A couple of days ago I was surprised to see this brand new check box:
I decided to give it a whirl.
I figured that it would be a way to alert the entire community that I was committed to Steemit and wanted to reinvest any proceeds I earned back into the site. That is the way I see Steem Power. I view it like investing in a profit sharing program with your employer.
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My post didn't hit really big, but thanks to diana.catherine recommending the post, the curie program showed me enough love so that I was able to see how the new feature works.
The result?
The post earned $40.72 from votes.
$30.87 were author rewards.
$9.85 went to curators (thank you curators!).
However... because I chose to be paid in Steem Power, I got a bonus (kind of)!
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$49.008 steempower was just deposited into my wallet (and I went from 5.4 to 5.5 vests).
I will have to test this a few more times, but it certainly appears that they are taking into account the conversion from steem dollars to Steem Power (which is awesome).
I realize it may not actually be a bonus... but it sure feels like one. Instead of seeing the $40.72 and only having $30.87 deposited in my wallet, I get the instant gratification of $49.08 being deposited. If this site takes off as it deserves to, that $49.08 may end up being worth 50 times more than that (maybe eve more... fingers crossed).
In addition, it means that I didn't have to go through the added steps of converting Steem Dollars to Steem and then to Steem Power.
I'm definitely happy I tried it.
Clicking "Pay me 100% in Steem Power" felt like a bonus, saved me a hassle, and made me feel more invested in the success of the site.
Maybe it isn't for everyone because it involves some risk that in the future, Steem Power will drop in value, but I believe in the site so it's worth the risk to me (I am a complete crypto coin novice so please don't take this as investing advice).
But for me I give it...
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Some new calculations inspired by the comments. Can someone check my math?
According to the payout of my last post above $10, the current traditonal split (after curators take their cut) is 40% in Steem Dollars and 60% in Steem Power.
So if we look at the post in question after curation, I would get $12.348 in Steem Dollars and 18.522 in Steem Power. So we only need to look at the $12.348. I get $30.558 Steem Power instead of $12.348 Steem Dollars ($49.08 - $18.522 I would have gotten anyway). At your rate of $.53 (commenter used this number for conversion), that equals $16.19574.
Therefore, I came out $3.84774 ahead. If I'm not mistaken, that means I came out 12.83% ahead... and I don't have the hassle of converting to Steem then Steem Power. I may be completely wrong. If I am, I would appreciate a mathematical explanation so that I can better understand. I am a novice with crypto.
i have to try this also
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You keep saying "Power"
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that cracked me more than it should have!! ROFL
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Yes... master.
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Youre messing up the math by not converting from SP to $.
You were supposed to get $30 worth of SP, not 30 SP.
Likewise, you did not get $49 SP in your account, you got 49SP (which is worth about $30)
Thats the difference youre seeing. Your payouton the post is denominated in US Dollars, but your payout in the author reward is denominated in SP.
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I get what you are saying about the "$" being confusing. I definitely should not have used that. But I still believe I came out ahead on current value of the two options.
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im 91.6387% sure that the money you seem to be ahead is reverse auction proceeds.
But like i said in the other reply, its definitely a better deal if you were going to convert to SP anyway.
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I am going to have to give it a try for my next post. Thanks a bunch!
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Nice
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Nice.... Thanks for testing it for us fearfuls lol
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I did some calculations above. Can someone smarter than me check them?
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Congestion m congratulations. I wanted to that for lasr 2 posts but keep forgetting. I think perhaps we should have profile setting to default this per user preference.
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A default would be helpful.
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Hmm.. then maybe we are not alone.
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Ill probably try this out for my next few blogs.. can anyone tell if an author checked the steem power option?
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I don't think so. I included a line about it in my intro to the post.
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When you click on Submit a Story, these two check boxes are under the text box on the right side. I probably wouldn't have noticed them but I'm going to give it a try when I do a new post -- Thanks @hanshotfirst
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My pleasure. Once you post , the boxes are no longer visible by the reader... I think.
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This is why I hope the price of Steem does not go up too fast back to where it was... think about this: if the price of Steem stays down a little while, we can all buy Steem much cheaper than when it takes off again we will all be very happy. I have picked up a lot in the past week. I hope to get more over the next few months. That's why I hope it stays cheap for awhile.
It's funny, I put out a post about this very feature and now it available. It probably was already in the works, but I thought it was funny anyway.
Good luck. :)
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This is a cool new feature, thanks for highlighting it. I agree if you are committed to the platform in the long-term and don't need the SBD right away to pay bills or something, then this is a great option to use. I think I will try it for my next post too. Convenient to be able to skip the extra step of converting SBD to Steem Power.
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I hope it works well for you. Report back with your results.
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You get 49.08 SP deposited. These are worth 49.08 * 0.53$ (just checked at bittrex https://bittrex.com/Market/Index?MarketName=BTC-STEEM) = 26.012$
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Why you killing my buzz? Lol. I said it seemed like a bonus. It's kind of like a 401k. Long term investment. Put it there and then check back every few months. Hopefully it grows. It is simply short term vs long term. I get what you are saying though . I guess I'm looking long term.
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Actually both of our math calculations were off. If I took the traditional payout, it would currently be skewed more toward steem power anyway. To keep it simple let's say the $30 would have been payed at $14 in steem dollars and $16 In steem power. I'm still happy with $49 in pure steem power.
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you didnt get $49 SP, which is what alex was trying to tell you. You got 49SP. No dollar sign.
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You'd have to adjust for a small reduction because SD is not exactly 1=1 to the USD...
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Correct but we are now comparing apples to apples and I believe I'm getting slightly more apples.
