Because I mostly agree with you, I'll state my own point against what you say:

You wrote: "those with the most stake can act like despots and dictators."

Who we're talking about is simple then: The people with the most stake.

That alone implies something important: People who have the most stake will also have the most financial interest in keeping Hive healthy. The power-down period is also meant to ensure that short-term gains don't blind them to the long-term.

This means that the people who have the most stake, in the most basic financial sense, are also the people with the most to lose. Thus, by the logic of a logical market, they will do their best to maintain the value of Hive in the short and long-term. The need the community and market to be healthy, for the sake of their investment.

Don't look at me too harshly here. That alone isn't enough, and we both know it.

I already said at the beginning that I still basically agree with you. The dark truth is that merely having high stakes doesn't make you a better investor, gambler, or community member.

The rest of your post holds water. Even so, it is good to question things.