Another major issue is that if enough people believe/support a lie, it doesn't get noted. So in practice, you end up having "official" lies that go un-noted, making them appear true.
I dont think this is remotely true. On any given subject there is an overwhelming horde of people desperate to disagree.
And anyway, even if true, how would this be different from the previous arrangement where "official" lies were rigidly enforced by biased fact-checkers?