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RE: HF21: What Makes Steem Valuable?

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HF21: What Makes Steem Valuable?

lukestokes (75) in hf21 • 6 years ago

Yep, that happens, but so does people extracting thousands of dollars by self-voting and voting via sock puppets on completely useless (often spam) content. Just because most people don't see it, doesn't mean it doesn't happen. It's usually done on older posts as comments to avoid being noticed. People complain about low rewards or a low STEEM price, but often they don't understand what causes those things. People extracting value from the Steem rewards pool is a big part of that. At least vengeance based downvotes can be countered with upvotes.

hf21

6 years ago by lukestokes (75)

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frankvvv (65) · 6 years ago

I just read this, please tell me this is not true:

Under HF20 a post receiving $1 in upvotes would give the author $0.75.

Under HF21:

The reward pool will be 10% lower to fund the SPS.
The CLRC will reduce the payout by a further 40% compared to linear.
The payout to the author will then be 50% (rather than 75%).
I make this: $1 * 90% * (1 - 40%) * 50% = 0.27 under HF21

So broadly: $0.75 under HF20 vs $0.27 under HF21, a reduction of about two-thirds for smaller payouts.

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lukestokes (75) · 6 years ago

If the $1 vote was a single vote from a single account, then yes, the non-linear curve would give a different result by design. This will hopefully prevent comment farming and self-voting we see which leaves more of the rewards pool for valuable content. If it was a number of votes, then I think you'll begin to approach the same amount as previously. See the deep dive for details and examples: https://steemit.com/steem/@vandeberg/reward-curve-deep-dive

The end result is, yes, I think the author rewards per post will go down. If that's too much of a problem, people may want to try other experiments like https://palnet.io or do what I suggested in my post and hide the $$$ to figure out what motivates you to be here.

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frankvvv (65) · 6 years ago

Thanks for the info!

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miniature-tiger (68) · 6 years ago

If the $1 vote was a single vote from a single account, then yes, the non-linear curve would give a different result by design.
If it was a number of votes, then I think you'll begin to approach the same amount as previously.

Hey Luke. Does the number of votes matter? Wouldn't it be the same payout irrespective?

Otherwise people would just split up their large accounts into smaller ones, which negates the point of the CLRC change.

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lukestokes (75) · 6 years ago

The number of stake weighted votes matter, as far as I understand. The stake part is important.

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