How Steem could allow minnows more influence over rewards

in #steem7 years ago (edited)

After


some thinking about this matter of vote reward games and how to fix it, I want to explain why they benefit certain parts of the community, but are of no benefit to the aim of improving quality of content. They primarily benefit whales. By voting on them, they create a more flat curve to their rewards, their ROI.

But it clutters up the trending page, and this interferes with the intended benefit of curation.

I have been saying for a long time a non vote power form of Steem Power would fix the distribution problem.

For every steem power, the network calculates a proportion of the new steem mined that the user has available to assign to author rewards and curator rewards.

What if you had a second thing like steem power, but instead of adding their total to the pool for dividing up rewards, and associated voting power, instead the holder receives all allocation of curation rewards steem power would provide, instead it is accumulated as interest, and the remainder, would be author rewards, remains available for payouts.

By reducing the amount of voting whales do, but paying them as though they did the voting, their big votes are taken out of the calculations and this will raise the value of the votes of smaller users who specialise in curation or are also creators of content.

There is a no-brainer decision for whales chasing curation rewards. Why vote if you can just get the curation rewards your steem power would give, while leaving the rest for payouts? You wouldn't. This eliminates the "King Whales" effect, or would greatly reduce it.

😎

We can't stop here! This is Whale country!

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The biggest problem here is that steem has two power curves that are multiplied together. The white paper shows one power curve, and says, this is the desired outcome. They seem to be happy that they have succeeded, but they have really failed.

When you have 100 votes, and you don't make the trending page, and you barely get a payout. Something is wrong.
When you get 1 vote, and you are solidly on the trending page, and you get a hefty payout. Something is wrong.

The problem is that the voting power distribution curve is a power curve.
Add this to the power curve of payouts, and you get a system that HEAVILY favors the whales.

I suggest you all figure out how many minnow votes equals a whale vote and apply a logarithmic scaler to the vote-power curve.

Figure out how many minnow votes should equal a whale vote and work out the math from there. Having 100x more voting power than a minnow is a huge advantage. However, I feel that calculations of effect is closer to whales having 1,000x the effect, and are moving to having 10,000x the effect.

I think that is wrong. New users also tend to not understand the system anyway, drawn for rewards. I am saying that curation rewards are for creators also, even if they are small. But some people just want an investment vehicle. Where can I find the scheme for calculating allocations so I can see how it works now and thus what ways it can be changed to allow nonparticipation in curation for a competitive interest rate.

The only way is to distribute the steem more naturally, like I wrote here:

https://steemit.com/distribution/@lasseehlers/distribution-analysis

and here:

https://steemit.com/steem/@lasseehlers/when-will-steem-1-cent-my-primitive-estimate-1-february-2017

I believe it will happen naturally, else steem will never hit mainstream.


mydaddyisasteemian-small63761.png

That is because steem has no contract but SBD for investors. This is equal to keeping dollars, no? Holding steem out of circulation by Austrian principles drives down interest rates. That is the fundamental justification for Steem Power at all. But I think curation is what drives the pyramid upwards. Curators should be also mostly creators. If the math works equal for holding or voting, it becomes a place to park your money. This is how a currency grows. Not by transactions. Savings means more investment. Surplus money held off market to seize opportunity.

That's a lot of information in one comment. You are using the terms quite loosely, I am not saying I don't agree, just need more specification of the arguments.

Something weird happened and this comment wound up on your ealier post as well...

Voting power prolly should be more loosely tied to Steem Power - the ghosts of a lot of cold content (early adopter non-content?) don't deserve to maintain so much weight...

btw Newb that I am, I just discovered that posts older than about five weeks can't be commented upon anymore... Kinda sucks to miss out on a bunch of good conversations...

Yeah, there needs to be a lot of things... beta 'n all. Resteem should let you add a comment, for example...

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