Why should I (or would I) delegate my Steem Power? It’s a legitimate question… with an easy answer.
Recent changes at the minnowsupportproject have led to Steem Power delegation as a method of obtaining membership – there’s your first reason. There have been many questions and concerns about it, so I’m here to elaborate on the following:
- Why SP Delegation is good for members, MSP, and the Steemit Community
- What SP Delegation is
- The social benefits of Delegation at MSP
Already believe in the idea and want to delegate? Do it in less than a minute.
Why is Steem Power Delegation Good?
Delegating Steem Power (SP) is a bit like allowing a financial advisor to handle your stocks. They manage your assets with the intention of growing your wealth. @minnowsupport uses all its available assets to upvote content, voting thousands of times a day. That depletes her power, and limits the effectiveness of the votes.
By delegating additional Steem Power, she can vote at lower percentages and have the same overall impact on the dollar value of posts – meaning more votes, a wider reach, and a bigger member base. Delegation allows members to use what power they have (big or small) to help grow the community – and all it takes is a few cents away from each vote of a smaller member.
Let’s look at this from three different perspectives, and explore why delegation is great for everyone.
It’s Good for MSP Members
“I’m just a little fish, swimming in a big sea. Woe is me.” I’m lost and confused, but out of the vast blue ocean swims @minnowsupport. MinnowSupportProject and its members invite me to their Discord chat, share some words of wisdom, and even go upvote a few of my posts. There’s a varying series of events that usually take place, but essentially anyone who wants to join will get helped in the process. We have an alternate method of joining for anyone who hasn’t earned yet, who can’t delegate SP. But once you do…
Steem Power Delegation is perfect. Since minnows have low SP, they have a tough time earning curation rewards. So the curation trail of the MSP is a bit rough initially, and pulls all their voting power – particularly since they can’t vote at a lower percentage yet. Delegation allows them to support the project, receive votes from @minnowsupport, and STILL CURATE THE CONTENT THEY LIKE.
That’s the key. We want minnows to be able to upvote the content they believe is high quality, and we don’t want to take all their voting power just for their membership rights.
It’s Good for the MinnowSupportProject
More SP for @minnowsupport means more votes available and more voting power. It’s also a great model to use for future, higher powered bots as the community grows. By giving the bot more power, we don’t need to utilize users votes for the same dollar-value payout. That means for upvotes and reputation growth, a user still needs to write quality content. And that’s good for everyone.
It also helps demonstrate the commitment level of members. Have 2,000 SP available, but only delegate 50? Clearly there’s a lack of commitment to the project, particularly if the 2,000 SP was gained as a result of the MSP’s exposure and growth. From what I’ve seen though, most of our delegating members are active, committed, and always willing to help. There’s also a huge social benefit to delegation, which you’ll find later in the article.
It’s Good for the Steemit Community
Currently, MSP allows users to use the bot’s vote on any content they want, once every 24 hours. No filters. Yet. That means with a curation trail, there is the possibility of crap content being upvoted by 50+ people. So the shift away from the curation trail and towards SP Delegation is a great thing for the community.
This also means that individual members are now voting on what they believe to be the highest quality or most interesting content they can find, and their vote still holds enough voting power to make a difference.
The change being implemented by MSP is reducing curation of garbage content, encouraging minnows to curate content they love, and still helping the community create more great writers through all the support projects we have going on.
And that’s good for everyone.
What is Steem Power Delegation?
Delegating your steem power means sharing your power on the platform. You’re lending it to someone else – in this case, @minnowsupport. It’s still yours, but that part of your Steem Power will be unavailable. Let’s look at an example:
I have 400 SP. I’m delegating 100 to @minnowsupport.
That means if my current vote at 100% power is $0.32, I’d be giving away ¼ of that. So my max vote would now count as ~$0.24. @minnowsupport would be using the other $0.06 worth to vote on other people’s posts.
You can easily see how a thousand people delegating a bit of steem power can significantly improve the effectiveness of the bot’s vote, allowing her to vote more often with a lower percentage – all with the same results.
I want to change my delegation – How do I do it?
You just delegate a different amount. If you want to delegate 250 SP because you’ve grown with the minnowsupportproject’s help, visit my post and use the link.
If for some reason you want to remove your delegation entirely, it does take 7 days for it to be available for you. Visit yesterday’s post, but use 0.000000 in the link instead of the larger vest #’s. It’s unlikely most of you will need to do this, but if you do – drop me a line on Discord and I’ll help you with it!
What Are the Social Effects of Delegation?
Well, you might have noticed that we have a few whales and dolphins hanging around in chat and supporting the project. Who are they more likely to help – the people contributing nothing, or the members who are delegating their SP to help grow the project?
Not to mention, it moves your name higher up on the totem pole in the chat list, so new users entering the channel have a chance to see you first and reach out for help. That’s a hell of a way to gain followers, and an even better way to make an impact with the project.
I can tell you from experience, it makes a difference - not just in payouts, but in opportunities for the future. Besides, as @aggroed (Mayor of Minnowtown, soon to be Duke of Dolphinville) put it, delegation means “… being leet as shit in channel.” And that has its benefits. Try it and see for yourself.