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RE: Bounty: Explain how SPS works
Part of the natural inflation of the blockchain is moved to a fund. People can submit proposals to get some of this fund. GTG set up a return proposal that is at a high enough level that ideas without much support will not receive funding. Those funds are returned to the SPS pool. Any proposals that have more Vote SP than the Return Proposal will get paid out the amount requested. For instance, SteemChiller is now getting paid out 77 SBD each day for SteemWorld support and Howo is getting 66.5 SBD per day for Downvote Control.
So one needs more than 13m votes and then get paid daily whatever is requested.
No matter how much money is requested one needs 13M+ votes?
Yes, at this time. If stakeholders remove their votes from the return proposal, then it would get easier to get past that threshold.
As it is, the Return Proposal is requesting 240 million SBD per day, so it effectively soaks up everything that isn't claimed. Without the return proposal, each proposal would just get allocated the amount requested in order of the amount of Vote SP acquired. When the SBD ran out, all disbursements for the day would cease.
@knircky, if you vote on the "Return Proposel" or if many more people vote there, then it raises the bar of how many votes are needed... basically a hard filter.
But yes... it somehow very simplistic. In my view, there should be several categories with weights... and people would vote depending on the category. I know it would make things even less appealing to voters... but that can be counterbalanced with a bit of incentive.
Some people will vote for absolutely nothing... so, giving 0.001% to voters, will be probably enought for most STEEM based users to vote on what they like.