It is way too early to judge whether the voting system on Steemit is working - we really need 6 months of data. If in 6 months time there are a fair number of whales and an even larger number of dolphins to balance things out, there is no problem at all.

Think of the dolphins as the "middle classes" of the system. All nations with a big middle class are stable. The unstable nations are those with a very powerful 1% and a vast majority minnow class, and very few dolphins that can counteract the 1%.

Therefore the success of Steemit lies in creating as many dolphins in the next 6 months as possible.