GSMI - Guaranteed Steemit Minimum Income (The number you should pay attention to)

in #steem2 years ago (edited)

GSMI: The only MONEY number you should worry about on Steemit (IMO)

(GSMI) Gauranteed Steemit Minimum Income is the only number any new steemian should worry about and forget ALL other numbers.

GSMI.png

Get buckled in for a long post. Sorry/Not sorry

UPDATE: I'm working on fixing some of the math which takes into account how UPVOTERS displays their numbers. When they say "Total SBD" i am finding out it should not be taken to really mean "Total SBD"

Also I'm working with someone to automate this system... please stand by.

WHY GSMI?

The reason I created these series of number-stats is to help create a healthy set of expectations on steemit which i hope will lead toward better goal setting, enjoyment and commitment to the steemit platform.

MY GSMI NUMBERS FOR EXAMPLE
GSMI-P = .89/Steem a post without my own vote
GSMI-PW = 1.301/steem a post
GSMI-M = 71.58/steem a month
GSMI-C = 32 Contributors.

I will share the math and how figure out your GSMI numbers ... all 4 stats.

IMPORTANT FIGURES

GSMI-P = Steem income per post
GSMI-PW = Steem income per post WITH self votes
GSMI-M = Steem income per month
GSMI-C = Contributors who affect GSMI

Other things you'll need and we'll figure out
GSMI-B = Average SBD per post
S-COST = The ratio between Steem/SBD. (Based on markets)
SP-RATIO = The ratio awarded SBD/STEEM for each post. (Based on crazy steemit calculations)

AUTOMATED
The hope is to have this mostly automated in the future. And right now the only tool that is available to help in our search is the UPVOTERS tool... which is apparently a bit too dependent on the "Public Node". (You need to refresh your page a few times)

But in the future I'd love to see this as a staple on a few sites.

WHY USE GSMI?

Because you should never depend on random possibilities such as a random whale or curation projects like @curie votes because they will go away... you should not depend on winning contests or other very wonderful curation programs like @photofeed or @travelfeed. They are not Guaranteed statistically (until they are). We're just interested in what you can guarantee statistically on a month by month basis. So we will take a look at a larger statistical number to figure out the GSMI.

WHY IS GSMI IMPORTANT?

Why??... EXPECTATIONS... that's the heart of the matter for Steemit platform. Too many people look at trending to see where "success" lies or other people's posts. They should be looking at their own numbers and trying to grow that number. Most everyone starts at about .00 to .01 gsmi/post and it stands to reason they need to work hard on all of the 4Cs (content, connections, commitment and capital) to bring that number up.
I've worked hard to bring that number up 120x through 4-5 months of persistent and hard work... I'm now happy if in the next 4-5 months I can bring that number up 3-5x from where it is now. I'd be ecstatic. And i recognize it Will not be easy to move it from 1.3/steem to 4/steem

Perception needs to change
I think people need to NEVER view Steem/Steemit as a get rich place where they can come in and make a living in no time flat.
And perhaps whale-votes or big votes early on make people think it's possible... it's NOT. Not without all 4Cs but if you already have capital and lots of connections then you've got a headstart at least) I like that the whales help projects and make people really happy, i'd do it to if I were a whale. But we need to counteract it with a measured approach for the other 99% of the users who get this opinion that $200 posts are the measure of success.

I personally believe that this is the mindset that will lead to more success on Steemit:

  1. Understand how to view progress
  2. Be able to measure progress
  3. Set realistic goals to further that progress
  4. Be willing to work hard on all 4Cs to attain those goals.
  5. Show them how long term solid-foundational growth will lead to great things in their life.

All this and more are why GSMI numbers are perfect stats.

GSMI-PW / GSMI-P

This is the STEEM you generate each post you do PW is with your own vote and P doesn't include it.
This isn't the average of your votes your actual average is probably higher per post. This is a statistical MINIMUM average that you are pretty much gauranteed to get per post. Meaning without vote bots and without the perks of a random whale or curation account. This is what you can DEPEND on and that's why it's important and trackable.

GSMI-C: MY GSMI IS AFFECTED BY 32 ACCOUNTS ... A side thought

So one of the numbers is GSMI-C or contributors and i think it's an equally important number to keep track of. Mine is 32 this last month.
My analysis was done a few days ago and I'm guessing the number has probably not changed though the names on the list may have.

