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RE: Why I Am So Optimistic About The STEEM Blockchain
we went from 350 applications listed on the app page to over 400
Somebody can tell me please how this modifies the rewards pool? Or how the new applications are influencing the distribution of Steem? Or link me a post about it? Thanks
Hi deathcross, I touched a bit on your other comment before I saw this one. Let me try to explain, feel free to turn this into a conversation.
Currently there is a lot of slack in the system, but basically all the steem power can be used, by voting, to help distribute the reward pool through consensus.
New apps that get delegations are just moving the same sp around, helping to decide who should get what part of the rewards pool.
As more users and more apps demand steem to increase their stake, a constant but more valuable rewards pool will continue to be distributed by the same mechanism, consensus (through voting).
Have I made sense here? Perhaps a followup question from you will help me :)
Does that mean that new apps do need always delegated steem power to reward users?
Slack means unused Steem Power? The reward pool is totally distributed everytime, I suppose.
Offer and demand, bid and ask. If more people changes fiat (or other cryptos) to Steem, price goes up. If more people are selling Steem, Steem price goes down. (Supposing near-constant Steem amount, in short term.)
Other question is if I ll become the same amount of Steem (Steem power/SBD/Vest) for the same post in future, as reward, or less.
Hey these are great questions, lets take them one at a time.
Yes, no, maybe! These projects should also be powering up, and if new projects get investors or other supporters, funds should be used to 'stake' a place on the blockchain, by buying steem and powering it up! Currently the slack, which we will talk about in a bit, is held by certain early investors and Steemit inc, so they delegate it out to support these projects. But as we start snowballing they will do that relatively less and less and start slowly selling it into the market (just my thoughts/opinions)
Unused steem power, yes! So over the last years, through these delegations, we have gradually seen more steem power voting. This goes to distribute a (ceterus paribus, supposing all else being equal) constant rewards pool, as you said.
There are a whole bunch of variables! But, ceterus paribus, you will get the same reward, in steem at the new evaluation based on market price. So that is assuming that the amount of steem power voting, and the rewards pool being distributed is the same, and only the market price has changed. In reality, the rewards pool fluctuates (inflation rate is falling, though stock is increasing due to inflation) and the amount of SP voting at any one time fluctuates as well.
The entire rewards pool is distributed, right? It's just that some of the sp isn't being used to distribute it, so everyone else's sp is more influential, right?
I had no idea you were so well versed in the nitty gritty of steem!
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That's exactly right. When they don't vote with it, we become relatively more powerful in regards to distribution of the 'constant' rewards pool.
Like punning, I find that with dedication and practice I keep learning more each day! I also like sharing what I've learned openly, so that anyone can correct mistakes I may make, which has happened before and also helps me learn that much faster. These types of posts are good for that.
Very important, though, be careful listening to people who correct you. More than once, I have discovered people confidently asserting things that weren't correct. Math can confuse people into confidence.
Oh man that is so true, it makes me make many faces. I try to cross reference though, and pass on my studies to others who maybe don't get a chance to read as much.
That's good. It can be hard to find source materials, though I know they're all somewhere. What I've been trying to figure out lately is the real energy cost of the Steem blockchain. I feel like my father and mother would love it here. They, like many on here, are permaculture enthusiasts. But that's precisely why they are resistant. They worry that the energy cost of maintaining the blockchain, like it's been reported about the Bitcoin chain, is excessive inefficient use of power. I think and hope they're wrong, but there are 14k+witnesses, and multiply that by however much energy each witness machine uses, and you've got a lot. And considering how relatively few accounts that's supporting (1 million-ish, fewer active accounts) and it does look like, even though it could be fairly efficient if we only used the 21 minimum machines needed, it won't be until there are many more users than witnesses/wannabe witnesses.