ADSactly Fun - The Potato Dollar - The Most Important Value

in #fun7 years ago (edited)

The Value of the Potato Dollar

You might be thinking, "What the heck now? What Potato Dollars? Don't we have enough confusion with those STEEM, Steem Power, and SBD (Steem Backed Dollar), not to mention Voting Power, Rshare, VEST, Bandwidth and stuff? This woman must be crazy!"
Well, you might be right, and I might be crazy, but I'm quite positive about those "Potato Dollars."

Potato DollarsGif Source: Author's own derivative work with graphics from Pixabay. Credits to Clker-Free-Vector-Images for potato and dollar-money-signs both used under the CC0 Creative Commons license.

What are the Potato Dollars?

At first, let's be clear with this one, Potato Dollar(s) is term entirely invented and fabricated by me, but it doesn't mean they don't exist. In fact, they do exist very much, and if you are on Steemit, you are watching them closely every day!

But, before I'm going to tell you what exactly Potato Dollar is, let me explain to you how I came up with this term and how Potato Dollars were made.

divider

Potato Dollar Story

It was a month or so ago when I was discussing earnings on Steemit with another Steemit member. Among other things we were talking about, it was also the post's revenue and the two-decimal number with dollar sign ($) prefix that shows up below our posts and should represent the amount of the earning.

My interlocutor was convinced, at first, the number represents the value in US dollars. I was convinced it doesn't. Then he thought it must be SBD (Steem Backed Dollars) or STEEM. I believed it's not either only SBD nor the STEEM only.

In fact, I was firmly convinced it's a mixture of STEEM and SBD, but I was wrong or at least not entirely right how it's calculated. However, the dollar sign ($) prefix caused the most significant confusion for both of us that dragged us into a strong argument.

At some point when we were both already quite frustrated, he said: "OK, if it's not US Dollars, STEEM (dollars) or SBD (dollars), what the heck it is???"

My frustrated impulsive answer without thinking was: "Potatoes!!! Potato dollars! Plum, Pear, Peach or Perfect Dollars!!! You name it, but it's not the US Dollars, either not only STEEM or SBD!"


As at the time, SBD just started to jump high, and my previous formula (that worked just fine when STEEM/SBD ratio was about 1 STEEM = 1 SBD) didn't seem right anymore, I couldn't convince him how my "Potato Dollars" are, in fact, the value that represents the mixture of STEEM, SBD and even USD.

But now, I can!

PotatoImage source: Pixabay. Credits to johny_deff for potato-character, used under the CC0 Creative Commons license.

Although, let me tell you first...

Why "Potato Dollar"?

After the above-described discussion, all the way through by now I was closely watching the payouts trying to figure out the right formula. And I believe, I finally have it. So, here are my findings.

As I was convinced from the beginning the number below our posts and comments does not represent just US Dollars, either not only STEEM or SBD! It's a funny and strange mixture!

As well, the number and its value don't have some official Steemit name (as far as I know). But as the prefix dollar sign ($), I believe, caused a lot of confusion among many Steemians, thinking about it as something else like my "Potato Dollar" is, might help us all to understand the reward calculation better.

After all, why not "Potato Dollar" (PD) or "Potato Steemit Dollar" (PSD)? Most of us love potatoes. Most of us love Steemit either. Potato is the food that even most devoted vegans would accept. It's food that can feed us all. If used the right way, Steemit can feed us as well.

Besides, if Apple can use the 🍎 apple why Steemit wouldn't be able to use the 🥔 potato? Right?!

Happy PotatoImage source: Pixabay. Credits to OpenClipart-Vectors for anthropomorphic-boy, used under the CC0 Creative Commons license.

How The Author & Curation Reward on Steemit Are Calculated With The Help of My "Potato Dollar"?

If we can agree that the value below our posts and comments is something else what we are going to call "Potato Dollars" (PD)" for easier understanding, here it is how it goes.

There are two ways how those "Potato Dollars" would be calculated and paid out. It could be only in STEEM or STEEM and SBD together. We are the ones who determine which way is going to be.

Whenever we create a new post on the bottom right side, we may choose how the reward is going to be paid to us. If we neglect (the third) "Decline Payout" option in which case we would waive payments, we have available the following two options - "Power Up 100%" option and "Default (50%/50%)" option.

One thing we shouldn't forget, and which applies in both cases is Curation Reward. It's the reward all the members who were voting for a particular post will receive as some sort of "Thank you for the vote."

The amount of Curation Reward may vary for many different reasons from 0% up to 25%. But, as it's another whole chapter we will, for this presentation and clarification, focus on the maximum possible amount which is 25% of final total displayed value under the post at the end of 7 days period.

Let's also assume (just for presentation purposes) that at the end of 7 days period the number under our post shows the value displayed as $100.00 what we agreed we would call "Potato Dollars."


Power Up 100% option

If we choose this option when creating our post, we will receive the entire payment in Steem Power which is, in fact, STEEM and we would be paid as follows.

(As at the moment I'm writing this the STEEM value is US $6.08 per 1 STEEM, I will use that amount in my calculations.)

STEEM Value on 2018-01-09Image source: Screenshot from CoinmarketCap.

Post Total Earning is $100.00 Potato Dollars
25% Curation Reward is $25.00 Potato Dollars
$100.00 - $25.00 = $75.00 Potato Dollars

$75.00 / US $6.08 = 12.335 STEEM
Those 12.335 STEEM will be paid to us as Steem Power directly in our SP Wallet.


Default (50%/50%) option

If we choose this option when creating our post, we will receive half of the payment in Steem Power (STEEM), another half in SBD, and we would be paid as follows.

