Tutorial - How to Delegate SP to another user using the SteemConnect tool from Busy.org!

in #delegation8 years ago (edited)

Have you ever wanted to delegate SP to one of your friends? Now you can! The SteemConnect tool from Busy.org lets you delegate SP to another account without needing to run a complicated API tool =)

Before using the tool, please read through the entire post and make sure you understand how it works. Some math is required ;)

Step 1 - Convert the SP amount to 'VESTS':

Before you can delegate SP, you will need to convert the amount of STEEM that you want to delegate into 'VESTS'.

  1. Go to https://steemd.com/ and lookup the number steem_per_mvests.
  2. Calculate (1,000,000 / steem_per_mvests) * amount_of_STEEM_you_want_to_delegate.
  3. Round/trim the number so you have exactly 6 digits after the decimal. Include all six numbers, even if the last one(s) are zeros.
  4. Make sure you have at least that amount of SP currently in your account powered up.

As an example, the current steem_per_mvests is 482.923. If you wanted to delegate 50 STEEM of SP to a friend, it would be (1,000,000 / 482.923) * 50 = 103536.174504.

Step 2 - Plug the values into the SteemConnect URL

You will need to plug in 3 pieces of information into the URL:
https://v2.steemconnect.com/sign/delegateVestingShares?delegator=youraccount&delegatee=theiraccount&vesting_shares=N.NNNNNN%20VESTS

  1. Plug in your account name in place of youraccount.
  2. Plug in the account name of the person you want to delegate to in place of theiraccount.
  3. Plug in the amount of vests you calculated in the previous step in place of N.NNNNNN.

Using the example above, if I ( @timcliff ) wanted to delegate 50 SP to my spouse ( @artist1989 ), the URL would look like this:
https://v2.steemconnect.com/sign/delegateVestingShares?delegator=timcliff&delegatee=artist1989&vesting_shares=103536.174504%20VESTS

Step 3 - Delegate the SP using the URL

  1. Copy the URL that you used in the previous step and paste it into your browser.
  2. You should see a screen that looks something like this:
  3. Once you confirm everything look good, click on the "Continue" button.
  4. You will need to use your Active key to sign the transaction (warning).
  5. You should see a success message like this:
  6. You can verify the delegated SP shows up in your friend's account by plugging their account name into https://steemit.com/@accountname/transfers.

Some Extra Notes

  1. If you want to delegate more or less SP to a user, just delegate the new amount to the user. It will replace the previous delegation value with whatever the new amount is. (It does not add or subtract.) To remove all delegated SP from a user, just do a delegation of 0.000000 VESTS. After you un-delegate SP, it takes 7 days before you can use it again.
  2. You cannot delegate SP that is currently in the process of powering down. You also cannot start a power down with SP that is currently delegated to someone. If you power down from the Steemit.com UI, the only option is to power down 100%. I plan to post a guide on how to power down less than 100% SP soon, so users can still power down some of their SP while part of it is delegated.
  3. If you would like to learn more about how delegated SP works, check out this post from @liberosist.
  4. Official support for the tool is provided by the Busy.org team. If you run into issues though, you can reply to this post and I'll do my best to help out. You can also ask for help in the #busy channel of steemit.chat.

Thanks to everyone in the Busy.org team for providing us with this awesome tool!


Reminder to vote for witnesses!

The Steem witnesses are the elected leaders of the community that power the blockchain. Everybody should learn about the Steem witnesses and vote on who they think is best. If you don't know much about witnesses or aren't sure who to vote for, you can check out this Witness Voting Guide. If you think @timcliff and @busy.witness are doing a great job, please consider voting for them! You can vote for witnesses here: https://steemit.com/~witnesses

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Be extremely careful providing your active key to anyone or any site.

This key allows anyone in possession of it to access all the money in your account.

It is not recommended that you share this key with anyone for any reason!

So if i understand correctly you don't recommend to use this option to delegate SP?

Thanks for warning! I nearly did it!

Thanks @sneak! I updated the post with a warning.

@timcliff
Hello I have a question, (because I trust you and vote for you as a witness)!

This cool dude called @artopium wants me to join his project " @ArtTurtle", and he wants me to sign up by using: https://www.artopium.com/space20/myartopium.cgi

This sounds really cool, but is this safe?
I would really value your opinion since you are so knowledgeable in these matters.
And Im not...Trying to read up on it... Thanks for sharing this article!!!

Sincerely!

/FF

I haven't heard of it before. If it is an independent sign-up (doesn't require you to ever enter your Steem keys) then I don't see any issues on the surface. I definitely would not enter your private keys into the site though.

Okay thanks for the advice @timcliff!
Would private "steem-keys" include for instance my steemit password?
(Thanks again for your advice, I appreciate it!)

Cheers!

/FF

So can I trust the Busy.org team to keep my key safe? Or will they one day deplete my account... :S

If you see a powerdown you didn't authorise, you can always use your password to change your active key and cancel the powerdown, as I understand, although you'd lose anything you were holding in liquid form.
Either way, just dropped in to confirm these instructions worked a treat.
I'm going on holiday for a bit, and just delegated my voting power to @holoz0r.
I can already see it in his wallet. Thanks @timcliff.

Actually I guess with the possession of an active key you can always change the active key itself..

And undelegated okay a month later. Thanks again.

I have successfully delegate before and now for some reason I cant, its saying my active key is invalid. any ideas?

