CATASTROPHIC problem with the current curation reward system!
Example: You have 5 STEEM POWER and are the 2nd to upvote a post after the content creator does and the post ends up making $10,000 in 24 hours. The amounts below are estimations to illustrate what the problem with the current reward system is.
Current rewards:
- You receive 0.01 STEEM POWER
- @dantheman came in as the 50th vote and ends up making 100 STEEM POWER
Why would someone, who is much less skilled in this particular case, make significantly more? How is this even remotely fair? Why would curators be rewarded based on the amount of STEEM POWER they have? They already have the power to make posts trending based on their STEEM POWER, that's enough advantage compared to someone with little to no STEEM POWER.
Desired rewards:
- You receive 100 STEEM POWER * voting power
- @dantheman receives 1 STEEM POWER * voting power
As you can see this makes much more sense. How could this ever have slipped through the cracks before it went into beta? It's mind boggling!
Leave you comments below.
It does matter if you vote from signal big account or from or of small one. You accont stake is matter. So that dantheman will not split is account power to many small voters/users.
See, I am the FIRST voter, but now some people are ABOVE ME? WTF IS THIS?
I agree that the current curation reward system seems to concentrate SP to a select few. This income inequality is a disincentive for new users
dan wont like this, anyways i agree with you boss
If you vote before the 15min mark you share 99.8% of your rewards to the Poster. After 15min you share 50% and after 30min you share 0% of your rewards.
Since when does time have anything to do with it? The whitepaper explained that the first 0.1% of voters receive 33% of the total reward, the next 0.9% also 33% and the other 99% the final 33% or something close to that distribution. Nowhere in the whitepaper does it mention time. Also are you saying that it's better or worse to vote in the first 15 min?
Anyway even if that's true, the problem remains the same. If he comes in as 50th voter he still makes 100's of times more than the guy with 5 STEEM POWER that voted 2nd. EXTREMELY PROBLEMATIC!
they changed the rewards in the latest fork. They had problems with bots voting before humans can even touch the upvote button. so they did a reverse auction.
The changes not address those issues
I wouldn't call it catastrophic but it's definitely something to keep an eye on. I think what you are stating is a little extreme, it discourages curation, not everyone is a whale. Also not every poster is a good curator for that matter, this way you will be creating whales out of every succesful poster (well they are already becoming whales but now you are increasing their power exponentially).
Just look in the history for @dan or @dantheman or @ned or any of these whales. They all make thousands of STEEM POWER curation rewards per day, so you are going to tell me that ALL whales are HUNDREDS of times better in curating than us? I call bullshit, the system is EXTREMELY flaud :)
No you actually have a point...I know it sucks spamming your post but check my most recent post, imagine what could happen if companies start buying SP...whales the size of continents!
https://steemit.com/steemit/@moonjelly/what-if-steemit-goes-corporate
All 3 of them built Steem I believe. But hey they usually vote before 15min so they give away all of the awards to the poster.
@dan and @dantheman are the same person
and @bytemaster and probably 10 more accounts. They're all owned by Daniel Larimer or whatever his name is. But that's not important. I have NO PROBLEM with him becoming a billionaire because of SteemIt.
I do have a problem if people that are way better wouldn't have a chance against rich people. That is SO infuriating. It's like going to a grandmaster chess tournament but you're only allowed to play with 1 pawn against the opponent's 16 pieces.
WHAT THE FUCKKKKKKKKKKKKKKKK? So if you vote just before payout (24h after posting) you get the BEST rewards?
actually after 30min. but it all depends. if you have alot of people in front of you in line before the 30min mark they get a better cut of the rewards but they also lose a portion of their rewards to the Poster. Theres alot of math involved, its all about timing and where you are in the line and how much Steem Power you have and also Voting power. If you vote to much at a given time you voting power goes down and your reward gets smaller. Read the white paper.
@karbonxx, so you're saying the best result would be voting on a post at EXACTLY after 30 minutes, just before all the whales come in?
EDIT: i forgot to mention the reverse-auction penalty in the formulas which influence the reward significantly (exponentially less) in the first 30 minutes.