Post Total Earning is $100.00 Potato Dollars
25% Curation Reward is $25.00 Potato Dollars
$100.00 - $25.00 = $75.00 Potato Dollars

$75.00 Potato Dollars / 2 = $37.50

The 1st half in the amount of $37.50 will be paid as 37.50 SBD in our SBD Wallet.
The 2nd half would be calculated the same way as it was the total amount in case of Power Up 100% option.
$37.50 / US $6.08 = 6.167 STEEM
That 6.167 STEEM will be paid to us, as Steem Power directly in our SP Wallet.

So, in the case when we choose Default (50%/50%) option and our total earning displayed under the post shows $100.00 (Potato Dollars) our paid reward would be 37.50 SBD and 6.167 STEEM.

divider

I hope I managed somewhat to demystify that "hot potato" of Reward Payment Calculation mystery with my "Potato Dollar" story and presentation, so you would have some use of it.

Potato in the shape of HeartPhoto source: Pixabay. Credits to ambra for potato-vegetable, used under the CC0 Creative Commons license.


Authored by: @ana-maria


Click on the coin to join our Discord Chat



Go Adsactly

Vote @adsactly-witness for Steem witness! Go to: https://steemit.com/~witnesses
In the bottom of the page type: adsactly-witness and press vote.

Use small letters and no "@" sign. Or, click here to vote directly!
Thank you!


Sort:  

Very nice analogy. There was a lot of confusion within the community especially when steem and sbd price's rose astronomically, some steemians thought there was a deliberate attempt to limit the number of sp they get from their posts.

Great way to explain how we get paid. Since Steem Backed Dollar is SBD, I think Potato Steemit Dollars should be PTSD :P

I also liked Steemit Potato Dollar (SPD) but I did not like the google results when I searched SPD :\

When I first started I quickly became aware of the mystery dollar sign that wasn't quite a dollar, wasn't quite a steem dollar and wasn't quite an SBD either. I think there's a little more magic that goes on behind the scenes because sometimes I feel I got more than 75% of the rewards. I didn't do any math though, it just seemed that way at a glance.

I hope to stack potato's every time I make a post.

I wonder what is the act of peeling a potato steemit dollar? Would you want to? I think so!

When you peel potato dollars all day long, you are occasionally clicking on your wallet to claim rewards that are scheduled to come in. The Claim Rewards button should be renamed to Peel Potato's with a potato peeler as the icon coming down on the steemit logo, peeling off a steem.

Okay maybe I'm taking it too far with the claim rewards button, but if you've claimed a reward or two then

You've definitely peeled a potato [dollar] or two!

This brings a whole new meaning to peeling potatoes. Do you like to peel small potatoes or do you prefer your many potatoes to accumulate and transform into one big potato thus only peeling one big potato a day?

I hope to peel a lot of potatoes this year.

Potatoes to the moon

Thank you very much for such a nice and supportive comment! 🙂

Regarding the reward that sometimes could be more than 75% - that's true as the curation reward (at the moment) can be lower than 25% (but not bigger).
In the case when it's lower the amount that we receive would be higher than 75% but still calculated the same way as explained in the post.

I had a lot of fun writing this comment so I'm glad people have enjoyed it! The upvotes will certainly make it memorable! Thank you and thanks for confirming my thoughts on sometimes getting more than 75%.

hahaha - glad to hear that!
I have to admit it was a lot of fun for me too while I was writing this article, so can understand you just fine! 🙂

And yeah, as I said in the article (maybe that detail slipped from your attention) curation reward may vary from almost 0% up to 25%, and as lower it gets the bigger portion arrives in our wallets as author's reward (payment).
But, as curation reward would be another whole chapter I didn't want to go deeper with it as it might just confuse some people. Therefore, I decided to clarify things one by one.

You have collected your daily Power Up! This post received an upvote worth of 0.75$.
Learn how to Power Up Smart here!

Your explanation makes everything clear and the protocol for distribution of the rewards is the same as always. Only the change in steem prices is different

I just invented the "Unicorn money"! It's a thing.🦄💵

Nerver heard before about the Potato Dollar!
Thanks for this post 😌😌

Oh Really I Just Invented Duck Bucks

Today's your post best 🌷🌹..........@steemitgirl11

Hola bienvenido a esta maravillosa comunidad espero sea de mucho éxitos para ti y puedas aprender cosas nuevas te saluda tu amigo @juan24

Great new term invented...maybe in next day it will be popular.

hahaha - Thanks! Will see about that!

I see there's a lot of confusion going on about the rewards and I made a post today where I also explained a bit how it works but not fully, because I linked to another post that explains it better. I love the name potato dollar! I think it's the best way to call the numbers we get on each reward. And the story behind potato dollar origins is awesome, haha :D Thanks for coming up with an awesome name, and hopefully this name will go a long way :D

Enjoy the vote and reward!

Thank you for stopping by and leaving a comment like this. I'm glad if it was helpful and somewhat clear the confusion. 🙂

YESSSS!! I’ve been saying this for so long - Well, not potato dollar but I’ve been saying that the dollar sign is so misleading and makes literally no sense.

I would say that it should be called potato dollars from now on.
#potatodollar

Great! - Glad that we are on the same page regarding this one!

I must confess that I was curious to know where this is heading and I really want to know the meaning of 'potato dollar' (lol)..

Not only did you explain 'potato dollar' to us, you actually went ahead to cook it and served it well. The explanation couldn't be more simple tahn the way it was presented. I have always wondered how the final payout credited to my wallet is being arrived at. Now I know better.

Thank you for the enlightenment @adsactly

Thank you very much for this nice comment!
I'm really glad to find out the post was explanatory and useful, but a fun read as well. Appreciate it a lot! 🙂