I am unable to delegate 1.JPG

I don`t know which key to enter here ?
kindly help me with it

my key isn`t working it seems,
I think I might be entering the wrong key here

@sneak
Yes,You are right the private key is the heart of our account.If it steal then we lost our account.

damn good info, now its easier to do these things with amazing tools. as it should

Damn... @timcliff I assumed that when you did it for me you waved a magic wand and said abracadabra, now I know that magic is dead. 😭

Hehe +1 😉

This is brand new magic. Before I posted this, I was doing all delegations via the cli_wallet API. Now Busy.org has made the magic available to all of you ;)

Vessel from @jesta lets you delegate steem power very easily.

That's so cool! You're truly full of surprises 😄
Also

I think we need trading market for this SP delegation.
So there will be more demand to hold SP.

I think a lot of users have started to form one 'unofficially' just by chatting with each other and making offers.

Thanks for sharing this, was interested to know about SP delegation. And voted for your witness :)

Riveting. Thanks. So to clarify, one could stealth hack an account.
If a noob investor wanted help opening an account, the 'helper' could set up the account, noting the keys, wait for the dust to settle and the money to move in, then delegate most of that voting power to his own account, enjoying the large curation rewards, undetected.
The inexperienced investor wouldn't know he's losing out on curation rewards, and everything would look correct in his steemit account.
Trying to power down would ring alarm bells, but if he's holding long term that may be years away.

Well if someone is creating an account for you, hopefully you would trust them to some extent..

It would be advised to change your keys as soon as you get the account. They would have 30 days after that to 'recover' the account and steal it back, but you would notice that. Assuming you changed the keys as soon as you took ownership of the account, then that is all they could do.

If you are assuming that someone has your keys, then there are quite a few things they could do at that point. If they did what you were describing though, you would probably notice, since every time you upvoted it would not add anything to the rewards.

True. Careful who you trust.
I'm just thinking with the current delays and the numerous options for jumping the queue.
A clever operator could offer to set up accounts for lots of people, fail to remind them to change passwords, and keep an eye on their balances, consistently delegating himself half their voting power.
I think I saw someone offering to register account names en masse for $15/each.
Caveat Emptor.

These scammers are just finding more and more ways right. Gotta be extra careful.
p.s this post deserves a resteem

Hopefully people don't fall for those types of scams. If they have, I think they probably have a lot bigger worries than someone delegating some of their SP.

Danke Mann

I realize this is quite old. However, after reading this 'thread' of thinking I wonder how many have come across this and see it as a "how to" instruction for some of the scammer types to get 'ideas'.

Trust is as much human nature as is distrust...depends on the human. The cryptosphere is based on trustlessness is it not? So I don't see how these sort of conversations can be kept from the blockchain...or hidden for the protection of the more vulnerable Steemians here.

Just my perspective from what I've read. Dotting I's and crossing Ts is far from an exact process. I came here by way of a link from a currently active post from a struggling artist, of which there are multitudes here at Steemit. I'm just pointing out this potential exploit-ability because I can.

I'm not much of a name/link dropper but I feel something is needed so those who doubt what I say can check backwards from here.

Protect your treasures here at Steemit, do not allow them to be exploited if you possibly can. If they find Steemit is also a den of vipers...well we can all lose our passions as quickly as we find them...can't we?

https://steemit.com/minnowsupport/@isaria/attention-fellow-struggling-artists-help-has-arrived-in-the-form-of-minnow-support-project-the-msp-creative-bot-and-the-steemit ...and yes...the link that brought me here is there. And the artist is certainly worth checking out, supporting and encouraging...with words...not just a lot of Steem.

~may all hatred cease...let there be peace~

I'm not sure what you are seeing as far as potential exploits / avenues of abuse.

FYI, just followed your instructions, and it worked beautifully. Appreciate it, Tim.

Glad to hear!

You don't need delegation to steal money if you have someone's Active key.

@timcliff steemit is great because of people like you taking out time to educate fellow members on how to better use the platform..learnt something via your post, thanks for sharing..following you and upvoted...keep it up

This is powerful! Wow, thank you so very much for informing us about this special feature, I had no clue about! this is so wicked and can't stop being impressed by the versatile of the platform and inherent potency.

All for one and one for all! Namaste :)

I'm definitely interested in delating SP.

But where can I read more about 'vests'? I see that unit tossed around quite a bit...

A "VEST" is a unit of measurement for the amount of STEEM POWER that a user has. There is always a conversion factor that goes from 'VESTS' to 'STEEM'. The amount of STEEM that you have per VEST will go up slightly over time, since the blockchain pays users interest on the STEEM that they have powered up.

Thanks for the detailed response!

I will keep re-reading it until it makes sense xD

Yes that's what I'm doing too. :)

Try to look at steemd.com

I would love to be a recipient of some of that SP, please and thank you :)

Great post! What is the best account to delegate to if I want daily payouts?

I heard that @minnowbooster has around 25% APR while @jerrybanfield rewards with 60% APR. However even jerry banfield said in his posts that there are better rewards than this.

I don’t really recommend using vote buying services.

Is it bad for steemit community?
I am looking for ways to maximize my ROI in steem. I am relatively new to steemit so any advice would be really appreciated!

I don’t think it was the original intention behind how the rewards pool was supposed to be used. Lots of people do it though.