RE: @snowflake's really interesting proposal - Turn whales into moderators and give dolphins all the voting power (TLDR Version)
As a bit of a non-technical person (trying not to be a luddite), could you give we non-technical, but very supportive of steemit people a picture of how this would look? Take an average day, an average amount of posts, the average number of votes now etc etc. Then take the whole steem generation from the blockchain and show how the distribution makes for a better steemit. As it stands the whole scenario is filled with miscomprehension from the likes of me and my suggestions the other day to increase transparency met with one response - an affirmation as to how I phrased two suggestions. Not one answer!
@timcliff, you know that I have every trust in you as a witness and so forth. We, the 'social media' side of steemit, need explanations owing to (well, my) paucity of knowledge. The fact that you have about $5 for this post and over $7 for a comment ... either of those results would float my boat. That is not a criticism of you, as you well know, it is a miscomprehension as to why there are votes for admin issues and not for social media posts, barring a few exceptions. May I acknowledge the kind attentions of @blocktrades?
I also acknowledge that in many ways this is absolutely none of my business! I think, though, that if the platform says it is transparent, not being so is to lay itself open.
Hi @ebryans - it is actually a fairly complicated calculation, so I am going to 'make up numbers' to give you a rough idea.
With the current platform - if you get a lot of upvotes from minnows/dolphins, your posts are probably still worth < $1.00. But if you are one of the 'lucky ones' to be blessed with a whale vote that day, then your post will shoot up to $15-$30. If you get multiple whale votes, then it goes much higher.
With the new proposal - if you got upvotes from a bunch of dolphins, your post would probably be in the $5-10 range. More dolphins would increase it into the $10-20 range. Tons of dolphins, and it would go even higher than that.
The main difference is that there would be no more "huge whale votes". If someone like @blocktrades came along and upvoted your post - it would be using a maximum of 100 MV SP, so it would esentially have the same impact as a large dolphin voting on it.
One key to keep in mind, is the amount of rewards that would get paid out would remain the same. The only difference is the whales would have less say in who got what, and the dolphins (and to some extent even minnows) would have more.
....
As far as my post/comment rewards - I've spent my entire Saturday on this project and I also spent $20 SBD of my own money to promote my post. So the fact that the community is valuing it and voting on it to add to my rewards is good in my opinion :)
No criticism intended my friend - your work and contribution to steemit is not in dispute whatsoever - you deserve a lot more, hence why I promote you as I do! The point is understanding the distribution. I do believe that you know that, as my word has always been my bond. Having said that, I do understand you very well indeed! Spending many hours on delving for truth and solutions with scant reward to show for it can be a little soul-destroying.
My caveat would be that I put steemit on Page 1 of Google. It is still there on page 2 three weeks later so people are reading it, though they have no vote! The power within steemit does not value content. It values the Game Theory.
So, why not show the value of every account holders 100% vote? That is not that hard to do - they have to be available, otherwise the system could not function.
So, the picture can be painted - let's throw in $10,000 of steem per day (for illustration purposes). Where does it go now and where would it go in the revised system? Throw in 750 posts, from 600 authors. Distribute the votes such as the equation makes sense. Then show two variations to expose the pros and cons and then it is there for all to see. The daily usage of steemit over a period of one month has patterns.
I studied statistics - I wish IT was thrown in but computers had not been invented (personal computers!) when I was at school! - There will be lines of regression and degrees of probability. The algorithms may be complex but the way in which steem is distributed is not. Receive a vote of 'x' value and then another. They all tot up and a % goes to the author a % goes to the curator group and a % goes to witnesses and then there is the other ...
It is a complicated question, but it would likely give more authors medium sized rewards instead of as many giant ones, and lots of tiny ones.
Great! ~Let's have it! The better authors will win out. The dross will have to sharpen up their act. When do we get value alongside Reputation?
Right now reputation is not "consensus" based. What that means is it is not validated by the witnesses as part of block verification. So using it in its current form for any type of actual rewards is open to abuse.
There is some talk about making a consensus based reputation system, but is still just in 'discussion' phase.
Putting a value of vote next to a username would mean a lot more anyway! Get rid of the reputation score and put in the vote value - then it is all clear, surely?
Maybe to avert the embarassment of the whales, just give a rep score until a username's vote is worth $0.01. I know why you are reluctant to answer this but it is what transparency means. Don't cave in. The exponential curve needs to be understood by people other than just me!
It isn't that simple. The amount that your vote adds to the total is not a fixed amount. It changes as other voters vote on the post as well, and it also changes as other posts on the platform get upvoted/downvoted throughout the day.
Then display yesterday's vote value. I am aware that vote value changes as I watch the value of any decent payout dwindle as the day goes on. The reputation score clearly is not a working entity. Maybe a range value - $0.01-0.0125 - or give the vote value based upon the previous 7 days on steemit - yes, there will be funnies if someone has been away - then you use a median.
Transparency is being averted if there is no explanation. At present, there is no explanation on a "transparency" promise. You know that I know!
The current reputation system is a temporary thing. It was not intended to be the final implementation.
It is more than just dwindling. How much your vote adds is actually a very complicated calculation, and it is dependent on a lot of things at the time the vote is cast, as well as what happens to the post for the remaining time until it closes. There isn't a fixed amount for how much it is worth.
This site should show you what you are interested in:
https://steemstats.com/