I am a fairly new user and generally spend my time up-voting great posts and commenting to learn and get to know other users. I rarely up-vote myself. In a post earlier today, @orionschariot provided an example of splitting voting power between yourself and other users detailing the financial return on an investment in Steem Power. I have quoted his example below. Is his example correct? If so, Steem Power is about to become a very popular asset to own.
Example by @orionschariot:
"Here’s a brief example to show the power of holding Steem Power since HF 19.
You have an account of 1500 Steem per se and hold it all in Steem Power. With the current Steem price being $2.20, that makes your account value in USD $3300. That should roughly give you an upvote of around $1.50. So for examples sake, let’s say you upvote every day until your voting power gets down to 80% and then call it a day, let your voting power regenerate and start up again tomorrow.
Using these numbers you’d be able to give out $15.00 per day.
15 --100% upvotes (costing 2% per vote) = $15.00
Let’s say you split your upvotes at 50% for upvoting others and 50% for upvoting yourself.
$15.00 per day
$7.50 per day you’re upvoting your self and $7.50 per day for others
$7.50 per day times 7 days = $52.50 per week for yourself & for others
$52.50 times 52 weeks = $2,730 per year for yourself & for others
You started with 1500 Steem worth $3,300
After one year your account is worth$6,030
That is 83% ROI and I haven’t even figured in 1 penny of author or curation rewards nor the price of Steem increasing.
Just let that sink in for a minute."
If the example is correct, we should all be loving our steem power and carefully considering our voting balance between our own short term self interest in voting for ourselves and the long term self interest of seeing Steemit as a platform proceed with healthy growth. Too much self-voting and you could kill the golden goose by not rewarding good content and discouraging new users.
Let me know your thoughts please.
I was looking for a new career, and found Steemit..
I decided to invest, and I like encouraging new writers.
It's fun to read such brilliant people online, without advertising. It does make me feel connected to a real community and I hope I will be able to make my living posting, curating and commenting on other's great posts!
Thanks for reading and for the up-vote. I feel like the lights are coming on for me a little bit. I have been on Steemit for about 6 weeks now happily up-voting and making friends, but never seriously considered investing real dollars. Now I am beginning to see Steemit as serious option for investment. What is your biggest fear regarding your Steemit investment?
Nice, i hope it plays out for u!!! Good luick!
Keep it up and never let anyone stop u ti do what u want!!!
It would be awesome to make blogging on Steemit a full time occupation. Freedom of time, Freedom of movement, Freedom of brain. Hoping for a bright future.
Voting for yourself takes away from the discovery of quality by the network. This is why I am campaigning to have it removed from the blockchain. Consider the amount of rewards being sucked out of the system by bigger accounts that are largely just self voting. This is rewards that you can't get from being upvoted because of this.
Thanks for your reply. I largely agree with you. If all we do is self vote, we are being very short-sighted and will largely ruin Steemit. I hope it does not need to be entirely removed. I read another post by @sean-king who has declared his own voting policy. Take a look. https://steemit.com/steem/@sean-king/my-self-voting-policy
I don't see what the need for it is at all. It's a temptation that the greedy and desperate will, and as is being proved, are exploiting to the maximum, and the numbers coming in seem to be pretty clear that it's damaging the platform.
I get it. I'm going to keep thinking about it. A couple questions. If you could not up vote yourself every once in awhile, would a user bother to accumulate steem power? How would it impact Steemit if users had little motive to accumulate Steem Power (Steemit's version of long-term investment)?
I accumulate SP so that I can have more influence in allocating the rewards to under-recognised, valuable contributors, and to influence the Witness schedule, which I think, I could be about to start to really start throwing a cat amongst the pigeons.
I have raised multiple extremely valid and critical issues on the steemit github. One was about the severe security flaw in the requirement to use a sensitive Active or Owner key by witnesses to set their feeds, which makes automated price setting somewhat risky to do with a hosted server not under one's physical control. Being that
steemdis such a demanding application, both in disk data throughput and network latency, to not be able to make this data feed automated, in my view, damages the effectiveness of the SBD pegging algorithm.And in response to raising these issues at github, this is the kind of response I get: https://steemit.com/steem/@l0k1/a-little-glimpse-of-what-non-inner-circle-developers-and-witnesses-face-when-dealing-with-steemit-inc
From a top 19 witness!
Now is, I believe, the time for community building. When the wheat and chaff separate, those who have stuck in for the long haul will see their value increase, those who continuously cash out, or rely only on themselves to get votes, will find it difficult to sustain for the long term. Part of the whole addiction to this platform is its newness and those dopa'mined' dollars congratulating good work like a dolphin prison fish.🐬 I'd like to see the @randowhale and the minnow support bots only used for voting others rather then self, I think that could make a real difference in the community.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by bleedpoet from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
Thanks that clears it up a little. Really don't know the ins and outs of voting power ect....
yea im new too and this steem/steem power voting percent thing is still over my head. Im going to search on youtube for someone to explain it clearly.
i found a video that cleared some things up for me
Thanks for sharing this video. Helped a lot.
I'm really just asking the question and seeking thoughts from people smarter than I am.
Great Post. I really do need to recharge though, my power is below 30% from upvoting every one lol.
Me too. Not that my vote is worth much when fully charged, but I went on a happy little voting binge after the HF this week.
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://steemit.com/steemit/@orionschariot/why-holding-steem-power-might-be-the-best-long-term-investment-of-your-lifetime
I know this is 4 months late, and maybe the rewards have diminished significantly since then..... but 1500 steem power would give you about $0.15 of at 100% voting now, not $1.50 from your example.
Good advise I'm just starting out myself and even though my vote isn't worth much. I'm trying to give my votes to newer users...