Brace Yourselves, The Rewards Are Rising!
During last week, the price of STEEM rose from $4.45 to above $6 (now slightly under). This will have a very interesting effect on the rewards.
You see, when Steemit is displaying rewards next to your posts, it doesn't use real USD (I explained in more detail here, on steem.supply), but in something I called STU (Steem Token Units). These units are a representation of the internal blockchain currency, which is called vests., and their value is calculated dynamically, by using a median STEEM price.
Well, this median price is "trailing" the current market price with about 3.5 days. Or, if you put it in Steem lingo, the actual value of STU is "pegged" to the median price of the last 3.5 days.
What happens when there are sudden increases or decreases of the market price of STEEM?
Well, inertia will happen. Meaning the STU values won't be affected immediately, but after around 3.5 days.
In the case of appreciation, you will see an increase in your rewards in about 3.5 days since the moment of appreciation, provided there aren't too many spikes. If the price is zig-zagging every day, then it wouldn't make much of a difference. But if there are more consistent ups (like the one we experienced this week) or downs (there will be some at some points, be warned) then the STU price will reflect that.
So, posts that were displaying $10 yesterday, may display $11 or $12 very soon, without any extra votes.
As always, enjoy it while it lasts. :)
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
Hmm that's interesting. I need to do some more reading and digging into all this so I can become more knowledgeable about why things like this happen.
I am enjoying it while it lasts. And long may it last ;-)
yeap, my 26$ post is now 29 and same thing happened for the other posts.
@dragosroua I hope you never have to SELL any STEEM in the Future like you may have done a year ago at .16. May all you do Be Fruitful and all of your Future Abundant !!
Yeah but if the goal is to get as much steem as possible in the internal market and power up, I don't think the price action will make much of a difference,in fact maybe SBD will fall below steem.
My Strategy is totally different: Power Down, Get SBD as much as I can and use it as fuel for Upvoting Bidding BOTS. If I play right, I get almost the same amount SBD I am gaming, and getting some SP at very low cost
#Upvote Bidding Votes is being used in different games: Some for Rapping the Reward Pool, others for Marketing, and myself for getting SP at lower cost, while getting some free marketing.
Thou shalt not power down !!
I guess I will do sometimes the same thing but without powering down. I am trying to accumulate as much SP as I can so there is no point in selling it.
Our estimated account value likes to climb along with our rewards during times like these as well. It's too bad that number wasn't updated more often.... anyway, there's a little added oomph to that vote today. A tip, because I really like the steem supply tool. Thanks for that one.
Thank you very much, appreciate your support :)
It's an interesting concept, is there a reason for the lag? I wonder if it is possible to game the system so to speak. Obviously it is impossible to know when markets will go up or down, but trends can give you a good indication of where the price is headed.
This makes sense now. I saw the value go from $70 to $148 a couple of weeks ago without having done anything and I was like wow, Steem is wonderful! :D
Hi Dragos!
SteemNow implements it in a real-time chart:
Would be great to also have it directly on the steem.suply, so that it gets visible to more people. What do you think?
Yes I knew about this rule and am expecting increase in rewards in my post. In fact I can already see the increase. However, I thought that the average was for the last 7 days instead of 3.5 days. Was it always like that or was it changed from 7 to 3.5 days at some hard fork?
The display of the median price is tied to condenser (or the UI), not to the blockchain. In the blockchain, you get your rewards as SBD. So the display is not part of consensus, hence, no subject to a hardfork. It was a change in Condenser, but I can't remember when.
Once again, The Teacher throwing light into darkness. Thanks for your brilliant input and explanation. Today, I have walked another step in the Steemit Road to Rome.
:)))))