Steemit Economic Changes - Now vs. November 16th Fork
I did some STEEM calculations using my post information from yesterday compared to the new changes that will hopefully be implemented. If anyone has corrections, please feel free to mention it. I am going off of information I was able to gather online.
STEEM Inflation Amount
- Now: 160% (but supposed to taper off at 110%) [source]
- November 16th Fork: 9.5%
Difference: 16.84 times or 150.5% less inflation! (according to 160% figure)
Daily STEEM Creation Amount
- Now: 400 STEEM per minute, or 576,000 STEEM per day [source]
- November 16th Fork: 38 STEEM per minute, or 54,720 STEEM per day
Difference: 10.52 times less STEEM created each day. Much less inflation and devaluation.
Author and Curator Reward Pool
- Now: 5% of daily inflation quantity (28,800 STEEM per day)
- November 16th Fork: 75% of daily inflation quantity (41,040 STEEM per day)
Difference: 1.425 times or 12,240 MORE rewards for Steemit authors and curators each day!
SteemPower Shareholder Dividend/Interest Pool
- Now: 90% of daily inflation quantity (518,400 STEEM per day)
- November 16th Fork: 15% of daily inflation quantity (8,208 STEEM per day)
Difference: 63.15 times or 510,192 LESS STEEM being redistributed to SP holders.
Witness Total Pool/Pay
- Now: 5% of daily inflation quantity (28,800 STEEM per day)
- November 16th Fork: 10% of daily inflation quantity (5,472 STEEM per day)
Difference: 5.26 times or 23,328 less STEEM for the witnesses each day.
The big winner is: us, the overall community of content creators and curators, those who make the Steemit blog community what it is.
Some of us do see resistence from the existing people who gain from the current functionality, vs. what they will "lose" in the new changes. We need to rally against those who reject what is best for Steemit, and press forward to get corrections implemented on Steemit.
Full Steem ahead!
Peace.
@krnel
2016-11-05, 4:26pm
Till the flagging system is fixed then value of steem will only continue to go down. this is just another small bump to get people to invest real money into the system. give it a bit and we will watch it all return to the death spiral it was.
Everyone is over looking the fact that 90% of the users are leaving and 85% are leaving because of the flagging abuse. The value of steem will continue to dorp no matter what is done if people keep leaving and sto showing up because of the rep steemit has as a whole online now.
But no one is going to fix the flagging problem because the people that made steemit believe strongly that we should be able to abuse the steem power and proof of it is in their posts and their actions in flagging people out of opinion.
Till people realize the flagging system is the death of steemit then no matter what you do or say the value is only going to drop in the long run.
But hey you can cash out in 3 months now so no need to pretend we are in it for the long haul, in 3 months I see all whales cashing out and the people that don't getting stuck with a worthless currency.
But what do iknow, I have only been calling this stuff as it happens day before it happens.
LOL
you can ignore reality but you can't ignore the consequences of ignoring reality
I agree, if inflation exists, value will drop. However looking to steem as an experiment it's quite interesting to observe people's behavior and interventionism in ecosystem. In couple months or years, they will probably need to make another intervention like a central bank and will face the decision to add/remove interest rate or move to a new cryptocoin.
or they will let steemit die after cashing out to only re brand it and do the same thing again.
:O
Honestly, if steemit fails, someone else will try to create a better ecosystem, that's the way technology evolves, we try, fail, improve and try it again. But there are some experiments we can't try alone, because we need real human beings to be part of simulation.
It's remind me a tv serie called ascencion, take a look @skeptic, it's pretty like steemit, lol
ill look it up right now.
I actally think after steemit crashes to nothing and dan and ned have milked it for everything they are going to turn around and re brand it and repete it all again.
Their actions do not come off as the stuff one would do if they really wanted steemit to last.
IMO atleast.
I could be bitter because of dan flagging me for pointing out the stuff he said in old posts or when I talk about the flagging problem but I don't think that is he reason. I feel the reason is because of the stuff he said in old posts and how his actions prove the stuff he was saying is how he feels, hence the reason he was flagging me when I pointed out what he was saying in a place where a lot of people got to see it.
IDK I hope it goes up but I don't believe it will in the long run. The more the word spreads about the flagging and about how 90% of everyone left because the flagging but nothing is done about it or the fact that twitter and youtube are dying because they are trying to implement the same thing as steemit (giving the power to flag stuff to morons or people that flag out of opinion) and the fact that it is killing those sites should tell everyone whats up.
