I click on a link saying "How voting works" landing on this page, and I must say that after reading it, I still don't know how voting works. I'm new to Steem and have invested, and sadly what I'm getting so far is that this steemit community is quite negative with all these fights for power, payouts and what not. Seems like the MAIN reason why people use steemit is to make money from having votes. Sad.
So voting works as a function of your MVests (Steem Power) and the amount of steem in the reward pool. When you vote at 100% (right now) yo use 2% of your voting power.
So lets make some function F(SP,RP)
We do not need to know the specifics of the equation (as it requires a few more variables to be added but these are the main ones)
Now lest say you have 500 SP and there is 719,428.350 STEEM in the reward pool, the value of your upvote at 100% when you have 100% VP is roughly 0.18 SBD
F(500, 719428.350) = 0.18
Now if you vote again at 100% you will have roughly 96.04% of your voting power and your upvote will be worth 0.1764 SBD. Since your votes are so small you wont have much of a noticeable effect on the reward pool
However someone like haejin can vote worth 70-80 SBD meaning a single upvote can drain roughly 70 STEEM from the reward pool, x10 is 700 steem which has a major effect on others votes.
I don't know if this is making sense
Thanks for taking time to explain further. It certainly helps a bit more ;)
So you're saying that a "whale" can keep voting (to a limit), taking a bigger proportion of the reward pool, and that's not good? But the reward goes to another author, not himself, no? I know we can upvote our own post, but that's only allowed once (I assume). Anyway, I'm still learning, it seems quite complicated. Thanks.
You can upvote any number of posts though, its just your voting power will decrease. So if you post 11 posts a day and upvote each at 100% then you will regenerate all of your VP by the next day and you will have earned the maximum potential from your own rewards.
The only time the reward goes to someone else is if they upvote someone else which is the entire point of the PoB algorithm that steem works on, it is supposed to be the communities decision on how much a post gets rewarded... not your own decision. No one person should have say over the rewards of a post