RE: New Ad Slogan: Steemit... Where The Rich Get Richer!
Apparently not all of us are dumb. Especially TCpolymath. Other of us are still uninformed. I still don't understand the rewards pool. I know that if people vote on my posts that I get a portion of that amount. I don't understand how that applies to the rewards pool though.
For instance, with rewards that are returned by flagging, does that increase everyone's post payout value? And it's just that mine only increases a little because it's not worth much? I can't actually track which votes cause the value to increase other than looking on Busy and seeing that "a-person" voted "x-value" for my post.
And if Steemit, for instance decided to vote for people at 100% power 10 times per day, would that actually decrease the amount I would get at payout? I was already given certain amounts of rewards by other people. Would Steemit's votes for people other than me really lower my payout?
Sorry, I haven't really looked into the rewards pool much. I've been more focused on making sure that I was getting posts out at least once per day.
So basically there's a certain amount of Steem distributed to posts every day. The system checks how many posts are paying out in a given time, compares them to the total value of upvotes on all of them, and distributes the rewards proportionally.
Everything you see on your posts while they're live, or if you're looking at the value of your vote on Steemworld etc., is an estimate of what that number will be when payout happens. It's not real, and it can change based on all sorts of things.
Yes. Unless you got one of the votes, then you could throw a party for all of us.
Ha ha, apparently you're so in tune with what's happening on the blockchain, that you can see my reference to you even when you weren't tagged. You're that smart. You should be running Steemit! Heh. I didn't tag you because I didn't want to bother you, but now that I know it summons you anyways, I'll just tag you when I need more brainpower on the job. :D
That explanation helps. And it's totally stupid. What's the point of telling me that I have a $x.xx vote if it's all subjective based on who actually votes?! I understand they're trying to present a certain representation, but it's not accurate.
What is actually happening is I'm using my Vests to assign a weight to a certain post. That weight is paid out based on the percentage of total weight given. More Vests, more weight.
Wouldn't it make more sense to make my vote value what it actually is, and then burn the rest of the unallocated rewards? So if I own 0.001% of the rewards and my vote is worth $0.03 (at 100% power), then if I voted on someone's post, they were guaranteed $0.03. If only 50% of the total vest voted, then the rewards would be given out like normal, but the remaining money that wasn't given out would just be burned and then the value of Steem would be increased. It would be an "across the board" increase in value rather than just a boost that mainly benefits the largest earners/bidbot users.
Regardless, thank you for the explanation. It clears this up a lot for me. It's kinda like overbooking a flight, but rather than kicking people if there are too many, they only give you 92% of a seat. If there are too few people, then you get more, say 150% of a seat, but if you had bought 50 seats, then you're getting a lot more overall.
I'd love to throw a party for everyone! If you can get the vote for me, I'll throw the party. ;)
"Steemit: Where the rich fly in first class and the poor are hurled from the plane at 30,000ft."
-themanwithnoname
Welcome to Steem!
Almost. You don't move Vests, but your Vests generate rshares (expressed as voting power) and you assign the rshares to the post by voting (where they're expressed by the little number at the bottom). Then at payout the rshares are forcibly converted into Steem and SBD.
I have a longer post coming about this before too long. Tomorrow, maybe.
That's... really interesting. You know how sometimes there's a very simple question and you never thought of it because you were thinking of more complicated things? I think you have a point. Not one we're going to be able to change unless we're starting our own Graphene blockchain, probably, but a point nevertheless.
This is a lovely metaphor.
Quick clarification: I was saying that the situation was stupid, not your explanation. I wasn't intending to disparage you in any way. Thanks for understanding what I meant even though I could have done a better job of articulating my thoughts.
It's too bad that Steemit doesn't have a better avenue for receiving feedback or ideas for things. I don't know that my idea is the holy grail, but I think it beats giving the bid botters a much large piece of the pie.
Oh, well. I'm just going to keep posting and I'll learn what I can as I go, but I've been trying not to get all fought up over things that I can't change. They just make me mad with no way of resolving the conflict. I'll keep an eye out for your next post in this series. Well, I will now because somehow I wasn't following you. I need to get my Steemit license checked because I'm all over the road.
"You win some and lose some, but if you're in these parts, you're probably losing."
-themanwithnoname
I have this problem with follows too. Also there's this thing where some percentage of the time Steemit will show you the "follow" button on someone you're following already and you'll think you weren't and hit it and unfollow them.
One of the joys of Steemit!
"If you can't take joy in your pain, you'll be joyless here"
-themanwithnoname
@themanwithnoname lol... yes we all aren't dumb, but you are right most are uninformed. Including me too! I had no idea this was out there for 6 months and I'm glad I found out now so that I can at least put it into my mind for better understanding.
I am not the best to explain to you the rewards pool, but the way I look at it is we make a post and gather vests from each vote, those vests show up as money on our post. The calculation of that money is made by the total number of vests cast divided by the total number of new issuance for that particular time frame.
Yes is steeemit or any large holder started voting their SP then the pool would stay the same but each person would get less of it.
The other questions hopefully others have better answers.
TC gave a good explanation of it, but this is really good too. You two should probably team up and write a book on something. It doesn't even matter what it's about, it would be good.
I have a much better understanding of how it works now. I also understand that the reason my post value changes so much is not just from the rise and fall of steem, but from the rise and fall of my percentage of the rewards pool. If more rewards are available, then my payout amount will be greater!
"If I could get one, just one day's worth of reward pool, I'd have enough water to fill the kiddie pool in my living room with enough left over to give treats to everyone I know."
-themanwithnotenoughrewardspool