Steemit Statistics Week 6 - 0.14.0 Update and more...

in steem-stats •  2 years ago

Past Editions Here: Week 5 / Week 4 / Week 3 / Week 2 / Week 1

This post is a weekly, evolving post, analysing Steem(it) by numbers and deducing trends of interest for this project moving forward. There has been some interesting posts this week which will directly affect the findings in my Weekly Statistics Posts moving forward. Here are the key points of interest affecting my results moving forward;

Steemit 0.14.0 Release

  • Steemit Savings Account: This could have an impact on long term Steem investments. I know a number of users who will be far more comfortable holding Steem for the long haul under the new conditions. These same users were concerned with security until now..
  • Escrow Transfers: This, overtime is going to change the nature of Steem/Steem Dollars/Steem Power and how users on the platform view them. This in turn will affect/increase the circulation of cryptocurrency on the Steemit Platform. This will affect everything from Steem Price Stability to users Powering Up/Down...
  • Steem Dollar Stability: When Steem Dollars hit's 2% of Market Cap (we are currently at 1.92%), Author Rewards will be paid as Steem instead of Steem Dollars. This will reduce/limit the debt burden on the Steemit system which a number of users have been concerned about.
  • Cleaning up the Null Account: Users who pay for post promotion will be contributing to reducing Steem Dollar circulation. Steem Dollars used in this manner are destroyed after each block.
  • Target Votes per day Reduced from 40 to 5: This will directly affect the voting power of bots and active curation user. This is something that will benefit normal users, and hurt active users. This is something which will certainly reduce the number of votes, however will create a more engaged audience at the same time.

I am in favour of each and every one of the updates. I think these are all in line with the Steemit project I was sold on signing up. Addressing imbalances is key to creating a true meritocracy. I believe It was worth me summarising these key points, as they all could impact the result in my weekly statistics post moving forward. It could also impact other users numerical perception of Steemit...

@dantheman's - Quick Update Regarding User Retention

  • Something most users knew, the user numbers are massively inflated by miners, and bots. It's something that I have talked about at length in the past. These numbers were slightly lower than I thought, however @dantheman is best placed to deduce the real number.
  • Actual Daily Active Users around: 1200
  • Actual Weekly Active Users around: 8000

As always, I would also invite anyone with special knowledge of Steem(it) to provide analysis (who, what, how, why, witness updates...) of my findings, and I will add this information where relevant to this post. There has been some very valuable contribution to this post in the past few weeks which is much appreciated.

Steemit Statistics Week 6 Highlights:

  • Liquid Steem Increases +16% Week on Week (WoW):
    This number was much lower last week. This signifies the continuation of large accounts powering down. In previous posts I have talked about why I expect this to continue until we hit 90% Steem Power to Steem in Circulation. You read more on my thoughts here
  • Steem Price Unchanged WoW, Market Cap Up 3.16%:
    Steem Power Holders are better off this week. While the price of Steem remained unchanged, the Steem Power incentives have contributed to a wealth increase.
  • % Steem Dollar to Steem Market Cap - This number stands at 1.92%:
    If we hit 2%, under the new update, Author Rewards will be paid in Steem. This is mostly predicated on the Price of Steem falling over the coming weeks. We need a roughly 4% drop in the Price of Steem for this new feature to be triggered.
  • User number data out of the window:
    It's clear that my user number data has been pretty much pointless to date. We have been in a similar situation to one trying to guesstimate the number of people who own Bitcoin. Every update the developer make, the daily and weekly active user numbers get closer to reality, however I think we almost need to start again from this week onwards
  • Top 100 Accounts Control of Steem Power Continues to Fall;
    Whether you include @steemit account in your calculation (-0.26%) or not (-0.37%), the results are the same, another week on week fall in the Top 100 Steem(it) Accounts Control of Steem Power. Steem Distribution is still ongoing, and I expect to this result recreated next week.

The Statistics Table:






Sources:

https://steemd.com
https://steemd.com/richlist
https://steemle.com/charts.php
https://steemit.com/market
https://poloniex.com/exchange#btc_steem
https://poloniex.com/exchange#usdt_btc
https://coinmarketcap.com/currencies/steem/
https://coinmarketcap.com/currencies/steem-dollars/

Would be interesting to hear your thoughts...

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Internal Market Volume is so low after cancelling liquidity reward...