It might not be positive like everyone wants but I see the one main reason steemit is dying is the flagging system. If nothing was done about it when everyone started leaving because of it, and all the talk about it then they are never ging to do anything about it, especially if dan and ned are still out flagging people out of opinion. its to late for steemit and that is why I think they are planning to rebrand it and start over after they think about all the things that went wrong with steemit while relaxing on everyones money that invested on something that was expected to fail from the beginning all the while saying it was only getting better if we wait it out and invest more.
Sry about the rant.
Thanks for laying it out like this. I saw the table in the other post too. I was hoping someone would take the time to do that.
It's important to note that SP inflation (interest) is currently 90% of 160% (going off your figures, because I really don't know exactly). You included it above, but I think that gets lost when not put next to each other. This translates to 144% gain in SP (call it inflation or interest, it's still a great hedge and possible advantage).
Many of us invested in SP for this very reason. I picked up a couple of tranches recently and powered them up with this in mind. I'm not complaining, just trying to make sure the numbers are accurately represented and laying it out there in case I'm misunderstanding. I don't claim to understand them all. This has been a pretty amazing exercise in striving to grasp the formulae and the implications/ramifications. I'm a little uneasy while being hopeful at the same time. You invest with the cards on the table. It's unnerving when someone comes and replaces the deck.
IMO, making Steem a viable cryptocurrency will increase its value as much or more than the reduction in SP payout. If Steem can get into the mainstream as a currency, it becomes a game-changer. But the mental gymnastics of assessing this are pretty challenging. In a sense, they're impossible because we can't know what the market will do.
Thanks for that point. I did all the STEEM calculations based on the STEEM now (that I could source) vs. new. What it is now (400), 9.5% of that (38). The 9.5% is from 100% of current amounts. This could throw off the calculations if the current amount 400 is 160%, then 9.5% would be 23.75 of 400, instead of 38 of 400 STEEM. Everything else would also change. I assume the 400 per minute that was posted on a steem.io page months ago represents the default creation amount that is still in place.
I don't have any other numbers to go on as to what is the current rate per minute. That 400 is 100% of what is now, and I understood the change to be 9.5% of what is now, which could be wrong. Sorry everyone if my calculations are off. I was going off of simplistic 100% easy math.
Maybe the 9.5% is of the 160%, but that would also indicate a different per minute creation rate from 400 as it was originally before it was 160%. So since my calculations are made from the 400 figure, assuming that is prior to the assumed 160%, then the calculations still hold true even if the per minute rate is changed to reflect the 160%, all the other calculations would come down to the same amount.
400 / minute at 100% is 640 /minute at 160%. Meaning 9.5% of 400 at 100% = 38, and 9.5% of 640 at 160% = 38. Same thing when weights are applied with the adjusted per minute rate. There is a lack of information for me to confirm. Someone who knows more would have to do that. Sorry. Thanks for bringing up the issue. Peace.
haha, my head hurts. ;)
These could be good changes. The new values seem to be making more sense.
Exactly what I needed to see. Thanks!
Thanks for calculating the numbers. That will make it clearer for everybody! And it is good that a larger amount of steem will go into the content! :)
Quality throughout as standard @krnel and a great little cheat sheet on the Steemit fork inflationary changes up ahead. Up-voted and my single resteem of the day! Steem on in that choo-choo train of yours!!
Now it is clear! Thanks again.
Man, you're a problem solver!
Welcome, glad to help. @picokernel mentioned the new pay of miners, and I mentioned the old pay, and I thought it would be good to analyze the old/current amounts vs. the new ones for various aspects of the Steemit economy. Peace.
Thanks for sharing :-)
That strikes me as a divisive comment with no call for it, especially as the proposals are already widely supported.
LOL. "Divisive" is a label thrown around anytime there are contradictory positions to attempt to falsely imply some wrongdoing to someone. Those who want to reject these changes, are choosing to be "divisive" from the rest of us who want it and know it's for the better. As such, we should not allow them to torpedo this change. Just as those who flag to silence posts, we can rally against their attempts to silence posts by having others with more SP reupvote posts. Rallying against an oppositional side is divisive. So what? I'm calling for action to be taken in reality if others choose certain actions. Call it what you want. If you think it's valid to say there is no call for me to say that, then I say there is no call for you to say what you said, as you are being "divisive" with me. LOL.
Did your comment not mean to imply/say that those who are arguing the opposite point of view to your own have malicious intent?
This post has been linked to from another place on Steem.
Advanced Steem Metrics Report for 5th November 2016 by @ontofractal
The Daily Tribune: Most Undervalued Posts of Nov 05 - Part II by @screenname
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