Change is needed in the current system, but the proposal discussed is not really a change. All it does is increase the number of levels and amount of XP needed.
If anything it will exacerbate the problem we currently have -- lack of accountability. Until we know who is voting and how they are voting the system is too full of irresponsible people who just down vote posts for the fun of it. I am tired of seeing simple thank you posts or even very informative posts at -1 or lower.
On the other hand the proposal would make people think more about the system, want XP more, and maybe realize these downvoters must be dealt with.
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