Incorrect. This is what we were told about Reddit as we watched it become basically unusable as a platform. Voting alone isn’t a proper way to guarantee quality discussion (the opposite actually.)
As an example, the karma system at Reddit looks fine on paper relative to #1, but #2 is what created the phenomenon of meandering threads full of single phrase bad puns. The users are converging on a local maximum gain of esteem via upvotes, per unit of effort as measured by post length.