Effectively yes. 50% loan to value.

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No doubt. Provable identity doesn't warrant trustworthiness alone. We're agreed on that.

Only point is that bots can great keys and content and like themselves just as readily

It *is significant, but it is likely insufficient. With the cost of BS going to zero (via large language models, et all), you can slap a "guarantee"or signing key on it just the same.

Inventivizing true/good content with proof of work is likely next (either via zaps, paid relays, or otherwise)