I'd say better. Only one thing could very easily break the system in my opinion and that would be everyone sticking to just one server anyways. Because then it allows the server to be targeted by say, movie studios, for people sharing clips of their movie. And then changes might happen in response to affect too many users. Or if monetization becomes a problem. Even then though, I don't see a huge problem if everyone learns their lesson. Because again, if you don't like a specific subreddit about Lord of the Rings and you don't want to join their Tolkienite cult, you can block it out. Or block the whole server its on. And yet if a specific server is hostile to LoTR, you'd still be able to find their content elsewhere.