EOS on-chain governance flawed?

EOS’s on-chain governance sounds good. After fall, what could be more fair than holders of EOS voting on people to represent them and making democratic decisions for the blockchain, right?
However, as Ethereum founder Vitalik points out, there is a serious flaw to this because not very many people vote for governance, thus letting one big holder of less than 2% of all EOS coins get far more seats than their coins would usually get. This is the same problem as our democracy but much more exaggerated. Whereas in a presidential election year, the voter turnout is usually around 65%, the voting rate for EOS is only 17%. This allows companies like Bitfinex to dominate in the number of delegates they get on the EOS governance board. This, of course, is bad for everyone except Bitfinex as they will make decision to only profit themselves such as interest rates, bonuses, and other things. So until blockchain and crypto matures to the point where people will actually participate in the governance, I actually agree with Vitalik on his accessment.

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