WTF: Learned Something Just Now About Steem.
Yep
For over a year I've been thinking that if you vote with less than 100% voting power you are losing money. Only today, just now, did I actually test it and see that your voting power is reduced, not by 2% flat, but by 2% times the remaining percentage of voting power you have left.
This means if you vote at 50% voting power you only lose 1%, so while your vote is only worth half as much, you're only losing half as much voting power, evening out the whole process.
This goes against a years worth of indoctrination when it comes to my voting habits.
Burden lifted.
This whole situation really just goes to show that Steem has a very high learning curve, and we are constantly talking about making the learning curve even more complex. For people who have been here for a while it makes sense, but we want to onboard millions of new users. These two mechanics don't work well together.
I really think that if people thought of it as normal social media instead of thinking of it as Social Media that Earns You Money a lot of the biggest problems would fade away.
No matter how much we smooth the learning curve, there will always be maximizers trying to squeeze every last drop of blood from each SP, and keeping the incentives correct to account for that is what drives most of the complexity.
Most. Some things are complex for complexities sake. Like PAL miners that give you PAL... and PAL 4x miners that give you 4x PAL. And why is it better to stake those than just stake PAL? The argument I saw was 'mining and staking are treated differently in some tax regimes'... okay... so calling it a miner makes it a miner? It's still staking!
This comment is a mine. If you upvote this comment, your mining activity will grant you freshly minted SP in one week's time. Tell your tax adviser it's mining income.
(not financial advice. not legal advice. not even advice)
I agree. I've always advocated that STEEM would be better off if the upvotes were displayed in STEEM instead of USD. Further mentally separates the money making aspects.
Great disclaimer, I'm using that from now on haha.
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Absolutely agree! STEEM is the native currency and all rewards should be shown in the native currency - and it's not even a real $. Upvotes in STEEM are relatively stable and change slowly, depending on global parameters such as the reward pool.
🤣 🤣 🤣 Not even advice !! 🤣 🤣 🤣
Simple is best, indeed. I've been saying for a while now that I find the whole reward auction business in curation an unnecessary waste of time. It's yet another thing that distracts users from honest curation. Curation rewards should depend on one thing only and that is the voting power (= SP * VP * Voting Weight) used to upvote a post. The timing of the vote and the order of the votes should not count at all. What people do now is autovote and try and tweak their upvoting time and weight to maximize their curation rewards. The naive intention behind the introduction of that system was that it would encourage content discovery by motivating people to dig up undiscovered quality posts which other voters would be clamoring to upvote, earning the original finder helfy curation rewards. What happens in real life is that people front run bid bots.
Thats fine, soon enough it will turn out costly for the buyer, no more demand, more honest curation, enter free downvotes.
I was just randomly thinking today that the whole crypto reward part of Steemit, while theoretical awesome, is probably its biggest downfall. Reddit has worthless points and it’s been going strong for a decade. People get frustrated on here when they don’t get rich and quit. Plus we all spend so much time trying to maximize profits. The rewards system definitely has some inherent flaws because they overestimated peoples basic humanity.
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I still don't pay enough attention to the mathematics of this site... I just upvote what I like and post like a damn fool..
Hmm, for me this was quite clear. Since ever I do not vote 100% per default.
Omg!!! didn´t know, thanks a lot!!
Lol. I thought everyone knew this :P
Hm yes, that would be my reaction as well.
I think most people don't know that. I thought you would have. :P
In the future it is going to be that most people don't know much of any of this, much like they don't know much of what goes on in the world now. Hopefully though, more will understand something.
I highly doubt that :D
Probably even less due to the exponential nature of technological advance.
me too, but I can still hope.
Your point that steem has a high learning curve is so true. But I try to focus newbies on the "need to knows". As in what do they need to operate here.
That bar is far lower and doesn't include how to maximize vote rewards.
But im learning after nearly 2 yrs, curation rewards are confusing!
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Some things are complex under the hood for good reasons. But, simple people like me can often manage that complexity with a few simple rules of thumb. For people, without much SP it doesn't really matter since the votes aren't worth anything but moral support anyway.
For those with some SP:
Basically, don't cap off VP at 100% and try to keep VP as high as possible. Even that's not easy. But I try to keep my VP over 92%. If you're on steem less then use a lower number.
Simple rules to manage complexity.
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True, I think what most small voters are largely unaware of is that voting on comments that aren't otherwise voted above the 2,5 cent mark get dusted. I intentionally go vote on posts of my engagers as opposed to voting the comments directly.
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I use @dustsweeper to help. It tries to upvote comments that are below the dust threshold so the value isn't lost.
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Yes I use that service as well.. It's pretty a cool concept
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When you stop learning, you stop to growth!