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I really don't want to get into active moderation like blocking users from your posts. It's one thing to alter what you see, but IMO it's entirely another thing to alter what other people see. As thundara suggests, I don't want to get into a situation where power users are dominating the site.
I am all for enabling a user to filter their own experience, however. So if you are ignoring someone, it would make sense that their comments would drop closer to the bottom in your view of a post. As for general moderation, if and when we get into that, I'd like it to be as dependent upon user input as possible. Ignoring does give a pretty good metric for that, at least to raise a flag that there might be an issue.