RE: Regulating Curation on SteemIt
Hey @yintercept, I share some concerns about raising the curation share to 50%, but your argumentation may be a bit misleading. Let me clear up a few points:
curation activity is currently driven by the refresh rate of the curation rewards.
What's being "consumed" when voting is "voting mana" or "voting power" as shown on steemd. The more you vote per day, the less your vote is worth. This affects both the author and the curation share of your vote in the same way. Voting power/mana regenerates with 20% per day. You can make decent curation rewards with low VP and you can make no curation rewards even if you vote with 100% VP. The number of votes per day is limited, and everybody is affected by this in the same way. Curation rewards is what you make out of it.
The amount of curation rewards an account receives is determined by their STEEM POWER.
The amount of curation rewards is determined by the value of your vote (depending on SP, VP and %) in relation to the value of all votes before yours and all values after yours. Additionally, there's the reverse auction system within the first 15 mins that makes sure that just being the first to vote doesn't pay off. Additionally, more smaller votes can give higher returns in curation rewards compared to fewer but larger votes. However, there is a minimum share of curation rewards each vote receives - this seems to give the good returns for whales with large votes, but if you do the math and look at the vote value given in relation to the amount of curation rewards received, this isn't so good at the end.
If you go into SteemD, you will notice on the right hand column two rows called curation rewards and posting rewards.
The 'curation rewards' and 'posting rewards' column on steemd are in STEEM - this is the total sum of STEEM that was taken out of the reward pool and credited to you since your account exists. This metric is strongly influenced by the reward pool size and the STEEM price at the time the corresponding posts/comments payed out and tells nothing about the author/curator share. Doubling the curation share and reducing the posting share as an example for a 50/50 share makes no sense.
Nevertheless, I share the general concerns about 50/50. Buying votes might get less profitable and bot owners would have to constantly power down to pay their delegators from the increased curation rewards in order to keep the delegation returns at the same level as now. I guess the big winners would be curation bots and not human curators.
Thanks for the great info on the stats. I wasn't sure what "curation reward" and "posting rewards" measured. The ratio of the two figures shows how much rewards I've received from the two activities.
As I understand the rewards are based on VESTS and not SP. An upvote takes my VESTS multiplies it by Voting Power and Voting Weight. My portion of the curation rewards is based on when I voted, my VESTS and my position in the queue.
As an account in the plankton, my vests are small. Most of my curation rewards are under a penny. I managed to front run a bot last week and made my first votes that measured over a penny. It was fun but not life changing.
I wrote a post about how one could use the delegation system to create a program for dedicated curators. This system would give direct rewards to curation while encouraging both authors and curators to hold STEEM.