My first negative impression of the proposed voting rule was wrong
Prospect theory tells us we feel losses more than gains.
When told we are losing 40 votes a day it made heavy curators mad and frustrated.
But this is merely irrational human psychology We could have instead been told we were getting
five super votes a day in addition to our 40 votes for use on content we thought was really good and everyone would love it.
This is what we actually got!
the voting bar
means you don't have to use full power for every vote. ( I find it a bit irritating cause it slows me down) Most of us didn't have this before and aren't use to it. it's a relative system
all that matters is what percent of voted voting power a post receives. Everyone has the same influence as before though now infrequent voters could have similar influence to frequent voters.minnow votes count more
this is a possibility. If whales are now typically voting below 100 percent voting power ( when previously they stayed at 100percent) they will allocate a smaller amount of rewards. The rewards will be the same amount but more of it will be allocated to posters by Dolphins and minnows:
How someone familiar with prospect theory would have marketed the same change
you still get same number of normal votes.
40 votes regenerate after 5 days.But Now With the Slider you can Occasionally Supercharge your Vote
. While you default at 100 percent you can slide to 8x when you find something really good to vote on. This will use up more voting power. If you always vote with 8x super votes, only 5 votes will use up all your daily voting power. But if you see something you like you can do it.
See the difference? Same thing but everyone feels happy about having super votes
In short it's a good move but please make the default on the voting bar 12% voting power which is consistent with the old 40 vote rule.
I really like the approach you've taken here using psychological concepts like prospecting theory and loss aversion. Well done! Have you read the books Predictably Irrational or Thinking, Fast and Slow by chance? I really enjoyed both those books.
Thanks for a great perspective on this.
I agree with this analysis. The issue (in my mind) is that the default option is now to always 'super vote', so that now if you want the same influence you have to change every slider to 10-12% each time you vote which is inconvenient for most (IMO). It would have made more sense to me to keep the default vote the same and allow increasing the vote factor on special posts you want to super vote on, like 2x, 3x, 8x, etc...
Exactly. Just display it differently of course the small minnows don't have the slider yet. On the other hand it's a resin to power up to super user.
No, I just learned the basics in business school but I think it fits here. I couldnt figure out why I was mad they changed it when I had been asking for super votes that would drain more voting power when I wanted to make a larger difference.
Minnow power only counts if minnows actually vote! Brand new minnows vote because they think the platform is like reddit. But we gradually stop as we realize our vote doesn't move the needle.
This change only works if everyone commits to doing some voting every day.
I am a minnow but I added one cent on this post. Sobminnows have to vote on post with $15 or so to impact payout.
This post has been linked to from another place on Steem.
About linkback bot.
I love this
You presented a good way of presenting this change!
I just made the same comment on theoretical's post. I also think the slider should display as just a number showing the percent of whatever was last chosen, so we don't have to move it to 12.5% or whatever value we will generally be using, each time we vote. Click the displayed percent to bring up the slider to change it.
An even smarter solution would be to default the slider percent value to reflect a person's voting history. If they have been voting 10 times a day on average, default the slider to 50%. If they have been voting 5 times a day or less, default it to 100%. If they have been voting 40 times a day, default it to 12.5%.
There might even be an option one could select, to have their slider percent adapt automatically over time. Say, by averaging their votes per day over the last 2 weeks, for example. This would be a way to insure that everyone is voting maximally without them needing to think about what to do with the slider on every vote.
Pro tip: use a forward slash to end your h4 ;)
I don't have the voting slider. Why would I not?
I think you need 300 Steem power. I didn't consider that.
So I would burn each of my 5 votes equally @ 20% without control to lower it?
I think you might get 5 at 100pwrxwnt then it starts going down. This is for the next release. They might extend the voting power bar to more accounts. I just got it today.
I guess I'll have to get off my ass and start blogging for realz now. Maybe post five of my own and vote for each one. Then use the rest for commenting and curating others stuff?
I think current Idea is good @dennygalindo
I do not have the voting slider yet because I am below 300 Steem Power. It seems that I can still do 40 votes like in the old system. Thanks for sharing all the details about the new voting system. Look forward to get it too.
@steempowerwhale 🐳
🌞 upvoting your lifetime dreams!
It will go into effect in two weeks.
I'm confused where it says voting power defaults at 100% but you can move up to 8x to supercharge a vote. Will that be possible in a week or so? I currently dont have the option to go above 100%.
It's all in the way you describe it. Basically if you want to deplete voting power more your vote counts more. It's better to think of it as a normal vote and a turbo charged vote with normal vote costing you less votin g power than turbocharged vote. The default for minnows is turbocharged but other uses have a slider. Perhaps everyone will get the slider eventually.