Yep, a full upvote on Steemit is currently worth just over 22% APR (Annual Percentage Rate) - and it doesn't matter how much SP you have!
If you take a look at this upvote calculator, you will see that the current blockchain price of STEEM is US$1.32 and a full upvote worth US$0.82 as pending rewards (for 10,000 SP). This means an upvote is worth 0.0062% of SP; as the numbers are so small, I prefer to work with the weekly values, and this gives us about 0.43% per week in STEEM generated per SP.
This value is calculated by the Steem blockchain based on a number of variables, but is essentially a measure of how large the reward pool is compared to the claims on it. It does not depend on the market price of STEEM. Indeed, over the past 3 months, this has been fairly stable at around 0.45%, showing a slight drift downwards in the past 2 or 3 weeks; in the same period, the price of STEEM has varied between about US$4.20 and US$1.20.
So, although your "pending rewards" in dollar terms look smaller, your actual rewards in STEEM terms are as good today as they were a month ago.
I feel that showing pending rewards in US$ rather than in STEEM does a disservice to the value generated by the blockchain.
The smart users know this is the time to accumulate SP and in the future, when the price of STEEM is higher, they will suddenly reap the benefits for which they worked for now.
I think this is a very obvious psychological problem: accepting that the value of your holdings in fiat currency is the value when you decide to cash out. If you do not need to redeem your STEEM for fiat, then you just carry on accumulating within the STEEM economy. If you do need to sell your coins now, then you have a problem! That problem is solved by getting more upvotes now and paying attention when the price spikes up again.
Enjoy the crypto-economy!
In the next random post in the MAP Directions series, I shall describe how much your actual reward payout is worth.
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