What are Upvotes dollars on Steemit? What is its worth?
Hello I have question here, which I could not get cleared on internet. May Some on can help me.
1. What are these dollars? Which we receive on our post by upvoting.
2. Are these USD or SBD or any other cryptocurrency?
3. How much of it will we get and how much will go as commission?
.....
Let me assume- If someone has 100$ in his/her post by upvoting. So how much will he/she get this as real money?
Thanks
I'm new too and have a lot of questions about the voting process myself. I think I might be able to help a little and hopefully someone will correct me if I'm wrong.
Posts on steemit generate two types of rewards: author rewards and curation rewards. The author rewards go to the person who created the original post. The curation rewards go to the people who upvote the post. The dollar amount that you see is the amount of SBD (Steem Dollars) that the post has generated thus far.
At the end of 7 days, the rewards that the post has generated are split between the author and the curators. The author can also choose to decline the payout.
You will receive two types of payouts for posts. One is in SBD (cryptocurrency, currently 1 SBD is worth approximately $8 USD) and the other is in Steem Power (SP, your influence on steemit). You can get more voting influence by increasing your SP. SBD can be used to buy more SP in a process called "powering up." Similarly, you can "power down" your SP and change your SP back into SBD. However, the powering down process is gradual over the course of many weeks, so you can't convert SP back to SBD instantly.
If you go to https://steemd.com/@knowledge4u you can see your voting power and other details. More voting power increases the amount of rewards that the post generates when you upvote it.
How the rewards are distributed are a little more complicated. Part of it depends on your voting power. When you vote on a post, it attaches a value to your vote in "rshares." When the post pays out, it splits the rewards in a weighted fashion so people whose votes generate more rshares receive a bigger portion of the rewards than those whose votes generate fewer rshares.
If you go here: https://steemd.com/upvote/@knowledge4u/what-are-upvotes-dollars-on-steemit-what-is-its-worth you can see the breakdown for this post. If you click on "vote details" at the bottom, it breaks down the upvotes for you. Since I'm new, you can see that my upvote only generated a measly 280,660,978 rshares.
When you make a post, you can choose how much you want in SBD versus SP. The default is 50%/50%, which means that 50% of your rewards will be in SP and 50% in SBD. If you change this to 100%, all the rewards will go towards powering up your account.
I hope this is a little helpful, and hopefully others will chime in, too.
I am very thankful for this detailed Answer. Because I am new here, so almost 70% of it I understood completely but still some points are so complex that it will take time to understand.
Because you already did a lot of effort to explain me almost every point, So I was thinking not to bother you more, So I was asking question in Chat as well.
As I get to know the lump sum amount which we see on every ones post is SBD. But when I read following artile..... This guy is writing in picture number 3 and at point 4 that it is USD. Thats why I was confused what is that.................. Actually this (following Link) is the reason I made this blog.
https://steemit.com/steem-help/@steempowerwhale/how-to-upvote-make-money-and-avoid-costly-mistakes-quick-and-easy-help-for-noobs
One more question still I have in my mind about boosters.
when people spend (let me assume 5SBD), depending on the boosting power at that time, they get upvote and their total dollars become like double , it appears nearly 10$.
what is that then? If it is 10SBD, then it means they can double their money by simply by (any) booster upvote. is that right and legal?
I haven't tried to purchase any boosters yet, but I would be cautious. I saw this post the other day about how one of the biggest booster services turns out to be lining their own pockets with the majority of the money you give them: https://steemit.com/whales/@scarlet7/are-you-paying-randowhale-do-you-know-how-he-is-using-your-money-not-to-upvote-you-with-his-massive-steempower-read-here
The post was downvoted by the owners of the service (with an extremely powerful account) to the point where it was effectively censored. but you can still view it if you click "show." In any case, I wouldn't use that service. I looked into the @minnowbooster service, but it seems like I don't have enough influence on the platform yet to participate.
I recommend using some of the smaller free services like @larryphang (who will resteem your post) rather than paying for a service where it's ambiguous how much of a return on investment you will receive.
