Drip, Drip, Drip! Leaky Sink? No, It's Lifetime Income - Steem Basic Income Review
How does an upvote on each and every post, each and every day for your lifetime on Steemit sound to you? No worrying about if others will like what you produce or if they will even see it, just a small vote to help boost your earnings on Steemit.
This is the promise of @steembasicincome (SBI) and their Basic Income program for Steemit users. While the idea of 1 or 2 cent upvotes might not thrill some bigger fish in the sea, to the rest of us mortals every penny counts on each post! When you are first starting out and you have just your own upvote or maybe that of just a few others it's nice to know that even a small upvote will be coming in for your efforts.
What Steem Basic Income Is NOT!
To be clear, without a TON of shares #steembasicincome isn't going to drastically effect your payout. It's not designed to shoot you into the Hot or Trending Page, it's not designed to make a living off of.
What Does Steem Basic Income Pay
Steem Basic income as of now for one share will get you an upvote of around 0.01 if you post once per day and give a few upvotes to their posts each week. I only know this because this is what I was getting with 1 share. While small, it's consistent.
As a member of @sbi3 now with 19 shares based on the publicly available information I will get a 15% upvote which will give me around 0.11 of an upvote. Again, not getting rich here but that is a nice boost to any post...even nicer when it's on every post.
So How do I get SBI shares?
Anyone can sponsor any other member into the program for 1.00 Steem. You send a transfer to @steembasicincome with the persons name you are sponsoring as the memo (including @ in front of their name). For sponsoring someone into SBI you will also get a share in the program. For each and every sponsorship you give away you will receive one for yourself. Win-Win!
| If you are looking for free ways to get an SBI make sure to enter the Pay It Forward Curation Contest. This week we will be giving away at least 4 SBI sponsorships and do so each and every week. |
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Now if you have already entered the best contest on Steemit and need some other options (ok maybe it's not the best, but it's up there IMO) you can look to see what contests have tagged steembasicincome. This is the page showing all of the posts using the tag steembasicincome so some are entries into contests, some might be reviews, but there are lots of contests that give away SBI shares.
Got an SBI sponsorship, Now What?
This might be the best part about SBI, it's fully automated. You don't need to tag SBI in your posts, you don't need to do anything other then post like normal. After you post SBI will upvote your post based on your current shares.
Now you can increase your voting weight from SBI from your current shares without new sponsorships. A couple free ways to increase your vote is to Upvote @steembasicincome posts and comments. Based on how many upvote you give your vote will increase. A second way is to delegate some SP to @steembasicincome and this will result in an increase in the voting weight based on how much you delegate. You can see the exact breakdown of these bonuses on this post by SBI. Watch for new updates as SBI has said upgrades are coming to the program!
Final Thoughts
SBI currently manually does all of the calculations for voting percentage, tracking of upvotes, enrolling new members, adding new shares to current members, leasing of SteemPower, and so forth. It's a MASSIVE undertaking and one that needs to be automated! Which is in the works and will make enrollment much faster. Right now it can take a couple days before you are enrolled which isn't a big deal, be patient it will happen.
This program is one of the best on Steemit to help smaller members start to gain consistent rewards and encourage them to keep blogging!
I love all that you give back 💗 i found you from a friend of mine @foxyspirit and im just learning this site so im a newbie. Just reading and trying to learn all i can on here. Its great to see so many helping others, gives me hope that I'll get the hang soon. I like ro learn by trial and error but ask for help when needed. 🤗
Just upvoted all 4 of your posts. Hope that helps get you started!
You should swing by and join our contest. It's a great way to meet new people and earn a little SBD while your doing it.
BTW, make sure to use https://steemworld.org/@aloha-creations to watch you voting power. There is no reason to give out 1% votes unless you are really low on power and at that point you might as well just not vote. Try to give out enough that it registers. On comments try for 2 cents as that is a minimum to actually get a payout. On posts even 1 cent helps, but you have enough voting power to actually give much bigger votes so use it. Does you no good to go up to 100% power...at that point you are actually wasting your daily voting power. I try to stay between 93-97% and really try to stay above 90%. Hate seeing it hit 100% as that means I lost out on the opportunity to reward someone with my vote.
Take a mindset of give first and then receive and you will do great. Those that hoard their votes have a hard time building a follower base which is critical to success here.
One more tool for you, https://steemdunk.xyz/ is great for autovoting your favorite bloggers. I use this to make sure a handful of blogger that have helped me the most get 1 automatic upvote per day from me (assuming they blog each day).