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Ok I've got my wits about me now lol. According to the payout of my last post above $10, the current traditonal split (after curators take their cut) is 40% in Steem Dollars and 60% in Steem Power.
So if we look at the post in question after curation, I would get $12.348 in Steem Dollars and 18.522 in Steem Power. So we only need to look at the $12.348. I get $30.558 Steem Power instead of $12.348 Steem Dollars ($49.08 - $18.522 I would have gotten anyway). At your rate of $.53, that equals $16.19574. Therefore, I came out $3.84774 ahead. If I'm not mistaken, that means I came out 12.83% ahead... and I don't have the hassle of converting to Steem then Steem Power. I may be completely wrong. If I am, I would appreciate a mathematical explanation so that I can better understand. I am a novice with crypto.
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the normal payout is 50-50, not 40/60. Sometimes you see more in SP becasue the proceeds of the reverse auction are 100% in SP.
You mostlikely came out a bit ahead because of the reverse auction... im not sure if they count reverse auction money when they calculate how much went to curators.
But its definitely a good deal if you intend to convert to SP anyway, becasue its often hard to get an optimal exchange rate on the market when you want to sell SBD. So youre probably saving money you would have lost there.
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I believe the ratio changed recently because Of something having to do with "2% of market cap". As of yesterday it was no longer 50/50.
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say whaaa/// i didnt know they could do that
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This is not the case right now. I made an error. I was using the conversions of an outside exchange (poloniex). Using the internal market numbers, it is much closer to 50/50.
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Mine was wrong too. I didn't take into account that Steem had dropped so far. :/
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Yeah, my last few payouts weren't 50/50 either. Someone, maybe @dantheman, had an article out about possibly moving the ratio in favor of SP when the SBD was low, in order to try to stabilize the price. It appears it was enacted.
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This is not the case right now. I made an error. I was using the conversions of an outside exchange (poloniex). Using the internal market numbers, it is much closer to 50/50.
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I stand corrected. haha, bad math. There was an article, but mine's 50/50.
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IIrc, the article said that some of the SBD was going to be paid in steem, not SP
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Oh yeah. You're right.
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Great post. I am also curious as to trying out the steem power button as well, it is good to diversify the portfolio and see what it brings in the long haul. Best of success to all of us. Upvoted
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"Diversify the portfolio" good way to look at it.
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Indeed, can't jump out through one window towards another window without a bungee cord attached to the building's stabilizing pillar. That's my alternative way of the cliche "can't put all your eggs in one basket." :)
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Glad that you had good result with 100% steem power option. I just tried it today and I hope that my result will be just as good.
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My current post is doing this too. If he rate is unfavorable, I'll do it manually. My conversion based on 30.87 SBD at recent sbd price of 0.55/Steem came out to 56.13 Steem. Of course, the rate might have been different when yours cashed, but that's over 10% to save the step of selling it myself? Yikes.
OTOH, the ask is .61 SBD, which would come out to 0.50 Steem, so pretty close to what you got. Maybe it's going off the Sell orders when they do the conversion?
Yeah, I know, more buzzkill. Sorry. :(
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Ok I've got my wits about me now lol. According to the payout of my last post above $10, the current traditonal split (after curators take their cut) is 40% in Steem Dollars and 60% in Steem Power.
So if we look at the post in question after curation, I would get $12.348 in Steem Dollars and 18.522 in Steem Power. So we only need to look at the $12.348. I get $30.558 Steem Power instead of $12.348 Steem Dollars ($49.08 - $18.522 I would have gotten anyway). At your rate of $.53, that equals $16.19574. Therefore, I came out $3.84774 ahead. If I'm not mistaken, that means I came out 12.83% ahead... and I don't have the hassle of converting to Steem then Steem Power. I may be completely wrong. If I am, I would appreciate a mathematical explanation so that I can better understand. I am a novice with crypto.
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Thanks! I'll check mine tomorrow and look at the market at that time... or at least try to. I"ll try to remember to post my findings here too. :)
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Cool. I hope it works out on your favor.
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It appears to be favoring the ask price. My payout was basically what it would have been if I'd accepted the ask price at the time. However, the most recent filled order was 4 cents lower, so perhaps I'd be better off just taking the SBD and doing my own conversion. I might post my findings, but am not sure it's worth the trouble. :)
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Actually I just figured out that this is incorrect. No matter what, more than half was going to be paid in steem power. We are only dealing with the reaming steem dollars. It was never going to be paid in 100% steem dollars so we should only be measuring the portion that would have been paid that way vs the the steem power.
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Instead of trying to do this in the comments, I posted some hard numbers and evidence.
https://steemit.com/steemit/@hanshotfirst/i-tried-the-pay-me-100-steem-power-option-hard-numbers-and-actual-evidence-illustrating-how-it-worked-for-me
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Hi - where is the check box to convert to 100% steem power located ? thank you
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Great article- thanks for breaking it down for us - I still haven't taken my first payout yet so I don't even know what to expect - earlier I clicked on WALLET and was surprised to see that I had been been paid $5 in Steem and had 49 Steem Power - I was excited till I realized that I was looking at someone else's wallet!!" wha wha wha... next time..
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Hi. Welcome to the platform! This is a really old post. It is not accurate. I now realize it depends on the price of steem backed dollars (SBD). In general you are better off taking the 50/50 payout and converting it in the internal market.
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thanks for the heads up... quick question do the weeks start sunday/monday or does the week start from the first day you sign up? thanks
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I'm really happy to see this as an option, but I haven't used it yet because I'm still trying to save everything for steemfest ..
It'll take sell pressure off the SBD market for people for people that would be powering up anyway and are too impatient for a 7 day conversion :)
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Definitely. Also makes it easier. And immediate gratification has value.
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