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RE: The Case for Showing Pending Rewards in STEEM
Your first PREMISE is that rewards are shown in $ ... ummmm
- First of all the $ sign on front ends is a lie. It's broken symbol where all stars had to align for that number to actually be "a dollar"... any dollar let alone the US dollar.
- Second thing is for some users the $ is not their experience but that number is still their problem. We got rid of the dollar sign long ago on https://steempeak.com but stuck with the same number that other front ends show (avoid confusion within steem).
... We found in testing the dollar sign was the most confusing part of a new users experience. "Oh so you make $1.31 on this post?" Nope "Then why does it say that?" - What front ends are showing is some number that can realistically should just have "STU" after it... what does that even mean? Who knows and who cares it's kind of a number that is only good at comparison. "Look i made 3stu on this post and 4stu on that post ... yay!" ... It doesn't easily tell you what you actually made in any currency.
Your case you're making is that value should be shown in steem
- I couldn't agree more. I am 1000% percent on that.
- I agree for all the reasons that you stated.
(Stability and it being the currency of our blockchain high on that list) - when steem/usd is low the numbers are still decent instead of 1.31stu it may show 7steem ... and when steem/usd is high the payout may still be around 7 steem but people are valuing it.
USER DECISION?
- I like your suggestion that stu could still be in a bracket somewhere to ease the transition... which helps because many people still use a front end like steemit which would likely not update their front end any time soon.
- The questions at hand are:
A. What should be the DEFAULT shown? (stu/steem/usd)
B. Should the user be able to see the value as the value they want (stu/steem/sbd/usd/eur)
And I'd like to think @steempeak is willing to listen to users... what do they want? And more importantly what would be the most intuitive thing for the future of steem and thinking about new users?
MATH
I can't speak to the math and 1. if it comes up with the actual rewards of a post 2. if all of this information needed for this math is easily at hand for a front end.
Thanks for your considered reply. In my first draft, I kept calling it a pseudo-$ as it doesn't match the real USD of the payouts; in the rewrite I dropped it as didn't want to get heavily diverted into the way pending rewards are calculated at the moment as it would have doubled the length of the article.
But, yes, I have no idea why the "$" is used.
After a few comments, I think the "simple calculation" is the simplest one for users to follow inasmuch as the numbers match the payouts more closely, that is, in my example of 8 STEEM payout, leave it as 8 STEEM so that 2 STEEM go to curation, 3 STEEM become SP and the remaining 3 STEEM are transformed into SBD. There will always be some mental gymnastics involved but this has only one transformation, from STEEM to SBD.
The comment by @steevc mentions that it is good for users to see their rewards rise, something that won't always be the case if shown in native STEEM. What do you think of that? I think in STEEM users can see whether their posts are truly rising due to more upvotes rather than just due to exchange rates.
I can also already see that smart contracts can create blockchain transactions that are new to the ecosystem - I'm thinking of @steemmonsters - and that if this develops into new financial instruments then it is best denominated in STEEM.
What we're asking ourselves is what should be the DEFAULT view.
If we have STEEM as the default then calculating related values in other currencies is a piece of cake. So just allow them to change or show side by side with a $ that is a real $usd value. haha
Another question... if curation is now consistently 25% then why show that portion at all?
What's the argument for keeping that as part of the value? Do you think users (specially new users) would rather just see the value that they're going to actually get?
Curation is defined as 25% in STEEM terms but this is not always the case when converted to $ or SBD; it is mainly the SBD distribution that affects the true % going to curation, and since HF20 some also gets recycled into the reward pool.
As for a default setting, I personally would go with STEEM. I have set up my steemworld settings to STEEM to 4 decimal places. (Thanks to @steemchiller!) Indeed, steemworld is a good example of how flexible a UI can be, with data to suit most people, including EUR as well as USD.
One thing to be careful of is not to overload the data calls on long lists, such as trending or tag pages, so have one default for lists and perhaps more visible data, maybe in a popup, on a post page.
As a plug-in and overlay, @steem-plus can, I think, already be set up to show different prices.
One argument that continues unresolved is whether to use the blockchain price for STEEM or the market price average. IMO those algos that specifically use the official blockchain price should be duplicated as they are; to calculate a real USD value will, however, require market prices. Also, in my example, selling SBD for STEEM requires market prices, but a "conversion" must use the blockchain price.
This is just how I set up my data for my fund - what is important is how much STEEM I can earn because that I can manage, whereas the $ returns are beyond my control.