I like your idea but I would add a 60% penalty on self-votes -> you better use your votes on other people if you want to maximize your rewards.

I recently published another idea though. Quoting myself now:
I could imagine something like this as alternative system:

"Content that is actually being consumed is the most valuable":
-automatic rewards allocation based on reading time of individual mac-addresses (not IP-adresses or vitual machines)
-all posts get two new counters, number of individual mac-adresses reading the post and combined duration of reading of the post.
-the reward pool allocates resources automatically to all posts that have been written 7 days ago based on those metrics (maxed out at 5min of individual reading per mac-adress to avoid "reading bots").
-add in a small percentage on top, that increases the payout of written posts based on staked tokens of the author.

This system is hard to game, no votefarming, not easy for circle jerkers...

With this system you could also reduce the rewards-(pool) to authors by 20% and increase the staking rewards by 10% to encourage hodling, leading also to reduced inflation.
Also maybe think about "the longer the HODL (meaning no powerdown of the tokens, first in first out), the bigger the HODL rewards" (increase by 1-10% on top of your HODL rewards)