How do we empower each of us to have a fair chance at earning a part of the new Steem and SBD created each day? Which rewards curve gives the ideal combination of giving each author a chance to earn while helping the most valuable contributions earn the most? When we vote for posts we love, how do we choose which posts rise to the top of the trending pages on steemit.com? Where are the opportunities to game the system based on each reward curve? Will you join us for a discussion about this during this live witness update because talking about this may help us to collectively to feel good about what we already have?
Answers?
For those intending to read, here are a few quick thoughts that we can talk more about during the live stream!
- When everyone's vote is equal and rewards are linear, we enjoy simplicity in having our vote on any one post worth the same as on another. With anything besides linear, we are incentivized vote on posts based on which pays out the most. When we previously used a non-linear rewards curve on Steem, we saw our votes worth as much as 100 times more on some posts versus others with generally most posts getting much less from an upvote while a few posts would earn nearly all the rewards.
- Today the rewards on a post are a primary consideration in which posts rise to the trending page which allows Steem power to directly control which posts rank the highest. If we use a system that considers more the quantity of votes, we reward duplicate account creation and mass networks of bot accounts placing thousands of votes in exchange for bids.
- The primary opportunity to "game the system" today is to pay for a lot of votes from voting bots on new posts which is very similar to how advertising works in the rest of the digital marketing world. If we change the reward structure, we may make voting bots even more profitable for some bidders. If we change the way posts hit the trending page by considering the number of votes, we will allow users creating thousands of bot accounts to not only control any trending page but also to profit off of accepting bids for votes by their bots.
- Do we help each author earn by keeping our rewards simple and fair with a linear rewards curve the way we have today or do we help our authors earn better by changing to something else?
Maintain or Change?
What appears best for the majority of us, especially those with lower Steem power, is to keep the rewards curve and the trending ranking exactly the way it is while encouraging and rewarding more participation in individual communities and tags.
I am actually arguing against what you might call my own self interest here because if we did change the rewards curve to super-linear in favor of posts with more votes and the voting rankings to considering the number of votes more, I would likely earn even more than I already do now without doing anything differently which is exactly why I am suggesting we keep the rewards curve the way it is.
If we changed the linear curve to reward posts with less votes more, that might help more of us get a better share of the reward pool at the cost of complicating mentally our voting. Steem is complicated enough and my vote is for keeping the way we reward authors the same while trusting our curators to help reward the best posts.
Voting Bots?
During the live stream, I will answer questions during the live stream about the @jerrybanfield bid bot, https://steembottracker.com/, and anything else we are interested in talking about! For support with my bid bot, will you please visit https://jerrybanfield.com/contact/ because everyone that can help is available to help in my discord channel?
To summarize, I think voting bots overall bring a lot of value to Steem while having many downsides that when we are aware of them seem reasonable in exchange for what we get. Voting bots making holding Steem power and delegating to a bot one of the best opportunities for investors to earn cryptocurrency just by holding without touching the principle which is very good for the Steem price trending up.
Meanwhile, voting bots have taken away a lot of the incentive for those especially with stake to provide upvotes making earning much more challenging for the average author not using voting bots. I personally have lost huge as an author since the rise of voting bots because many of the big upvoters that used to drop votes on my posts have delegated to voting bots including my own bot.
Keep Rewards Curve The Same?
With all of the innovations we are developing for Steem, it seems wise to leave the rewards curve alone while we focus on smart media tokens, communities, and developing more applications on Steem.
Thank you for reading and I hope this live witness update was helpful! I am available for most of the next hour to answer questions and will talk more about this in the video on @dlive!
Love,
Jerry Banfield
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My live stream is at DLive
Hi Jerry,
I think that the distribution on author rewards has to change for longterm success and further growth.
Maybe you could take a look at my lastet proposal:
https://steemit.com/utopian-io/@steemhq/how-to-make-steem-great-again-the-exponential-author-reward-method
bro your any comment awesome or amazing
Thanks @jerrybanfield. I agree if we made it to where rewards were made based on how many votes they received, there would be a ton of bid bots. I agree the only way to "game" the system today is through paid upvotes, just like advertising.
I have a simple solution that might be under everyone's nose. What if we hid the amount of money a post made and how many votes it had received. Wouldn't that then allow posts that are actually good content to be upvoted and recognized. I feel this will bring more authenticity to Steemit. Sometimes if I see an article is worth only a few cents I'm tempted to not even read. Just my 2 satoshis! Let me know what you think!
