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This is a question I myself asked on meta.stackoverflow, but I thought people might be interested in the answers (I was). Just because a top voted answer can lead to the generation of insecure PGP keys doesn't mean moderators can edit or delete it.
It wouldn't have even crossed my mind to delete an answer like this. Answers should be downvoted and/or commented on if you believe they're incorrect.

If an answer receives downvotes it can then be voted for deletion; it takes only three "delete" votes (this may be rep-based, I don't know anymore since nothing I do will get me any more privileges) to delete it.

This is a better process than potentially arbitrary deletion by a single person.