Five things to do before you hardfork
Hardfork 20 is coming - some witnesses have already started running the code - and it's going to change a few things about how Steem works. These are a few things you might want to do before the hardfork comes.
Change your autovotes to fifteen minutes.
Votes before a post is fifteen minutes old will now have a portion of their curation rewards destroyed, where they were previously given to the author. That means voting before fifteen minutes will now give up a chunk of your vote's value, so you shouldn't do it. (It may also discourage future voters.)
On the flipside, the penalty for voting between fifteen and thirty minutes will be removed, so there's no longer reason to vote later, either.
This is a payout calculation change, so it will apply to posts made on Tuesday after 15:00 UTC.1 Don't wait for the hardfork for this one.
Remove small votes from autovoters and curation trails
Hardfork 20 will institute a very small tax on all votes as part of the new system of switching from bandwidth to resource credits. 50,000 rshares is a very, very small number, but if you're someone who is regularly voting in small amounts you may see a large chunk of those votes disappear to the tax. Evaluate your trails and your autovotes accordingly. A good rule of thumb is that the percentage of vote you cast should be at least the percentage of your SP equal to 5 SP. (So if you have 100 SP don't vote less than 5%.)
Like the above, this is a payout calculation change and will affect posts made on Tuesday and later.
Create any new accounts you might want
Currently account creation is free: it costs three Steem, but that converts into three SP in the new account. Under HF20 the three Steem will be burned. It may or may not be possible to create free accounts with no SP through the larger dApps, depending on demand, but we know this system works, so if you have the Steem and you think you might want a new account, now is the time.
@thedarkhorse has a good tutorial on how to create an account under the current system here.
Vote down and delegate
After HF20 in order to delegate SP you will have to have enough voting power to transfer it with 100% VP to the new account. Currently it goes to the new account with 100% VP without checking, so if you're delegating you can vote down from your own account first, then delegate and vote it again from the second account. If you're planning to delegate soon anyway it may be a good idea to do it before the hardfork and use this advantage.
Power down and vote
Currently during the week after you've initiated a power down, you're still able to vote with the power that will be withdrawn in the first week. This will be taken away in HF20 - the voting power from a week's worth of power down will go away at the start of the week instead of at the end when the payout happens. So if you want to do a week's worth of power down, this is the time to do it, while you still get value for that week worth of SP.
Those last two are things Steemit Inc. decided to fix because they consider them exploits, so if that bothers you, don't do them.
1. Or maybe 16:00. Steemit Inc. announced the fork time in EST even though we're in daylight time, so who knows.
ok, so just so I know I've understood this...I've changed my settings on steemauto to vote at 15 minutes. Correct? Besides that, is there really anything that will affect me personally? I never upvote my own stuff, and now I don't have to wait for 25-30 minutes to upvote a post (if I'm lucky enough to catch it then), but instead, can vote around 15 minutes manually. Am I missing more here?
Thank you so much by the way, for simplifying all of this. After the smooth transition today (#sarcasm haha), I'm really not sure what else to anticipate.
I think you've got it.
The one other thing to think about which isn't in this post is whether to switch to 100% power up payout since SBD has been mostly below $1 lately and we're going to start printing it again next week. I should make a post about that specifically.
Yes please :) I've been reading different opinions about it all and I'd like to see what you have to say about it all, especially because I trust your opinion :)
I'm not sure I have a good answer, though. (And the market seems to be making it moot anyway. We'll see if the pump sticks.)
Fair enough, but hopefully, the market will eventually pick up and it'll all be figured out ... by someone :)
thank you mate,that's very useful and helpful.
so when can i open an account,can i open it now or until tuesday?
Until next Tuesday, under the current system.
Wow, this is going hurt a ton of small fries. =\ Are they trying to make us run to Weku? I mean yeah I'm already there and cross posting but damn c'mon taxing the small fish so their votes are worthless?
It's really, really, really small. The first fifty million rshares of a vote will be disregarded, but fifty million is almost nothing - when I looked at it a month ago it was $0.000067, and it should be even less now.
It's really only an issue for small accounts that are voting at single-digit percentages, and for brand new accounts under the new system they're launching.
It's just those with smaller votes that want to help each other, growing slowly is one of the things they have to deal with until they improve exponentially enough to hopefully get the attention of someone with enough voting power to boost them. It's disheartening to say the least. To those guys it's like "Why bother voting when it doesn't count for anything." when reality burning the steem like that could potentially increase how much steem is worth.
Thanks for the write up. I am one of those suckers that actually reads/views/listens to the content before upvoting so most of these changes won't matter to me.
I am old fashioned I guess. lol
If you read fast, you'll still want to avoid voting in the first fifteen minutes. (Also on comments.)
Yeah, I saw that. I am a slow person Steemit - only able to get on here periodically throughout the week to do much. I will have to keep that in mind though, about the first 15 minutes.
Really? On comments too? Can the complicated-monster-that-is-Steemit get any more complicated? sheesh.
So that means an upvote from an account with 5SP effective voting power will be essentially upvoting nothing on any post.
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5 SP is a guideline to make sure most of it still gets to the vote, and you don't have to worry too much about your voting power. The actual tax is approximately 1.2 SP of effective VP.
That means after HF20, my upvote is worth exactly $0 if my effective voting weight is 1.2 SP, because all the value of my upvote will be taxed completely, right?
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Right.
Sad.
:(
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Thanks for the clear information. I think the thing that affects me the most directly is the curation trail part. I will have to check it properly.
An executive summary of what should be done for HF20. For delegation, is it that we can only delegate with our VP at 100%? Or we could do so but the delegated SP will be following the VP during the moment of delegation?
They're changing VP around completely in the back end, so that it travels with SP. When you delegate 100% of the VP for that delegation will be taken out of your account, and you'll be left with less VP if you weren't at 100%.
Also, when you power up or get delegated to, you'll get the new VP at 100% even if your account was lower.
This is kind of confusing to explain but it should be much more intuitive in practice.
Still kinda confusing for me 😂 never mind that, will experience that once it is implemented. Thanks for the info!
Hi - very useful post... by Tuesday - dyou mean next Tuesday, the 18th Sept...
So I guess I'm just setting all my autovotes to 16 minutes like everyone else?!
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Yes, posts made late on 18 Sept will pay out after the hardfork.
15 is fine.
OK great - thanks v much for the info!
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Thanks mate, this is really helpful.
So in terms of changing the autovotes to 15 minutes, should I do it today or not until Tuesday?
Posted using Partiko iOS
It won't matter very much until Tuesday, but I'd recommend doing it while you're thinking about it.
Thanks mate.
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Thanks for the summary and recommendations. This is very helpful and saved me a lot of time.
Can you clarify the "Vote down and delegate" part. Are you recommending that I upvote from Account 1 until I have drained my VP, then delegate my SP to Account 2 and upvote until I drain that one too? So technically I get roughly 200% of VP between both accounts?
I don't know that I recommend it, really, but it's the last time you'll be able to do it, so it's a useful thing to know if you're planning on delegating a large percentage of your SP anyway.
It's pretty hard to drain your VP all the way. I usually just try to vote down to 70% or so.
Got it. Thanks for the clarification. I am usually at 50-60% after I upvote my friends at 100%, so this will be useful for me. I will save up to 90% then go vote crazy one last time. Thanks.