What impression does it make on new members, especially now that Bitcoin is massively being advertised by big names like Blackrock?
On that point, I'd say "who cares?" because bitcoin is a different thing than a forum discussing bitcoin--even if it's the forum where everything got started. Plus I would mention that Bitcoin Discussion is one of the worst sections here in terms of readability, and I don't think it's ever been because of rampant shitposting by high-ranking members. In any case, Blackrock has diddly-zip to do with what Legendary members are posting here.
And the impression newcomers get? Most new members are only here to earn money, shitpost like crazy, and would rank up as fast as they could if the merit system didn't act as a gigantic barrier.
A ranking system should reflect competence, integrity and credibility of those it is bestowed upon. Unfortunately, the BTT system should be stremlined and made balanced through the implementation of necessary trade-offs. A system that promotes but never demotes never gets the best of its men. Let’s make this happen.
Oh, but it's much better than it used to be prior to the merit system, when members could create any number of accounts and rank them up simply by posting regularly for a long enough period of time. I've got a problem with giving demerit powers to any members here, no matter how trusted they seem or how long they've been here. The merit system isn't perfect, true, but I'd hate to see all of the potential abuse of demerits become real once one of those trusted members starts a feud with someone else....or just imagine whatever scenario you like. DT members have turned out to be scammers, liars, you name it. I'd rather have something closer to a democracy (or a
meritocracy) than what sounds like an oligarchy.