Ok, maybe not fail outright... but if the plan is for this chain to be a decentralized currency then it would indeed fail at that.

It will become harder and harder to become decentralized as time goes on with the current model. In it's current form you could literally have the ideas of one or two individuals represented by the entire blockchain as they keep voting in people to do what they want and think is best. That isn't decentralized at all.

The more I think about this, I think our votes need to be limited to something like 3-5 votes per person...