our representatives (witnessess).
But It maybe we could call It a libertarian democracy, since there is Very small amount of regulations (blockchain implemented rules)?
I say that because what i learn about libertarianism is that what would define what is right or wrong is the community itself.
This may be seen on the most recente flag wars, where community opposing forces are pushing each other around. Maybe someone Will Win, maybe not.
Theoretically, unless a whale Control a lot more than 50% of all avaiable circulating steem(wich means a shitload of money) It cant fully Control the system.
But there is still rules. If there where no rules at all, then i dont think this would survive for long besides for only a very small circlejerk community, where the steem coins would have much value compared to the outside world.
And that is what bugs me on the full libertarian Idea that the market would adjust itself. It would never work, because those that dont have Power would never have a real opportunity to get some, because those who already have the Power would Just do everything to keep the status quo.
I'm glad to have had you in this conversation because you've hit on something that could be a major flaw in how things have been set up - how things are actually working against Libertarian ideals such as self-correcting market forces. I'll have to do some more research and thinking about this. I might just throw my hat in the ring and "run for office" as a witness in order to affect the integrity of this system.