[Steemit] Something on Steemit that Confuses New Users
The $ payout at the bottom of posts and comments is not accurate.
I understand why the developers at Steemit want the post value reflected in USD. Seeing that $$$ get's people excited. It communicates that these posts have value. If you live in the US, these posts and comments are worth THIS MUCH in the same dollars you use to buy groceries and pay your bills.
I understand why it's described this way.
But the goal of Steemit is to earn STEEM and SBD.
One thing that is lacking on Steemit is a quick and easy estimation of how much SBD and STEEM POWER (Vests) each post will earn at the end of the seven days. I know this can change, based on many factors, so when the payout happens it may be different than when the post or comment was first upvoted. We've seen payouts increase and decrease over the seven days without any new upvotes or downvotes.
Trusty Excel
Sometimes I like numbers. Sometimes I like to play with numbers and make calculations. If I want to find out how much a $0.01 upvote really contributes to the payout of a post, we have to a little math. This is calculating with STEEM at $4.27 and SBD at $6.75. (Both of these numbers are always changing)
So you contribute an upvote worth $0.01
With current values, you are actually contributing almost $0.03 to the author in value. How cool is that!
Minnowbooster
Say you purchase an upvote for $17 SBD ($114.75 USD) and recieve an upvote "worth" $44.63. What's is really worth?
Minnowbooster does a wonderful thing, in that they refund the balance in SBD, so you always receive back the same SBD you put in, while getting to KEEP the STEEM POWER. This gentleman was refunded $0.120 SBD.
So the end result? Pay $16.88 SBD ($113.94) and receive back an upvote worth $129.627. That's 12% more! About 4 SP bonus!
Learn more at Steem.Supply
The best way to learn about the REAL value of posts and comments is to learn from http://steem.supply/
Visit the Rewards Calculator to better understand how the payments work.
Here's an excerpt from the page:
The main confusion point is the "$" displayed by default near the rewards by Steemit (and busy, and eSteem). This "$" is not a USD. It has nothing to do with it. It's also not a SBD. So, what is it? It's what I'l call from now on a "Steem Token Unit", or STU. This is different from SBD and STEEM as currencies, and it's actually the expression of the underlying value storage in the STEEM blockchain, which goes under the name vests.
I hope that this has been helpful in understanding what that $$ number means under our posts and comments. Gain some understanding of the real value of your upvotes.
Steem on!
Ououh so good
Keep in mind, steem supply's numbers assume 25% curation fee, which is not true if you time the vote earlier.
Yes thank you for mentioning that. I thought about writing about that in the post, but it gets a bit more complicated when factoring vote times in the first 30 minutes. There's some talk that this may change in the near future. I kept it simple by assuming 25/75 curator to author's ratio. If anything, the author's rewards may be a little higher. @ironshield
I’ve always wondered about this. Lol
I’ve never been upset though, I can tell you that much.🍾
I like to think I am good at math but this has been confusing me a little your posts are making it clearer for me thanks for that
Thanks for the explanation, I have always wanted to know the value of my upvote.
I agree that the way payouts are listed can be quite confusing. It's certainly better to look at them in terms of STEEM and SBD, but until the developers decide to change this, we'll just have to use the tools that you pointed out in this post.
Thanks for sharing. This will be helpful to many people.
Hey @ironshield,
yeah that's true. I like your theory of the Steem Token Unit. And all the calculations you did to arrive at the conclusion that vote bots give you Steem power and some minor profits.
Here's a chart that will better explain the reward distribution;
Zoom to use
Btw: How's our boy doing? And the Mum? Keep steeming Sir!!
#AIR-CLINIC
Daniel says "hello". Mom is doing great! @ironshield
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My knowing is the sbd and usd are same rate but im wrong
This was so very helpful! Thank you for sharing to this newbie.