Seeing that the site is TINY and that my community, which is photographers, I estimate in the 100-300 active user range I think this is amazing. Sure i have 900+ followers but we all know there are plenty of bots (with no vote power) and less active users (who'll come back some day) There are also plenty of new users who while their interaction are amazing and much appreciated they are not yet in the position to affect my GSMI goals, aka they are great to have around but do not yet affect the bottom line. (My goal is to help them to get there)

**Build up your GSMI Contributors and bring in new ones. **
If i were to interact with anyone on Steemit (votes and comments) I'd probably want to do that the most with my 34 GSMI accounts. But I'd also work hard to increase that number.

Thus your practical goals are:

  • Increase your Contributors (GSMI-C )
  • Build up your Contributors (GSMI-C)
    ... Meaning interact with them and vote on their content and their comments. Doing so will give them more ability to grow their vote which will increase your GSMI.

NOTE: GSMI-C (Contributors) does not equal the number of average votes you get on a post... however I find it interesting that a normal post I get between 30-40 votes.

GSMI-M

This is basically just an extrapolation of your total ability to make steem in a given month. It varies based on your frequency of posting but also includes your ability to earn steem through curation (aka the steem you get when you vote on someone else)

WHAT TO DO WITH THIS INFO

SET GOALS FOR YOUR GSMI

If it were me in 1 month from now I should go through and figure out my new GSMI and set a goal to raise it by xx% and X number of accounts. Let's say while steemit is experiencing pretty slow growth at the moment I would say 10% higher GSMI and 40 Accounts instead of 34. There may be months where that goes much bigger... but right now before steem comes out with new additions to the platform there just isn't a ton of growth expectation.

MY GOALS
My goal for the end of the year is to have a GSMI-PW of 4 and a GSMI-C of 100
4 steem a post isn't hard, I do it freqently, what is hard is a consistent 4 steem a post which isn't dependent on contests, whales or random curation accounts.

HOW TO DETERMINE YOUR GSMI

I know this is probably the part you are most interested in... Let me say figuring this out will take a bit of time if you want to be really thorough and exact. You can easily estimate it just by looking at your posts... and the estimation may be good enough. But maybe you want to do the exact equation at least once to really get a good feel for it.

Because we're interested in not only the daily GSMI-P but the Monthly and because we need a good statistical pool to pool from.

AN AUTOMATED SYSTEM??
Right now the task takes like 20-30 minutes to figure out so only some people will spend the time to figure out.

I think this number can be automated alas I'm good with spreadsheets but not computer programming.
If anyone wants to help create it let me know and if anyone wants to help sponsor it's creation let me know.
I think knowing that number can help MOTIVATE steemit users as well as give them a realistic idea of the potential of steemit so they stay focused and not disuaded by trending nor by bid bots. Because this eliminates those from it's analysis.

FIRST STEPS

  1. I use http://steem.loadsup.net/upvoters/ to speed things up drastically. Having only one site available to figure out this stuff quickly does make it scary as it makes it succeptable to going down.
  2. I use a spreadsheet ... drive.google.com
  3. In upvoters tool set POST QUANTITY = 30 USER = Your user account
    (you may decide to go with a statistical analysis greater than 30 which gives you a more certain GSMI but 30 is probably great specially since Steemit has faced more inactivity in the last 30 days) Also 30 makes it easy for people trying to figure out their GSMI-M
    NOTE: sometimes Upvoters tool doesn't work correctly and won't display large numbers like 30 recently it was limiting me to 5 past posts.
  4. Organize the website by "Upvote quantity."
  5. In your spreadsheet write down all accounts that qualify in the following ways.
    -- They have upvoted more than 10% of the time. (aka for my 30 post review I counted only posts that did 4 votes or more)
    -- Not a curation or a competition account.
    -- No vote bot accounts of any type or those who follow curation trails of a vote bot or curation accounts.
    -- If a whale has done more than 10% and you have reason or statistics to prove they will continue by all means include them... and congrats)
    -- Add only those accounts who's vote is worth more than their number of times voting. Thus 7 votes .007sbd+ (one day those other accounts will have grown to have impact... and you'll help them get there)
    -- You can decide to add your own votes... I do because I can depend on them but I'll denote them separately in the final math.
  6. The spreadsheet should include columns for USER / # OF VOTES / TOTAL SBD / I like including avg steem power in there
    -- Putting in the names and details may take a bit of time but the longer it takes just be happy your GSMI-C is even stronger.

