RE: Improving the Steem platform for long-term content
@markrmorrisjr, Actually that's not quite how it works. There's no set daily pot that people all share in because of the upvoted weight of their posts. In fact it's nothing like a race for votes to see who gets all the cash by percentage. Most of the STEEM that currently exsists was already mined, set and in place long before the platform itself even went live.
STEEM as a currency already has a market cap of around $180 million USD. It's money that's already been mined, and accounted for. Some of it is held in vests in the form of Steem Power, the rest remains a liquid asset.
When people post, the reward system gives determins the amount awarded based on the currently help vesting Steem Power of the voter who made the vote. If someone with a lot of SP upvotes you get more more of a reward than you would if someone with less SP upvotes your post. The inverse is also true of downvoting/flagging when removing a post's rewards.
There's no big daily "pot of steem" as it were. Think of it more as a huge "pot of steem" that was an already filled bowl of punch long before this party began. The amount of SP someone has determine how much or little of that huge pot they are allowed to dish out on a daily basis. If people with large vests simply just abstain from voting that portion of Steem simply does not move but instead remains in the bowl for tomorrow or whenever they vote later on down the road.
In reality (how ever unusual and highly unlikely the case may be) if every single person with vesting SP all upvoted the same post during the payout period it would be literally worth 6 figures easily. This however is very unlikely to happen, but is in theory is possible.
There's no set daily pot over which to fight because the pot per se, is really a much larger ocean. How much gets dished out each day varies greatly based on which voters are voting, how much voting weight they have, and how many times they vote.
Here's a Link To The : Steem White Paper which does a much better job of explaining the process than I ever could, but be forwarned it's about 45+ pages and at some points gets incredibly technical.
Note: some of the recent changes have had some impact on the finer points of how Steemit works, but the underlying principles outlined in the White Paper are still very much the same.
Yeah, I read it , but I need someone to explain the bits that made my eyes glaze over, I was under the impression of a daily amount based on an assumption, confirmed, I thought through a couple of posts. Part of the problem is that so much of this is not even covered in the whitepaper, understandably, since the details need to be flexible at this level and committing to a specific payout time structure, etc, could present issues. Anyway, thanks for taking the time to explain.
thx for your post, can you please link to a post or name the page / or code where we can find more details how the post payout exactly functions?
As far as I can remember the whitepaper says, that in the long run round about 5% of the inflated steem is used for post rewards (not counting the different initial distribution in the first months / years). This sounds like the amount of steem for block rewards per given time period is fixed. Therefore logically voting for something would decrease what all others get.
But so or so, even the current exponential payout algorithm could be done in a way, that instantly pays out. The only problem would be flags that reduce the payout. But this could be implemented that way, that flags simply reduce future payouts, or there is a time period of lets say 24 hours that flags could reduce / negate the payout transactions.
@arcurus Sorry It took me a bit to get back to you, I called it an early night. Here's a link to a tool that will show you how much a person's vote is worth.
Link To Vote Weight Tool : How much is my vote worth?
thx for the link! Yes it says my vote is worth 15.8 cents, but i guess thats only true in average... Normally my vote is worth 2 cents. It would be interesting how steem payout is really functioning. I guess I have to look into the code.