Liquid STEEM Report Feb 17, 2020
This is a historical graph of both Total STEEM and Liquid STEEM supply
(Note) There are two different scales on these graphs. For full scale, see graph below.
Liquid STEEM is the remaining STEEM that has not been converted into Steem Power. (Orange Line)
- When STEEM is liquid, it can be readily sold and purchased.
- When STEEM is locked away in SP, it is not liquid, It takes a significant amount of time to convert it back to a liquid form.
This is a graph of the same data. The data of this graph was plotted on the same scale to show the massive difference between Liquid STEEM and STEEM stored in SP
I created these charts with data that I collected over the 2 years!
Why are these graphs important?
STEEM is created at a high rate. Currently 8.15% per year. Many Steemians have a concern about STEEM inflation with the high rate of new currency creation. These graphs show that there is a limited supply of STEEM. Inflation is being offset by the rate of STEEM converted to Non-Liquid STEEM.
I hope you enjoyed reading my Blog. Please remember to Upvote, Resteem, and Follow. Thank you.
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For a breakdown of Steemit Keys:
https://steemit.com/life/@socky/do-you-understand-your-steemit-keys
For a breakdown of why Steem Power is Important:
https://steemit.com/steemit/@socky/why-is-steem-power-important-beginners-read
How to improve STEEM payment system:
Please forgive the interruption. You seem like someone who has a firm grasp on the numbers.
What is the reward-pool comprised of?
Don't the below-minimum-payouts get dumped into the reward-pool?
Don't the downvoted pending payouts get dumped into the reward-pool?
I'm just wondering if anyone knows exactly how much the downvotes contribute to the top-earners?
I'm just wondering if anyone knows exactly how much the below-minimum-payouts contribute to the top-earners?
The reward pool is fed by a set amount of interest. This STEEM is created, but not yet paid out which is called the reward pool. When people vote, the reward pool is consumed. When people are not voting, the reward pool can get larger.
Downvotes were as valuable as votes in the past. They were essentially burned. With the new STEEM system, the downvotes are earned based on the amount of SP you have. The top SP holders can downvote will amazing power without burning any of their valuable votes.
Ok, so the majority of the reward-pool is just automatic.
Do the below-minimum-payouts contribute to the reward-pool at all?
Do the downvotes kick steem back into the reward-pool?
Is the reward-pool, 33% automatic interest, 33% below-minimum-payments, and 33% downvotes?
I recommend reading the STEEM whitepaper if you really want to go down that rabbit hole.
I'm not really sure what the need to know the details of the reward pool is about.
Let's say your SP investment equates to a glass of water. The reward pool equates the the oceans of the world.
So does it matter to truly understand the reward pool? Perhaps if you were interested in investing $1,000,000 US dollars in SP, then maybe you should fully understand the reward pool. Otherwise, you really should be concerned about keeping up your STEEM friends and your community in good standing. If you are interested in your returns, you should try to vote often and try to maximize your friend's allegiance. Most importantly, provide entertaining and consistent content to gain supporters.
Ultimately, any burning of STEEM, SBD, or any returns to the reward pool has not or will not ever make any impactful difference in the reward pool. imagine adding or subtracting an ant from an ant colony could not possibly make any difference to the overall success or failure of the ant colony.
Well stated.
I'm only asking because people (especially the newbz) are getting obliterated with massive downvotes.
I've spoken to a few of the downvoters and their PRIMARY JUSTIFICATION is "protecting the reward-pool".
They charge that "low-effort-low-quality" posts "steal" from the reward-pool.
And they use that post-hoc-rationalization to downvote early and often.
Strangely, the biggest downvoter (steemcleaners) is also the most consistent TOP-EARNER.
https://steemit.com/distribution/@abh12345/an-attempt-to-show-improved-distribution-to-content-authors-over-the-past-year#@abh12345/q5jq67
It seems like their downvoting campaign kicks dust out of the hands of small accounts and back into the reward-pool, which then gets "re-distributed" to posts that "earn" $20 steem or more, with the lion's share going to the TOP-EARNERS (mostly whales and or their proxy accounts).
Anyway, that's my naive hypothesis, I was just trying to find someone who might know the actual numbers.
TL;DR, please consider the following question,
(IFF) the minimum payout was reduced to 0.001 and there was no downvoting at all, how much would that "cut-into" the "reward-pool-share" of the TOP-EARNERS?
I've had friends that have gotten into trouble as well. It is very easy to fall into the habit to copy articles and paste the information (plagiarism). There are plenty of other ways to scam the system. I remember that there was one guy that would go around and follow Steemcleaners and comment 10 times a day. Then after a few days, they would self vote their own comment 100% to try to scam the system. I do believe the reward pool would be depleted by hundreds of thousands of micro accounts and individuals if there was no police. Then there would be almost no rewards for those that actually create authentic content. The Steemcleaners system requires servers and people to manage which costs plenty of money to operate and maintain. It is not just good content that is rewarded, but it can also be services such as Steemcleaners.
To answer your question, If there were no downvoting at all, then scamming the sytem will be so high that no one will be able to earn, because there would be millions of bot accounts sucking the reward pool dry. Not only will top earners be greatly impacted, but small accounts will not be able to make any earnings at all. Not only will the top earners be crushed, but no one will ever use STEEM.
If you reduce the payout to something of no value, then you have a social media platform like Facebook, Twitter, Instagram, etc. This is where none of the low popular accounts will earn anything. There would be one difference, unlike those other social media platforms, the highly popular accounts would not make any money either. Thus there would be no incentive to make any good content and develop a following or for that matter to use STEEM social media platform.
But wouldn't that create a fairer distribution of steem for all the plankton? And wouldn't that spur adoption?
When I first started, I thought, oh, I can just get a free account and start posting interesting stuff and I'll accumulate a little steem. It took me about 30 days to figure out that my vote was basically worthless (below minimum) and only the most charitable of steemians (@futuremind) would take pitty on me (a lowly newb).
Perhaps, but, if you can, I'd like to see the actual numbers.
I'm kind of a data wonk.
Also, even though the rewards would be smaller, if adoption is accelerated, the market-value of steem would be boosted to compensate.
Nobody's "making a living" on this yet, (even the TOP-EARNERS are only making about $500 USD a month) so it's basically a hobby.
It's extremely discouraging for newbz when they realize that the whole system is geared to force-feed those who are already successful.
The only "problem" with the "millions of bots" is because they get free delegated 15 steem from @steem.
Just kill the free delegation for newbz (which would essentially make steem "invite only" because you'd need a sponsor), and the "millions of bots" problem evaporates.
I thought the witnesses already got a pre-voting cut of the reward-pool.
Wouldn't the small accounts make more if the minimum payout was dropped?
I thought you said the reward-pool was a "vast ocean".
Do you have any data to support that claim?
Aren't rewards proportional to steem-power investment?
If you dropped the minimum payout, sure, the rewards might be small, but they wouldn't "drop to zero".
I think this is the key misconception.
I post on steem because I don't have to divulge any personal or credit-card info.
I post on steem because I enjoy having conversations with people from different walks-of-life.
The voting dust is nice, but there are much better ways to support the bloggers you like.
For example, imagine steem without voting. Imagine they just Hard-Forked voting right out of the whole thing altogether.
What's left?
A lot of really awesome stuff, that's what!!
The delegation system is amazing (way better than pa.treon). The steem-token transfer system is amazing (way better than v.enmo or credit-cards or banks). The blogging system is amazing (way better than tw.itter or fa.cebuk). It's all super-awesome!!