At a high level my main point was that if the current Algo holders were primarily investors and market speculators, they would be financially incentivized to try to drive up the price of Algo (in hopes of cashing out at some point), and such incentives are not automatically the same as what is in the best long-term interest of Algorand. (If by long-term interest we think of Algorand’s wider adoption for the purposes it was initially created for.)
I was also trying to show through the analogy that there may be other groups of (potential) Algo users who may not be large Algo holders at the moment, but who would have significant real world use for a widely adopted and technologically advanced crypto like Algorand, and who therefore are incentivized to act in Algorand’s best long-term interests (rather than treating it as a speculative asset where the underlying technology is secondary to the market price of the asset).
The conclusion therefore was, that relying on the market forces of current algo holders via “1 algo = 1 vote” may not actually be optimal, and can lead to governance decisions that sacrifice Algorand’s long-term interests in favor of decisions that increase it’s market value in the short term.
Unfortunately I don’t have any better solution to suggest either. At least none that wouldn’t make governance political (where people rather than algos vote), and I’ve come to accept that very few people in the crypto world want to go to that direction. Therefore “1 algo = 1 vote” may just be the most “democratic” form of voting that there is. Though I would also hope that before “1 algo = 1 vote” fully takes over, the ownership of Algo was much less concentrated than it is now, and that most of the Algo holders were also using it for something other than just for market speculation.