All you need is the ability to make "voting power" expensive.
In Bitcoin, you need to buy expensive equipment
In BitShares you either need to buy stake or convince people to put trust into you and set you as a proxy.
What would buying 16% stake result in? Is there even 16% available in exchanges (for sale)?
Wouldn't that also lead to passive shareholders to claim their stake and read into voting. Maybe maybe not.
We will see sooner or later what will happen when the price goes up (for whatever reasons)
Alternatively, how would you convince people to trust you with their voting power? Isn't paying for votes perceived
as corruption? Would you vote for a president that pays you $20 right away? Do you think that people with a lot of
stake (face in the game) would take the offer as well?
Why would I want to give control over to someone that I do not trust, that may do no good to the value of my shares?
Any finally, if shareholders are unsatisfied by the voting distribution, it is in their hands to change it. Similar to what
Bitcoin has seen with GHash.IO.
Furthermore, Just because the proxies have a lot of voting power does NOT necessarily mean that will use it to replace
witnesses and even if that happend, all they can do is halt the network.
In the end, BitShares is way more flexible when it comes to governance even though it may be easier currently to get
dictatorship. But IMHO, it is a good thing that
@bytemaster can stear the boat (for the moment) and protect it from
hostile take overs. What we have seen in BitShares 1 already is that someday, he will NOT have the power anymore to
stear the boat alone.