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If you are interested, I posted on this here

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Interested, but I've read it already)

Target Votes per day Reduced from 40 to 5: This will directly affect the voting power of bots and active curation user. This is something that will benefit normal users, and hurt active users. This is something which will certainly reduce the number of votes, however will create a more engaged audience at the same time.

Do we really want to discourage active users from actively using the platform? It's one thing to try to penalize bot abuse, (but they will just rewrite the code) it's another thing to discourage actively using steemit. People are upset that their posts only get a few votes now, it will be much worse when they start getting no votes on every post.

And that will be the result. Vast numbers of posts with no votes. Followed quickly by vast numbers of formally active users with abandoned accounts. I cannot think of any single change that will more quickly kill steemit than this one.

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I'm on the other side of the argument here @gregory-f

That being said, from what I have seen, this is a topic which will probably divide much of the community. I can see the other side of the argument. I however believe anything that levels the playing field will be good for Steemit in the long term..

  • After 5 Votes, voting power that diminishes, it doesn't disappear
  • It encourages users to be more careful with their votes (how many curators don't read what they up-vote...)
  • It certainly impacts Bot's more than Humans
  • Rewards pot is still the same

Active users will still be rewarded handsomely for their efforts. I believe this will be a positive change, however only time will tell...

Thanks for your post @gregory-f

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I do see your point, and I don't necessarily disagree. First, a level playing field is a great thing, unless it's also empty. Second, I thing negatively impacting the bots is a good thing, they mostly vote for the same "made man" group of posters anyway. My biggest concern though is for the newly arrived Steemian, washed up on our vast shores without a friend or follower in the world. Working hard on his first, second, third maybe even fourth post. All for naught. Because everyone is husbanding their precious few upvotes waiting for the clouds to part and a brief ray of sun to shine on the next great post and lead them hand in hand to the glory land. Or something like that.

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The PR for this change has been awful. What the change means is that now, each of your votes will use up more of your voting power than it did before. This runs your voting power down faster, but it makes each of your votes more powerful. This is the detail that the devs keep forgetting to mention.

The other detail that they don't explain well is that if you vote 40 times per day under the new rules, each of your votes will be worth the same as they are right now (before the new rules start). If you vote a lot, you don't hurt yourself - you just spread out your influence over a larger number of votes.

But sadly, the devs have never known how to explain this stuff, so people are going to freak out and vote less.

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I think that this change has been a bit poorly communicated and thus largely misunderstood. Active users (who are thought to be the ones suffering from this change) can keep on voting just like before by changing the slider to a smaller percentage. Now I also think that Ned said something like you need some amount of Steem or Steem Power to get to use the slider, which is a bit unfortunate. Then again there is the upside of keeping the UI simpler for new users. Maybe best of both worlds could be had by having the slider as an option (off as default).

When it comes to the practical effects of the change, we need to look at what percentage the human users normally have their voting power, on average. The closer that average is to 100%, the worse off normal users are when compared to the bots (as bots can easily use all their available voting power). If this change gets the average user to use more of their voting power on average, then the bots lose some of their comparative power.

The tragedy of the failed communication in this case is that people are actually getting exactly what they want and have been asking for (less power to bots, more power to human users). Still, because the numbers are a bit complicated, there is a widespread misunderstanding and people think they are getting the exact opposite of what is actually happening. It will be really interesting to see what will actually happen, but I think that the net effect should be positive (more even distribution of Steem).

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Nice one mate cheers:)

Great stats. Thx!

Ups, 1200 active users per day only? Did n't you miss a zero? If not, WTF! So this Coin with currently 110.000.000 market capitalization has 1200 active users, means each user is "valued" around 90.000 USD atm.

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I didn't miss a zero. This is the current best estimates. There is more to the price of Steem than user number though..

Thanks for the update!

Steem Dollar to Steem Market Cap - This number stands at 1.92%:
If we hit 2%, under the new update, Author Rewards will be paid in Steem.
equal amount of steem i guess... anyways is this good or bad?

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Neutral: Good protection mechanism to implement. Limits the debt burden of the Steem economic system. Shouldn't have much impact apart from that

Some alterations could dramatically change the steem system. How is decided which new feature to implement? Any voting exists? Thanks.

Thanks as always. I like your old active user count. I think the bots are helpful to the platform. Someone still took time to make them, it's just a different kind of effort. If this is growing the platform is in better shape.