THE MATH
_The steps of calculating are easy and fun specially if you have any spreadsheet skills. _

  1. Sum total the TOTAL SBD field and then divide by the number of posts which for me was 30. This we can call your GSMI-B
    That number is a decent number to go by but it's technically based off of SBD and also doesn't factor your SP
    So we need a couple of bits of data.
    -- SP / SBD market cost ratio
    -- SBD / SP per post ratio
  2. My easy solution for SP / SBD market cost ratio is to go to the market or https://steemchart.net/ and figure out the rate however they show you Steem to SBD we want the other way around so easy math is 1 / that number. We'll call this S-COST
    -- Example is 1 / 1.585 = .6309
  3. Now GSMI-B (your sbd average) x the number from the previous and we're almost there. However you're also getting SP and while I don't know of a perfect method for figuring out this average there is a decent trick. There is a ratio between SBD and SP.
  4. Find the ratio that will help us figure out the SP you usually get per post.
    -- I find this number by going to any recent post on steemworld.org and dividing the SP by the SBD (these numbers are post curation which is good)
    -- Example steemworld shows you "0.324 SP, 0.967 SBD" .324 / .967 = .335 ... we will call this SP-RATIO
  5. Times your GSMI-B * this ratio from above. Then add your two numbers together.

EQUATION SHOULD LOOK LIKE THIS.

(GSMI-B * S-COST) + (GSMI-B * SP-RATIO) = GSMI-P

My example is
GSMI-B = .895 =
S-COST = .6309
SP-RATIO = .335
Thus... (.895 * .6309) + (.895 * .335) = .8644 GSMI-P
.5646 + .2998 = .8644 GSMI-P

However if you add me and investment I made into qurator then
GSMI-B = 1.348
GSMI-PW = .8504 + .4515 = 1.301

FIGURE OUT YOUR MONTHLY GUARANTEED INCOME aka GSMI-M

It's pretty simple.

Your GSMI-PW by the number of posts a month you can gaurantee to post.
If I were to guarantee 2 posts a day it would be simple math.
30 * GSMI-P * 2

But for me I feel comfortable with about 1.5 posts on average a day because I aim for 2 but sometimes get 1 or even 0.
So 45 x GSMI-P = 58.589/Steem

But we're not done... you also get curation rewards because you voted on other people's stuff (we hope).
And really the only way i know to do this is to look at your last 30 days.
Steemworld.org is another good source for this. It shows 10.18SP for me. But i recently added a long term delegation which increased my vote power by 33% so I'm gonna call it about 13sp.

THUS MY GSMI-M = 58.58 + 13 = 71.58/STEEM

And yes you guessed it one of the easiest ways to increase your GSMI-M is to increase your work load. More good content. That's where commitment comes in. It's pretty straight forward to increase that monthly allotment with some work. So what I'm focusing on is my per post GSMI (GSMI-P)

upvoters example jarvie.png

ADDENDUM: MY CONTRIBUTORS

NAMEVOTESTOTAL SBDAVERAGE SBDVote Power Average
@derekkind303.610.1201
@bluebottlefilms302.650.0881
@timmylace300.920.0311
@vmoldo300.540.0181
@sjarvie5282.40.0801
@dymtrokorol281.080.0361
@r00sj3271.120.0370.5
@gabyoraa240.330.0111
@armentor182.990.1000.05
@bil.prag180.290.0101
@kibela161.330.0440.55
@vtravels160.190.0060.84
@aweber122.750.0921
@snooway90.790.0260.12
@yumyumseth80.620.0210.39
@kieranstone80.310.0100.53
@hansmast80.240.0080.98
@justinmullet80.170.0061
@opaulo60.990.0330.13
@dkid1460.420.0140.66
@matajingga60.140.0050.9
@mnallica60.080.0031
@irreverant-dan51.530.0510.43
@intrepidphotos50.550.0180.57
@manshar50.170.0060.63
@groundlevelphoto50.110.0041
@fivealive5540.280.0091
@greddyforce40.130.0041
@corker40.090.0030.22
@for91days40.050.0021
@jarvie2911.20.3731
@qurator172.370.0790.04

A few things to note...

  • most of those who are the most consistent voters tend to use SteemAuto for that consistency.
  • most of those higher contributors are people I've interacted in and out of Steemit. I feel like some of them I'm pretty decent friends with now.
  • Lots of them are also @photogames players
  • Not too many of them have been around much longer than myself... i've been using steemit about 4-5 months.
  • I'm my own best contributor by far... but that's part investment of my own funds. The amount of SBD/Steem i've given out in that same time is probably 7-9 times that, I just don't have the time to post more than 1-2 posts a day. Plus I see my investment helping the photography space and building up those contributors who'll one day help me.

