In an article I wrote almost a year ago called How Vote Incentivization Degrades Delegated Proof of Stake, I explored a very crucial aspect of DPoS: how voter kickbacks (explicitly or implicitly) degrades the security of the system. In that post, I focused on the effect of “racing to the bottom,” whereby elected candidates (who receive inflation) compete on offering larger kickback incentives to their voters, ending up in a situation where the inflation is de-facto useless, as it is returned directly into the hands of those whose value was being inflated away in the first place. If you haven't read this article first, please do so -- it is an important first step in this discussion.