Very well explained!!
In this post I show an infographic explaining all the process. And here you have the details :)
Steem dollars are their own cryptocurrency...lately they've been worth around $8-$9 USD.
when a post pays out 25% goes to the curators (i.e. people who voted on it)...other 75% goes to you. Of this 75%...you get half as Steem Power (using the market price for steem) and the other half go to you as steem dollars (paid to you as if 1 SBD = $1 USD...even though they sell for more)
I don't know what you mean by commission.
In you got a $100 post payout...25% goes to curators, so you're portion would then be $75.
Half of this is given to you as Steem Power (at the market price of steem). So $75 / 2 = $37.50...
Say 1 Steem = $3
So you'd get about 12.5 Steem Power
The other half is paid as Steem Dollars (as is 1 sbd = $1 USD)...so you would get $37.50 Steem Dollars. BUT these sell for a lot more right now, so say 1 SBD is selling for $8...this would translate to $300 USD.
I am highly obliged to get this answer @sykochica , which is really my answer what I was looking for to understand.
Here commission I meant, how much of it steemit itself will take. So now I understood...... Because they calculate 1SBD = 1USD for us...... (this is type of hidden commission).
Thanks for taking time here.
As for #2: The ones that you see under everyone's post are in SBDs. Currently, because of the incredibly high price of Steem Dollars it's better to go 50/50, just a heads up.
Thank you very much for taking time. Thats good that it is SBDs. But it is contradict to the following article, when I read that I got confused. This guy is writing in picture number 3 and at point 4 that it is USD.
https://steemit.com/steem-help/@steempowerwhale/how-to-upvote-make-money-and-avoid-costly-mistakes-quick-and-easy-help-for-noobs
as asked above...... One more question still I have in my mind about boosters.
when people spend (let me assume 5SBD), depending on the boosting power at that time, they get upvote and their total dollars become like double , it appears nearly 10$.
what is that then? If it is 10SBD, then it means they can double their money by simply by (any) booster upvote. is that right and legal?
Booster services do not work like that they will give you a certain percentage of their vote. I have never used them myself. Just go a long and create content and have fun with it :)
I'm pretty sure it's in BSD, Steemit doesn't check the market price of BSD so it wouldn't make any sense, especially when rewards are also paid only in BSD and STEEM. The post You linked to is pretty old, back when Steem Dollar (BSD) was worth almost exactly 1$ USD. The sole purpose of BSD was/is to be worth 1$ USD so it didn't really matter back then. Currently what we see is BSD being incredibly pumped which nobody could really foresee so I believe that's why the author was saying about USD.
As for boosters - I don't know them well but basing on what I've read from one of those sites' terms of service, you get a random chance to be voted in range from 1% to 50% Voting Power or whatever the maximum they specify. So, you may get double the amount you've paid or almost nothing. It's like gambling I think.
@fiufsciak !! Thank you. Your help is really increasing my understanding.
but again in above comment Just some minutes before @sykochica explained answer..... she said whatever the price of SBD is, we will paid as 1SBD = 1USD,
so again it supports the believe that these upvote dollars are like USD for us (to be paid out) but not for the steemit plate form itself (which is around 1SBD=8USD).
If you go for 100% Power then yes. However, when you go 50/50, you get 50% in BSD (which are worth 8$ USD) and 50% in STEEM (which are BSD transferred to Steem Power at a stable rate 1$ USD - highly underpriced at the time but as I said it is meant to be worth 1$ USD). I'm quite sure that's how it works but @sykochica is more experienced than me so I think we both would be glad if she paid us a visit here :)
Okay I got another point of 50/50, But this will only work when we are upvoting.
Question is when someone else is upvoting for us (on our post or comment), what are worth of those dollars?
I assume it is 1SBD=1USD (to be paid) as @sykochica said.
No, the author of the post decides how's he gonna be paid. You choose it right before posting. Upvoting person only gives you money but it's your decision how you wanna get it.