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You get rewarded significantly less if you upvote an item later. Early upvoters are highly rewarded. Your upvote rewards are basically proportional to 1/x where X is 1 if you were first to upvote, 2 if you were second, and so on.
how early they upvoted the content relative other users
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Oh, that's right, I didn't think of this.
Upvoting a post/comment that has already been upvoted guarantees that there are at least 2 users upvoting it. That could discourage being the first person to upvote.