I think the problem is that with a fully refundable fee is that people will create bad securities and spam the system. But now there is no incentive for moderators to vote in a timely fashion so burnside is trying to make an incentive for them to do so (50% refund).
...and then they would just vote whatever to get the additional money. In other words, assets are now approved to give LTC Global voters more money. Would you say No or Abstain to an asset, knowing that it cost you personally to do so?
The only system I can think of that makes sense is the way voting is done in 'normal' elections; set a date, tally votes, the side that gets the most votes win.
.b