Im sorry about that i didnt know how to vote and all about the voting percentages like i said im new as in a week old ive just been blogging when i have time and learning the site
No problem, that is why I wanted to share the info about it.
As someone else who is new to the platform, this tip is very helpful! I didn't realize that we could change the value of our votes. Thank you!
I'm still working out how this whole thing works... Is it that sbi gives you your 0.01 on the first post you post in the day and then nothing after that?
When you have more shares (I have two in the process right now) does it all go on the first post or spread it out throughout your posts?
Thanks for your thoughts.
More shares = Higher Vote
Unlimited Votes per Day, but total vote value is spread out based on average posts per week. So you will get less per post if you post more often.
But since it's based on averages if you post 3 times on Monday and then not until Thursday and then again Sunday it's 5 votes for the week when it's recalculated.
The 0.01 isn't a guaranteed number, it's just what my vote was when I had 1 share. I post about 4-5 times a week and I was giving some upvotes to SBI posts which gives a small bonus. Personally I think everyone should upvote @steembasicincome's posts as it will allow them to purchase more SP and increase the voting power for increased votes over time. More everyone gives back to SBI the more our votes will increase later.
Accurate.
Accurate; we also look at some trailing data so if you go crazy trying to game the system you're only hurting yourself.
That's right. Weekly average posting frequency (last week is compared to past few weeks). But there isn't a specific recalculation date. We recalculate all the time, but the actual voting rules are on a bid of a lag since they are currently managed manually. On the new system we are developing, it will be entirely dynamic. If you post 3 times on Monday, you will see your upvote decline from post to post, and then it would be higher again on Thursday and Sunday.
We think everyone should upvote @steembasicincome's posts too! :D
You have a pretty good understanding of how it works, and we really appreciate you taking the time to answer questions for current and potential members!
Glad I'm getting everything correct as it's all how I understood it from your posts and the couple questions you've answered for me on past posts.
More then happy to try and spread the word and help SBI keep growing.
Thanks to both of you for helping me understand this.
The only thing I'm still confused about is the whole pool thing. My first share has come through sbi5 and I have two more shares in the works as we speak. Are my upcoming shares guaranteed to be in the same pool? (Up to 100, I seem to remember reading.) That way, they stack up well for a better reward.
Yes, I've got you on autovote now @steembasicincome, so I shouldn't miss any!
Your shares will stack in the pool to increase your upvote value from the pool that you're in until you exceed 100, and then you will be in more than one pool.
Thanks for answering in both threads! I appreciate it. Keep up the awesome work!
First let me say thanks to @slobberchops for doing a blog on this program. I read his take on it and I will be sponsoring some folks into this as soon as post this comment.
I like the approach and would love to see this gain steem, pun intended.
@sultnpapper
So the way I understand it all is like this: It takes 1 SBD to gain 1 share, which technically pays .01 per post (in upvoting) if you posted once per day. At that rate of return, it would take 100 days to break even. Every subsequent share obtained would also break even on the 100 th day thereafter. Is that correct?
Give or take, but as voting power increases (increased price of steem) then the return could happen faster. The key is that if you plan to be here long term this is a very good situation for anyone.
As I am using the shares as prizes in my contest
https://steemit.com/payitforward/@thedarkhorse/pay-it-forward-curation-contest-week-3-win-sbi-and-steem-bounty
for me it's just a slow way to recover my costs of the contest and build up a nice vote on each post.
For those winning SBI shares, which I just won 1 from the Engagement League run by @abh12345, it's just a nice bonus.
Either way my thoughts are this is a great way to help build up your account long term.
Ah okay... thanks for that. I think I see the potential now.
Actually I am one of the beneficiaries. I was so glad that a friend from freewrite community sponsored me. It's a good idea. It will grow more if all of us in SBI community will give back at least a little portion of our treasure. Thanks for this.
Simple upvotes on SBI's posts really help maintain the long term growth of the entire system. If everyone gave more back the power of SBI could grow very quickly.
So true. May i know the memo of sbi? Tnx.
@steembasicincome is the account. The best way to help them is to upvote their posts and comments or delegate SP to them but I don't suggest doing that until you at least have your slider bar (500SP).
Also you can sponsor someone into SBI and that helps keep them growing. To do that all you need to do is send 1 steem to @steembasicincome with the name of the person you are sponsoring. Nice thing is that also gets you an extra share, win-win!
