RE: Whales - Can the community buy out a portion of your influence?

[ebryans]

As we get down to Number 127 on the hit parade, this list accounts for just over 80% of all the sp in the world. I assume that anyone not on this list is exempt for another reason. There are accounts missing in terms of SP.
Prepare you weapons all whales and dolphins!!Ok, I shall play the game and get shot at for knowing the game! @timcliff, could you explain in layman's terms what effect you believe that this will have on the reward pool? If I know this I can - given time - tell all the whales what it will do to the value of their steem, given certain assumptions. As the steem value is, in all reality driven by them, I hope that this will make them happy.

Comments

[timcliff]

@timcliff, could you explain in layman's terms what effect you believe that this will have on the reward pool

The size of the rewards pool is static (based on the price of STEEM), but the way the rewards would be allocated would likely change drastically.

1. Since the whales would be using less of their voting power, the upvotes from dolphins and minnows would have more influence in the distribution. This basically means that an upvote from a dolphin would add more payout to someone's post than it would today.
2. It is very much an unknown, but the idea is that in the long-run this model will encourage more "regular users" to buy/earn more SP in order to have more influence. This (theoretical) demand would drive up the price of STEEM - which is good for all of us.

As we get down to Number 127 on the hit parade, this list accounts for just over 80% of all the sp in the world. I assume that anyone not on this list is exempt for another reason. There are accounts missing in terms of SP.

I used http://steemwhales.com/ to grab all the top accounts until I reached one that was below 250 MV.

Prepare you weapons all whales and dolphins!!

The hope is that this will be a "win/win" for both dolphins and whales.

[ebryans]

May I therefore rephrase the question which you know is coming, what is the value of a whale vote under the 250MV cap as against my remodelled $0.002 value vote? And then the value of a newbie vote, Day 1. Yes, you will say it depends but I am sure that you have done models. Given a $7k day

[timcliff]

I've tried to do the math, but it becomes too complex. I could be way off on this, so don't quote me on it (well I guess it is in the blockchain now, so..), but I guesstimate that your vote would probably be worth $0.01 to $0.02.

[ebryans]

Whale, dolphin, newbie (fresh)? If the system cannot evaluate the most basic metric of steemit then throw out the system and get a new one. The public decimation will be like watching 20 last scenes of Braveheart rolled into one

[timcliff]

I could point you to the formula if you want to do the math ;)

[ebryans]

@timcliff, I really do not think that the discussion can go anywhere without clarity. The whales have absolutely NO RIGHT to be rewarded for driving the price of steem down to where it is. In any normal situation, they would ALL be fired and replaced. The investors I have sympathy with. The miners can all go and write their explanations to the rest of the community as to why they behaved as they did in ensuring this dive. There is nobody else to turn to other than themselves. You know I am right, everyone SHOULD know that I am right - it begs the question which everyone should be asking themselves - who benefits from the low price of steem, other than a stalker?

[timcliff]

Sorry, but this comment is not solution oriented. The proposal in this post is essentially trying to solve the issue you raise.

[ebryans]

This is an interesting development! Unannounced policy change

[transisto]

It's people becoming whales that made the price of steem go up.
Based on that what's your point ? You think there is some magic distinction between a whale and an investor ?