RECAP

It's important to have appropriate expectations.
It's important to make solid goals and grow.
It's important to have numbers to track your goals.
GSMI set of numbers are perfect to keep you level headed and motivated.
Your GSMI is not the total amount you make in a given month... it's the guaranteed MINIMUM you can depend on.
Anything above that is your bonus and you can just look at monthly results to see that.

Now you can work on improving your connections and investing time and votes into those who will make your life better.

Also with all this in mind don't forget that this is a TINY site and don't be surprised if your contributor number is way smaller than you expected. But even at 32 I see that as perhaps 20%+ of all the possible contributors in the whole Photography community on steemit. So i'll take it. And just hope steemit grows to thousands of photographers from it's present hundreds of active photographers.

NEED HELP?

I'll answer questions below... I know it may be confusing to some
I could have written it out a bit clearer but ran out of time (going on weekend trip)

UPVOTERS PROBLEMS??
I found that i had to refresh the page several times to get 30 posts to work.
The developer @elviento says it's very dependent on the health of the "Public Node"

MY OFFER
I'll do the work for you... but my time and work has a cost... 5 Steem or a 5Steem vote.
I'll figure out your GSMI-P and your GSMI-C based off of 30 posts... and i'll include the list of the contributors.
Just have to wait for times upvoters is working unless someone knows of another tool that does the same.

Growing your GSMI means you're building up the people around you. Not just interacting but helping them increase their steem power.

Sort:  

Ok scott. I read the WHOLE thing. And I'm going to do my math and honestly. I might even translate this whole thing into spanish If you allow me to. Because yes, I get a lot of people do this for the comments and just to enjoy. But you have no idea how many venezuelans I know come here to make a living of it and leave depressed by seeing the trending and feeling they will never get there but never really sit down to do the math and find out they are already making more than the minimun wage here. This is SOOOOOOO important. Have I already told you, you are the best? Thanks a lot for this.

Yes and then make the formatting even better! Haha
I myself one day will likely do a more simplified version but i needed one post that had all thr math.

Also i am going to talk to @asgarth maybe his project can help us out.

We'll gotta read it a couple more times and take our own notes because this was a masterclass.

We're glad of several things after reading this whole post:

  • You just reminded us that we're doing it right, by being patient and investing time, learning, generating content, acquiring and investing knowledge to develop a strong tangible and real base on the platform.

  • We're very glad we had the opportunity to know you thru the photogames and being one of your contributor's with the bests we can.

  • Also pretty excited about this whole math because with this formulas you just threw out the secret (your secret) to easily track our growth in steemit.

Thank you for sharing your knowledge with the community!

PS: You're like the photography math and spreadsheet master of steemit, you better reserve that user for the future.

So much awesome information in here man, I'm gonna have to reread it later to absorb it all! Really interesting data and you clearly put a lot of thought and work into it! Thanks for sharing, you're an impressive boy.

Thanks and yes it was a bit of work. Hopefully someone takes up the task of automating it so its easily accessible

This is cool stuff! I'm not really into numbers but it's inspiring to see how you look at your Steemit career and growth. I'm not sure if this is the path I like to follow since I'm really much focused on joy and authentic connections, which can grow in one week and stay very much the same next month, which is fine by me as long as I don't feel too much bound by numbers. But that's me. I believe many people could benefit from your strategy and would love to know their numbers. I'll be sure to point them to your post :-)

(Actually, the numbers I do want to know are about passive income. If I were to take a sabbatical from Steemit, how much I could grow by just auto curating and/or powering up? These numbers are small now (rough guess in my guess it's 4STEEM a month), but if STEEM ever gets in the 100$ range that's a nice passive income stream from just having an account here.)

The problem is when people feel success by looking at any numbers except these because the other numbers arent really very true including as we know follower count ... but if people can feel consistently validated by other stuff then even better

True. Recently every post I do adds many followers - sometimes 20 at a time. Bot driven and really screws up the numbers, lol :')

are you sure you are a photographer? :)
great post, i get most of it, but it looks like to much work for my depressing results :)
over 50%, not bad without autovote :D

Amazing information, something to read carefully indeed otherwise you get lost in the way 😁.

Excellent analysis. Didn't see it earlier when it was first posted.

Definitely agree with discounting randomness quite a bit.

yeah there's a lot i'd like to do to automate this via @steempeak
Eventually we'll get it where it should be super simple and helpful