I agree and we would just see mass voting cirlces and also people with multiple accounts trying to take advantage that way.
That sounds lke a great idea - seeing the payout values does affect our voting patterns its just basic human psychology. Once I follow people for a while and know they write good content I tend to not notice the payouts so much... I sometimes find myself not upvoting content with big payouts and prefer to spread my votes around those who have written good content but are less recognised
Keep up the good work Jerry! Upvoted!!
Wow. I did not realize that you believed this much in prayer. It has surfaced from time to time in your content, but it was not until I saw your most recent profile (t-shirt). I must admit, I have seen many more of your videos on YouTube than gotten to know your Steemit profile.
Thanks @jerrybanfield for all the time that you have saved me over the past months.
@machnbirdsparo thank you for letting me share your experience with you because this is how I know the shirts are helpful!
I think even the concept of voting bots is going to hurt OC and it will be a huge barrier for users. I have personally posted many, many posts of decent quality and received very little reward. The system the way it is may work now for people who are all in but if what you want is user numbers grow which will lead to more STEEM and SBD being created and going to people making original content, which I think should be a priority. I think focusing constantly on profit is hurting the entire system. People need to be able to vote up and vote down at will with no effect on themselves other than losing reputation which may hurt but something needs to change so content creators make the STEEM and the comments and Resteems make some too and not people who purchase STEEM ad SP through buying it. But I really do think Steemit’s whales are what are holding it back and for short term gain I think many are losing out on much larger future profit and in turn creating something worthwhile and not just an obscure coin attached to an obscure website hardly anyone has heard of let alone used let alone made money from (if you want popular YouTubers to come here i.e. this voting system won’t get them to switch)
you are great one.
This comment has received a 0.34 % upvote from @speedvoter thanks to: @naim1.
Hi Jerry ... Thanks for producing great content for us on a regular basis! You are The BEST! :) We appreciate your HARD Work!!!
@jerrybanfield
There's a problem with your bid bot. We lost about 9 SBD. This is not our money, but that of our users.
Please check what went wrong.
https://steemit.com/resteem/@resteem.bot/4neva7-steemit-resteem-bot-faq
@resteem.bot
@ jerrybanfield, Steemit's platform, search content, we work, think, reason and share, the bot, only performs the work assigned to him, does not even think, what bad :(
I set my witnesses day 1 and never looked at them again.
All that is written here is a deception based on a false premise that allegedly the bots are promoting content to the top where people can noticed and voted for this post.
But, lie is that after the post gets into the top - this post all the same will not receive any voting. No one will vote for you for free when there is an opportunity to sell your voice more than its cost price.
Initially, all these bots were created in order to help make money for those people who were not able to create content that the whales would like. Most often bots gave a votes of about 300% of the investment, and in the dry balance, the buyer received + 12.5% SBD and + 25% to STEEM POWER. A small profit, but still it was guaranteed. This lasted until whales (who are the main investors of bots) decided that it's time to start a complete robbery of ordinary users.
Whales invented a "fairy tale" about that bots should not give any profit at all and should serve only to promote the post to the top, after which the percentage of profitability on boosters fell below the level of profitability.
That is, whales want us to pour in our money from the outside and paid uor money for obviously unprofitable service.
As for moving to the top - this is also a fairy tale, invented by scammers-whales in order to rob us. Even if your post gets to the top - no whale for him will vote for free, because this voice can be sold for good money. The whales did everything to ensure that we always were to lose, so that we lose money, and at the expense of losing our funds, we for a long time kept afloat a financial pyramid called Steemit, with which whales receive tens of thousands of dollars each month. These are the same dollars that are stolen from our pockets, these are the very dollars with which we pay for illusory "promoting" without getting anything in return, in addition to losses, anger, resentment and disappointment in this site.
I several times bought the vote from @jerrybanfield and never received any profit, after recounting the payment for curators, there was always a minus, because the break-even point for SBD is at the level of 266.66%, but this bot never voted with such a force.
I encourage everyone (who is reading me now) to stop using bots until they change their economic model to the one that will bring profit to both parties and not just to whale-investors.
