Rewarding content creation is the primary value of Steem. I do not propose eliminating the pool (except perhaps as SMTs provide improved mechanisms) but eliminating unlimited extraction of rewards. Limiting rewards to some multiple of the median payout (Huey Long algorithm) will eliminate profiteering, if coupled with eliminating curation rewards (not the rewards pool).

We need to draw users to Steem, and rewarding quality content does that. Drawing users to Steem creates the market for Steem, which is why Steem has value. Increasing the market for Steem increases the value of Steem, which provides capital gains to investors. That's what we should be doing.

Encouraging profiteering and flagging is contrary to that, and EIP just makes it more profitable to extract rewards via financial manipulation. If Steem survives EIP making these problems worse, do consider the Huey Long algorithm, and dividends from funding development as mechanisms for creating capital gains.