I think the slider unlocks at 500 steem power right? The people I am seeing doing this that are draining the rewards are high enough to definitely have unlocked the slider.
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I think the slider unlocks at 500 steem power right? The people I am seeing doing this that are draining the rewards are high enough to definitely have unlocked the slider.
It's about 480: https://steemit.com/steem-help/@sykochica/what-s-this-slider-bar-and-vote-power-percentage-what-s-the-difference
So newbie accounts are wasting, by no mistake of their own, their SP.
Worse than that, if you are careful you can get 100% growth of accounts just through self voting:
https://steemit.com/hf20/@jerrybanfield/we-double-our-steem-power-upvoting-ourselves-every-181-days
Yeah I referenced that Jerry Banfield article in my post. Though doubling steem power in 181 days is actually slower than if people just engage and post, and comment, etc. By 181 days my account had increased by close to 1000x.
So 2x is not that impressive. 2x if you are already very powerful is impressive though.
Not if you have a grip of SP. Gaining a bunch of minnow votes is not even remotely comparable to the self vote of a whale. Whales will NEVER double their account value relying on minnow votes.
Yep, they are actually the ONLY ONES that strategy would work on. Yet is also would likely devalue steem a lot so they might actually lose money, and all of us with them.
I really don't want that to happen. It has happened. Last July, I am told, many Steemers abandoned the platform, and the price of Steem plummeted from a high of around $4 to a quarter of that (I wasn't here so don't recall personally the event, or the figures, and am just repeating what I recall folks that were here then saying).
As Steemit grows and turnover is greatly reduced, investors in Steem achieve capital gains, and this is an appropriate mechanism for such gains.
I was here in July. What was happening then with so few people was unsustainable. The $4 per steem was purely due to hype I think and the platform coming live. An unknown who was not one of the powerful making $36K on a makeup tutorial. A lot of strange things like that... there were things on the trending page every day that were over $10K and they were often simple recipes. People that abandoned due to the price decreasing after that abandoned due to their unrealistic expectations. I expect the price to rise and fall, but I don't expect the platform to go anywhere. Two of my kids Kelly and Nathan are kicking themselves for not being as active on it as I have been and sticking with it like I did. Nathan started I believe on the day I did or the day after, and Kelly the week after.
Thanks for letting me know the facts about what happened then. I have managed finally to finish the Steemit white paper, and it has bettered my understanding of Steemit - almost as much as you have. I also reluctantly have acknowledged that I just can't curate all the content I want to. It is very frustrating withholding my vote from authors and content I want just to upvote.
I've managed to get my VP back up to 37% after two days of self abnegation. It's one of my main impetuses for why I have been commenting on this issue, and the post I dropped this morning after writing it all night long.
Now, Imma take a nap =p
Thanks again for your always thoughtful posts and comments.
It also demonstrates my point that abusing self-voting is not just something little accounts seem to be doing.
The minnows are in a quandry because of their inability to conserve their voting power. Self vote and earn, or vote for others and earn nearly nothing.
Toss in discoverability... due to the sheer volume of posts dumped all in the same pool it is hard for small accounts to get noticed. Getting harder every day. They can't get communities working soon enough.
You know, back in September last year, @ned was talking to me about early concepts with this feature. It's time it was done.
Yeah... it needs to happen.
chainBB can be used now to create communities, but idk how many people are using it
I've been meaning to, but haven't gotten around to it. Perhaps I'll spend some time there over this 4 day weekend coming up.
it's a hard habit to form (note I'm not using it now LOL)
Steenmit is so convenient to use...between Steemit's ease and the availability of so many front-ends to the blockchain, I haven't settled down to consistently stick with nay use of the other platforms