You can upvote them easily with @steemdunk - I takes about 10 minutes to set up. This will give you a multiplier and more bang for each vote.
https://steemit.com/curation/@fitinfun/minnow-tip-steemdunk-post-upvoting-save-time-increase-rewards)
Thanks for the well-explained information! I had no idea that with each person you sponsor, your own received upvote gets higher. More reason to pay it forward :)
This is why I asked you to directly sponsor people for the Judges choice vs sending me steem for sponsorship. Wanted you to get the extra boost to your posts!
Oh I put all that together already my friend! Thank you :)
Indeed every penny counts! :)
Your post look so much nicer now. Once you justified it. cool :)
upvoted
I agree. Think when I first started I looked at the styling cheat sheet for this and as it wasn't html I thought I wasn't able to use my old formatting knowledge...which is rusty anyways. Knowing that I can do this I may pull out a few more ideas later. Thanks again!
@steembasicincome is something I have been looking at. I do like these small investment = drip return schemes. Can you sponsor yourself in though?
You must sponsor someone else and then you get one yourself. You can not just get 2 shares. If you need someone to sponsor please take a look at your most active commenters or repeat voters on your posts. Sure someone there who is active could use a boost. Or find someone you feel is doing good things for the community and sponsor them.
OK, so you can get in the scheme yourself with a single share, and also someone else gets one to boot. This will get me into it though?
Yes just send 1 Steem to @steembasicincome and the person's name in the memo. You can send as much steem as you want to do multiple shares with one transaction if you wanted.
Example maybe you wanted to sponsor 4 people at once you would send 4 Steem with a memo of @person1, @person2, @person3, @person4
Or say you wanted to sponsor 1 person for 4 shares, then you just send 4 Steem with the one person's name in the memo.
Then you would get 4 shares also.
Just make sure the @ is in front of the person's steemit name. Nothing else goes in the memo other then the name(s) of those you are sponsoring. They are trying to automate this process and anything extra messes with that process.
Thanks @thedarkhorse for taking the time to clarify this for me. I think Ill be joining soon.
No problem glad to help!
your posts are very clear and easy to understand, everything you write gives me new knowledge, I will try to always read your post so that I get knowledge there, hope you always success, I just joined in SGG, and I learned a lot there.
Thank you, glad it's easy to understand! SGG is great and you will meet some great people in there for sure. Make sure to chat a little in there and make some friends.
i will do it Sir..
Of you get a 15% upvote with 19 shares there is only one thing you need to do: write 100 posts per day 😀😁
I guess (I'm actually sure) that you missed this aspect of sbi. The more you post, the lower your upvote percentage gets.
Nevertheless I like your story and sbi as well!
Oh I understand the weighted voting system they have very well. Some people think they can post 42 time in a day and make a killing from 1 share, not the way the system is designed and as it gets automated this potential for short term manipulation will be reduced even more.
Thought I had mentioned the weighted voting based on voting frequency. Thanks for bringing this up as it's a pretty important factor.
Actually kind of addressed it, but clearly not good enough:
You're right it is in there but a bit cryptical.
I wonder do they still keep 500 shares in each sbi pool? I thought that was at least their intention when they started.
Yeah I didn't explain that part the best. Problem when you promise to get something posted and then have your boiler explode during the busiest week of your business year...bad combo...lol.
They clearly aren't as I don't think that would of made the balancing of inactives pretty hard. Really the number in each pool shouldn't matter as long as there is enough VP to cover the added people. Think it would get crazy with to many SBI accounts to balance the leased SP.
If they kept 500 shares in each pool we could easily calculate our return (14% upvote per week per share). But if they don't this will just get a little more difficult.
That's at least the thing I find very interesting. What return do I get in terms of financial rewards to earn back the investment? And what difference is there between the different pools?
If I have some time in the coming days I might look into those questions. But if you already know the answer I would be happy to hear!?
Except that math wouldn't be correct due to all the inactive accounts.
Currently I haven't done the math to figure out the ROI yet or if it's different per pool. Just trying to get to 100 shares in all 6 pools....lol. j/k...well sort of kidding. Would be cool to have that many votes coming in. Plus it would mean I gave away 600 SBI shares which would help a ton of people out.
Just get a few and you will be hooked like me. I post 2-3 times a day and I'm adding sbi shares as fast as I can.
I tried to check, but it looks like you only have very few sbi shares right now. Is that correct?
And how do you add them? I mean so you organize a contest to select a Steemonian that gets a new sbi Share?
I think I have about 10+ now. I have not looked and I have a few coming.
You can give them away however you like. I did this recently:
https://steemit.com/steembasicincome/@fitinfun/presenting-the-second-bxlphabet-fitinfun-steembasicincome-giveaway-winners