You obviously were not around for the flag wars. You apparently do not know about @Hajin, @Bernesanders or @Grumpycat. You don't know about @LyndsayBowes or @fulltimegeek. Clearly no one cares if a whale gives a large upvote. But YES the story is different when a single individual can take away the votes of hundreds of people with a single click. Wake the fuck up moron.
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No.
It doesn't affect those votes.
Those votes are still there.
It affects reward shares that might or might not be allocated to a given content.
Upvotes are rewarded by curation rewards regardless whether they are "good" or "bad". Downvotes are not rewarded regardless whether they are "good" or "bad". It's unfair but it doesn't going to change. The difference is that we are going to remove (to a small extent) a part of costs to downvotes, so anti-abuse could work without additional cost attached.
PS
What exactly are you trying to achieve by calling me "moron"?