We use the enrollment fees to lease delegation and maintain target voting power levels so that the return is relatively consistent over time. The added income from upvotes and curation reward decreases our dependence on leased delegation and unlocks the possibility of our SP rising above those target levels. At that point, the basic income we deliver could grow exponentially.
RE: Steem Basic Income - Ways to Gain Free Shares
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Steem Basic Income - Ways to Gain Free Shares
That sounds awesome. 😁 Can't wait for sbi to be that far.
But that keeps me thinking: That only happens when every pool has enough SP, right? I mean the moment steembasicincome gets enough SP together, isn't that pool delegating to sbi2, sbi3, etc.? So that their dependency on delegated leased SP is reduced. Will the amount of SP between each pool equal then? (After the automation of course, could be too much work to maintain equally SP levels between ten pools)
What happens with the price of a share then? Will it be still 1 Steem?
Quite curious about that future planning there. 😅
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Price will always be 1 STEEM. There are some future features that we have in mind but are not ready to announce yet. Each pool is managed to a multiple (not even SP between pools, because they have very different share counts, but there is also a slight difference in the target multiples.
When the first pool gets enough SP to decouple from needing leased delegation, part of the SP spills over into the next pool to help it toward decoupling, and so on as each pool decouples it will boost the next.
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To that end if we are in reward pool X is there a way to make out upvotes boost that reward pool directly? If so this would encourage more votes IMO to speed up the growth of their own voting pool vs it being spread out over all pools or worse solidifying the first pool first and a new person won't see the added long term benefit to permanent SP for a long time if it just spills over from 1 to 2 then 3.....
The 28 100% votes mean more from some accounts then others. Is there any weight given for higher value votes? I vote at around 23 cents per steemworld right now, that is equal to easily 100 votes from brand new plankton. My account isn't even that large, I'm sure others have thought the same about this issue.
Just an FYI, I'm more trying to fully understand the system, not criticize. Planning a competition to award a few sponsorships and need to fully understand what I'm giving away.
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I appreciate the questions. Have you already read the Complete Overview and the post explaining the tracking sheet? They break down a lot of the mechanics, even going into specific formulas for some components.
We do not currently have any posts/comments that enable upvoting the accounts for the other pools. As we move more into automation, we plan to publish regular records of what posts have been upvoted by each account, and each account will publish its own updates. That will make it so that people can upvote the account they receive their votes from in addition to (or instead of) the main account, and receive reward back for doing so.
At that point we will also announce a new system for how supporting upvotes are rewarded that will better incentive supportive upvotes from larger accounts. Better incentives for people with more steem power to upvote our updates is good for everyone in the program. At present upvotes from larger accounts are under-rewarded (as you correctly realized), and we see the effects of that when we look at the distribution of upvotes received.
We will be calculating the value of all upvotes received from our members when we move to the new system, and any members that would have received more reward for their upvotes under the new rules will be 'caught up' to the level of reward they would get under the new system.
That means that if you want to start upvoting to boost your votes received now, you can. If the reward you get back falls below our benchmark, you will get a nice surge of larger upvotes when we move into the new system before settling into your new equilibrium. (I will post an update that breaks down the details more fully when we get closer to the change. If you'd prefer to wait until that point before supporting us with larger upvotes, we totally understand!)
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I did read everything, but feel my questions fell a little bit outside what was covered. Or maybe it was covered, but because I was trying to take everything in I missed parts or didn't fully grasp it as I was reading.
Anyways like the planned updates. Will be running a contest or two to give away some memberships to my followers. Going to get another member who already has a membership to help me run the contests and be a judge. Think that it's something that I'll kick off now and if I see good results with interest for the contest I'll continue it maybe once per month.
Thanks for your very detailed response. Love that you clearly have a passion for what you are doing and willing to deal with the extra questions. Appreciate you the time you have taken.
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You're welcome. Thank you for the support. I love it when members take the ball and run with it, hosting contests to giveaway shares, etc. Let us know when your contest post is up and we will review it for resteeming.
I agree that your questions were outside what was explicitly covered. I try to keep my audience in mind and have enough detail for the people that care, but not so complicated that it loses everybody else. I think the result is a failure in both. Most people still get lost, and there isn't enough detail for the people that care.
I'm working on an FAQ that covers the important bits at a very basic level, and that will free me to write a high complexity version when I announce the program changes. (The basics will be unchanged, but the mechanics and math behind the scenes will be more precise than is supported by our current partially automated processes.)
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Audience is key. Most people don't care about the little details, but I've always believed that the money is in the details. Little things add up over the long haul.
You seem to have a good path for where you are going with everything. Wondering if you ever ran the math to see what it would look like if you kept part of the 1 Steem fee for SP vs leasing with it all up front. Short term the rewards would be lower, but leasing isn't profitable right now so long term I would think the entire pool would come out ahead. Sure you have run the numbers, just tossing it out there in case.
As for the contest I figure next week it will start up. Looking for 2 different contests, 2 weeks in a row. First one will be for plankton and thinking 3 sponsorship prizes, but might do 2 so I can do another sooner. Will tag you in the post and you can review what we are doing at that point.
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You're absolutely right that the money is in the details. I have seen a lot of programs fail on Steem, and often it's because the details weren't right and it made it easier for bad actors to wipe out the program's resources.
At the rates we pay, we usually have a little STEEM left over after our leased delegations. We did start out putting everything into the leases, but we have since toned it down. Now we have target multiples (e.g. for every 1 share in a pool, we target 2-3 SP) and if we have STEEM left over after every pool meets its target, the rest is powered up. The targets are a little higher for the top pools to encourage people to increase their shares and move up into the higher pools.
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