Hi @jerrybanfield i like your videos. Thank
i give you witness vote but i did not know benifit of it and also used your booster one time kindly tell me this now this time it is right to use bosters @jerrybanfield
steemit is not just about SBD, it's also a community to learn to be a writer, hopefully more people are helping small account growth.
Hi Jerry. Are you aware there is another account claiming to take payments from you, and voting on your bot ? ... name is jerrybanfieldroi this is confusing to me.
These are ideas that should be used a lot
well informational post,, i use the idea....
"Voting bots making holding Steem power and delegating to a bot one of the best opportunities for investors to earn cryptocurrency just by holding without touching the principle which is very good for the Steem price trending up."
You got it wrong here my friend. In short term yes, "investors" (aka, quick money seekers) will earn more than they have put in. In the long term this only hurts the platform as rewards are not going to people that build up value on this platform. With voting bots al the value flows to the bigger stake holders.
Before voting bots, the primary compliant was circle voting where those with the most stake voted each other up. No matter what we do here, the value will flow back to the bigger stake holders one way or another. Voting bots make that flow transparent while circle voting was often more difficult to see and participate in.
It is different.
So your primary complaint with voting circle are:
To the first point, of course its more difficult to participate in that is why its a voting circle. But atleast with voting circles it doesn't cost you anythng to participate in, while with voting bots ROI is not stable and can be negative even. (I don't know if there is a profitability in this). The second point is that in voting circles there is more chance of it going to relative good posts, as opposed to now most of the votes go to shit posts that fill up trending. I joined before voting bots became big, and although I remember I was frustrated seeing the same people in trending over and over again, I still think there were some good posts in between. Now I barely look in trending.
Point 2. "More difficult to see" You imply here that because everything is open with voting bots it is better because? We can stop the votes more? I see some vote bot owners putting up whitelists, but how efficient are they really and how will they be able to manage the list of millions of people join the platform.
I agree with you that either are bad. But in my opinion when we don't have voting bots, atleast the big stake holders will need to put extra effort in voting and choosing where there votes go. Like to quality content creator Jerry for example.
well said, Good luck to all!
Hello am stilling expecting my sbd pls@jerrybanfield
Great post Jerry. An important component is getting more interaction from the users. It seems many are bent on creating lots of content but not interacting (voting/replying) with the comments nor actually voting on other content they read...so people have to artificially get votes.
Hmmm I tend to agree that not change the linear curve for rewards is probably the best course of action right now, BUT I have also used bots to try and boost my posts for more visibility and found that while I may get a little better payout, I never seem to increase in reputation...
I am not sure why that is (been stuck at 48 for like 6+ months). It seems that 50+ reputation gets a flood of people voting for you for the curation rewards.
Damn... really trying to wrap my head around all the issues surrounding rewards and reputation, but im still confused!?!?
Looking forward to the live stream, maybe that will clear some things up.
One way of earning that I’m currently using is thru delegation of 2/3 of my steem power for daily SBD returns. I earn about 2-3.5 SBD per day passively using this method. I’ve found it’s more profitable with th sbd to steem ratio being what it is and the SBD being “off the peg” as opposed to using all my steem power toward trying to earn thru curating.
As far as author rewards go, it’s hard to start off getting good payouts without gaming the system and it’s getting harder (moreso than it was when I joined 8 months ago). I’m pretty thankful for the payouts I get honestly and I feel bad for some of the newer folks who spend so much time making gold material but it goes unnoticed due to a sea of low quality material, some of which gets rewarded way too much.
I try to find new people to share some of my votes with but it can be hard. I usually allocate anywhere from 10-75% upvote with the occasional 100% if I find a real gem.
Hi jerry Good Morning i have a question. @budget Can help spanish programs about Steem? I started a campaing for teach peoble about Steemit in my city Ibagué - Colombia. I use money from my Steemblog and created Live from Zoom. can i create a proposal about that?
One question in this does some portion of the bots running go to maintaining steem servers?
All steeminas liking their own comments on this post is just a small glimpse of how content is nothing on this platform :)
Good job! no friend, rather thanks to you for all your support! regards!
@norkamoran
Hello @jerrybanfield! I sent you (2018-05-07, 13:10) 1.3 STEEM but did not get any upvote.
Thank you for sorting this out! @imbi
Will you please join us on discord from https://jerrybanfield.com/contact/ because there we provide all support for the bot?
Congratulations @jerrybanfield!
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