Steem Basic Income - Member Upvotes Drive Sustainability

[steembasicincome]

Steem Basic Income

Steem Basic Income is a social experiment to bring a basic income to as many Steemians as possible. Members join by sponsoring others into the program. Steem Basic Income is delivered through providing regular upvotes to member content.

Many of our members use the #steembasicincome tag for their contests, so check there for contests that we might not have resteemed!

Support from Members

Thank you all for your support! The upvotes that we receive from our members are an essential component to keep delivering a sustainable basic income! We can also see some of the upvotes from fixed return services like @lays and @smartmarket that we were using to boost our long-term sustainability.

img source: http://www.steemreports.com/top-voters/@steembasicincome

All members that upvote consistently are rewarded with a bonus increase in their voting weight. To get the best benefit, we recommend using @steemvoter or @steemauto.

You've seen the chart of upvotes received, but how does that drive sustainability? Here are our SP rewards received over the last 28 days:

With the trend somewhat down over the last month (even with rapid membership growth), we've had to return to the delegation markets to maintain our target ratios. We're going to prioritize regular updates to stop the big dips and start trending up again. This will result in a little more delay in the processing of enrollments. I'm looking forward to the improvements that will come with full automation!

Enrollment

If this sounds interesting and you want to get involved, or to increase the share of basic income that you receive, enrollment is pretty straightforward:

Just send 1 STEEM to @steembasicincome. Include the name of a Steemian to sponsor in the transaction memo. You and the person you sponsor will each receive 1 share in the program. You can sponsor any active Steemian, it does not have to be a current member.

The official currency for enrollment is STEEM. We accept SBD at our discretion (usually when they're very close, or when SBD is stronger) but you do not receive extra value or any partial refund for paying in SBD instead of STEEM. If we choose to accept an SBD enrollment, we accept the entire amount. If we choose to reject it, we refund the entire amount and request you to send STEEM instead.

It's fine to send a list, but we prefer a comma after each name. If you send a list, please specify share amounts for each or we will assume equal distribution (e.g. 15 STEEM with 3 names means 5 shares each and 15 for you, unless you specify otherwise).

As we get close to automation for enrollments, we will tighten up the transaction memo guidelines, but we will make plenty of announcements. Please bear in mind that enrollments are currently processed manually, and we are prioritizing regular updates over new enrollments right now, so there may be some delay before you receive confirmation or adjustment to your voting weights.

Steem Creators Conference

We are pleased to have been invited to speak at the Steem Creators Conference in Las Vegas next month. Learn all about it at https://www.steemcreators.com/ Mark your calendars and book your tickets, this is going to be an awesome event! (Look for our name on the registration page to get a $25 discount on your tickets.)

Questions?

We broke down the mechanics for how the program works in the complete overview. You can check your share counts and upvoting weight in our spreadsheet explained here. If you have any questions, ask away in the comments section or join us in our discord channel.

Comments

[bitfiend]

Thanks for all your efforts I am happy to support and have the support of sbi.

[zonguin]

Is delegation to @sbi2 or @sbi3 for example counted ?

[steembasicincome]

No. We manage SP in the pools carefully, leasing delegation as needed to a target amount (or delegating directly from Pool 1 if it has excess and delegation orders are not being filled). Since delegation takes 7 days to recall (and has no impact on voting values for either account during that window), this minimizes the likelihood of needing to recall delegation from a lower pool if a member should over-delegate to it.

[wonderwop]

Thank you again for breaking down the upvoting comments question I had yesterday. Your answer put my mind at ease and now I have a handle on upvoting. I'm still personally upvoting as of right now. I may switch to automated in the near future. It's just that I like to make personal comments when I upvote.

[steembasicincome]

You're welcome!

[wonderwop]

We all want to see SBI succeed, we need the daily love. 😘

[forexflo]

@steembasicincome for ever

[yann85]

Long life to @steembasicincome ;-)

[tcpolymath]

I've read the explanation posts (may even have understood them) and have a couple of questions.

1. Are you making a decent profit from this, that scales with the size of the program? I'm asking this not because I think you shouldn't be, but because I'm hoping you do. Because this is a very long-term project, I'm concerned that you might not have sufficient motivation to continue it as it scales up.

2. Upvoting rewards seem to be scaled by percentage upvote rather than by upvote value, which seems strange to me. Could you elaborate on the reasoning for that? It seems like I would get the same bonus per upvote now when it's worth $.01 as I would once my delegation expires and it's worth $.70 again. I'm not necessarily against that but I'd like to know more about why you chose to do it that way.

Thanks.

[steembasicincome]

Thanks for stopping by. It sounds like you do understand the program.

1. The program manager receives bonus shares equivalent to 5% of the total shares (so for every 1000 shares in the program, 50 bonus shares are assigned) receives some income from the upvotes allocated to those bonus shares. It's not much right now, but it will scale. At a specified threshold, the number of management bonus shares will cap until it drops to 1%, and then it will scale again for as long as the program keeps growing.
2. That was a contingency that was based on the limitations of manually managing the upvote weights for the vote delivery system we use. We are working on a complete overhaul of the back-end systems to fully automate everything. As part of that new system, we will announce a new reward structure for the upvotes we receive, to make their actual value an important factor. Right now most of the upvotes we receive are from small members and don't add up to much; the new system will make it much more interesting for bigger fish to show their support.

[tcpolymath]

Thank you.

[rishi556]

I'm not on the list, but I see some names that I recognize on the list. Thats pretty awesome to know so many people here that I start seeing connections with them and other people I know.

[steembasicincome]

Like so many visuals, it's limited to the biggest upvoters. We have a lot of smaller accounts that have us on their steemauto or steemvoter, and we appreciate all the upvotes from small accounts, too! We've received more than 3200 upvotes in the last month, from 730 different accounts. It will be higher when we are more regular with our updates, because then the people with subscriptions will provide more support (and receive more benefit from providing that support!)

And yes, it's awesome the way Steem builds all these unique individuals into semi-cohesive communities!

[hiranur]

Thank you so much for sharing,