It's an interesting idea, but I'm not sure that capping the rewards is something that should be left to the voters (if you think flag wars are bad...).

I still believe that the easiest solution is to limit your ability to upvote a specific account to 2 times per week: Upvote work as before (possibly with the two upvote options I mention below: a "upvote for money+rep" or "upvote for rep"), but you can't upvote a specific user name more than twice a week.

That means people who write posts or comments can be guaranteed some form of payment (through self-vote) without being allowed to spam the pool, while also limiting the power of people who run bots or circle voting schemes. (But still allows people the flexibility to up-vote posts in their interest/friend group ).

Also, steemit needs to get a lot clearer about how that reward pool works.