New Curation Reward Algorithm: Penalty to Early Voters
//Update:
The code has changed, from ^2 to linear, so less penalty now, but still some. Link is here
// Update 2:
The penalty on voters goes to the author. So, potential (evil?) effective voting strategies:
- authors vote for self to earn more liquid SD, and dilutes later voters weight
- bots vote for the authors who agree to compensate (since authors will get more liquid SD, so even easier to compensate)
- greedy voters be more selectively
-----------Original post----------------------
According to the code, the new algo brings a huge penalty to early voters. The formula is
curation_reward_weight = standard_weight * [(now - post_create_time) / 30_minutes]^2
where standard_weight is related to one's steem power, voting power, and total weight of earlier voters.
It means
- if vote 30 minutes after a post is created, the weight for reward is
(30/30)^2 = 100% * standard_weight - if vote 20 minutes after a post is created, the weight for reward is
(20/30)^2 = 44% * standard_weight - if vote 10 minutes after a post is created, the weight for reward is
(10/30)^2 = 11% * standard_weight - if vote 5 minutes after a post is created, the weight for reward is
(5/30)^2 = 2.8% * standard_weight - if vote 3 minutes after a post is created, the weight for reward is
(3/30)^2 = 1% * standard_weight
Reference: latest proposal:
Our solution is to offer a reverse auction for curation rewards on votes cast within the first 30 minutes. The price starts out at 100% of your curation reward and falls toward 0% over 30 minutes using the curve (1-t2). The longer a bot waits to vote, the lower the fee will be. However, if someone else chooses to vote before you it would lower your potential absolute reward.
You have to remember this "penalty" to curation rewards is actually a bonus for the post author. The earlier you vote for a post, the more of your rewards go to the author of the post instead of you. So by voting early you are saying "This was a really good post, the author deservers most of my curation reward". Here's a table representation of the reward split between author and curator over time:
So what happens then after 30 minutes? It always goes to 100% the curator?
Yes, but remember we're only talking about the curation rewards here, the portion of the rewards that go to the person upvoting a post. The author rewards are not affected by this function (apart from the bonus that the receive).
So an author upvoting his own post for example would get both parts of this reward.
Ah, right. That's true. Thanks!
Is it implemeted Now?
I would upvote this, but I guess I better wait at least 30 minutes before I do so.
LOLz
what happens if you upvote at 32 minutes or 40 minutes?
Any upvote after the 30 minutes and before the 7 day payout receives 100% of the curation reward calculated for the upvote.
Great. I am guessing that it is also divided among the total votes. If you are the first upvoter up to the 7 day limit, then you get 100% of what you can get. I think I got it. Thanks.
Thanks you.
I understand it is good Reward Algorithm for the steem future.
Wait yeah, that doesn't make any sense. I'm not smart enough to understand much of the coding things, but this doesn't sound healthy for Steemit. Granted, I don't really care all that much about the rewards, but I would like to know I'm getting something for being a "early adopter" on a great post.
Honesty not thrilled about it. The intent of stopping bots is a disincentive to bloggers. We like to see instant results. Also the new algo can be gamed by the bots. lose lose
Please voice your discontent in the blog posts that Dan has posted with the @steemitblog account. Alternatively, you can vote for witnesses who do not support the timing penalty (although, I do not know of anyone who specifically opposes that).
30 minutes is a bit long. I think you could make it 5 minutes and remove the penalty for voting on your own article.
The effect of this change is a variable percent to curation rewards. An author that is already reputable gets a boost to their rewards and curators receive less because there is very little work needing to be done on behalf of curators. However, a new author is an unknown quantity and the burden falls on the curators. Curators maximize their reward by curating the unknown. Curation rewards should be a product of cognitive work, not a product of speed. This actually places the advantage back in the hands of human curators. Bots will need to wait for more information before optimally voting, however a human can comprehend content on a level bots cannot. That is extra information that bots do not have access to, which will allow a human curator to vote before a bot.
Voting on yourself implicitly has no penalty. The reward of the vote is reduced, but the remainder of the reward goes to the author. If you immediately vote for yourself, you only get 1% on the vote reward, but the other 99% is added as a reward to author. Moreover, you will receive the remainder reward with the 50/50 STEEM Dollar/ STEEM Power split.
Honestly the bots will adjust and legit voters will be penalized and more steem to the bots. % mins is more appropriate then voters actually need to read the post. Still bots win
Bots are much better at timing things than humans who just randomly stumbled upon things during their weekly few minutes on the site.
Also, if you choose to vote on your own post, then you receive the maximum penalty for voting early.
Whatever is lost from the early vote penalty is applied to the authors reward. So in effect there is no penalty for authors to vote for themselves immediately. That is my understanding anyway.
OK. That was not clear from the explanation. I'll have to look more deeply in the code. Perhaps we can discuss what's happening there in slack.
If you vote on your own post then all the curation rewards go to you (the author)
Crap! voted to early..LOL
I think this will make voting more of a "game", could be fun I guess.
However, we have to remember that voting rewards only matter if you have huge amount of SP, so in all honesty most steemians (99%) should only worry about posting and commenting.
I dont see any witness running this version, is it available already?
Not yet. In develop.
Thank you @abit . This is a great post. I feel like you should make it clear this isn't implanted yet. Thank you @chitty for this question.
Thx for the post, can someone please sum it up?
I get as far as:
But this goes against: https://steem.io/getinvolved/paid-to-curate/
Here it clearly mentions that the system is build to stop you from being selfish and voting for yourself.
Has this changed?
We shouldn't try and be the first one in to upvote popular content?
We should wait until 29 mins to get max curation reward for yourself unless u want a bigger share to go the author.
Let's say total reward is 50$ for the author what could someone earn from replying to this post.
Only their own curation rewards? How much of the 50$ goes to the author.
Next to that, why are there not some easy examples/ video's that fully explain how the reward system works, it seems they made it so complicates that only those who wrote the code know exactly what is going on.
It can't be rocket science, but they definitely make it feel like it is.