A brief guide to delegating Steem PowersteemCreated with Sketch.

in steemit •  2 years ago

Reasons for delegating SP

With Hardfork 18 came a very interesting feature - the ability to Delegate Steem Power to another account. This has several benefits -

  1. Creating accounts with a lower fee.
  2. Donating your SP to curators you trust.
  3. Combining your SP from different accounts to a single voting account.

For most of us, it'll be 2. and 3. which are interesting. It allows whales to directly delegate SP to trusted curators, hence spreading influence far and wide. I fully expect this to become a trend once the payouts stabilise and a linear reward curve is rolled out.

Rules of delegating SP

There are several rules to delegating SP -

  1. You cannot delegate SP that is being powered down. You can't power down delegated SP. You can, however, delegate a portion of your SP and power down the rest.
  2. SP delegation works like a donation. The delegatee keeps all curation rewards.
  3. Effectively, for votes made the delegatee, it would seem like they own the SP.
  4. Delegators can cancel their delegations at any time, though it takes 7 days before they can use the SP themselves again.
  5. You can only delegate SP you own, not SP delegated to you.

How to delegate SP

Currently, there's no easy frontend on Steemit.com or elsewhere to delegate SP. Probably isn't much of a priority for the Steemit team either, with Communities being the top focus right now. So, you'll either need to use a script or cli_wallet.

Linux

If you run Linux, you can download a cli_wallet I have uploaded here - http://wikisend.com/download/735872/cli_wallet.zip

  1. Unzip, add executable permission chmod u+x cli_wallet

  2. Run cli_wallet cli_wallet -s wss://steemd.steemit.com

    2b. Use set_password yourpassword to add a password.
    2c. unlock yourpassword. Once you see unlocked >>> you're all set to go.

  3. Import active key. This will be your private active key, which you can copy from your Steemit.com wallet. import_key 5key

  4. Verify that your account has been added by using list_my_accounts

  5. Finally, delegate! delegate_vesting_shares youraccount delegateeaccount "xxxxx.xxxxxx VESTS" true (Tip: Copy paste the exact Vests from the list above to be sure the decimals and everything is correct. Of course, reduce as desired.)

  6. Verify on Steemd.com.

Windows

@clayop (feat. @gtg) has created a brief guide about using a Docker image for Windows. Check it out! https://steemit.com/til/@clayop/til-using-cliwallet-on-windows-with-docker

NEW: There's an even easier way to run it if you use Windows 10. No need for Docker or VM - it'll run natively! More here - https://steemit.com/steemhelp/@liberosist/using-cliwallet-and-steemd-natively-in-windows-10

Once you have got cli_wallet running, Steps 3 to 6 will be the same as above with Linux.

Script

I haven't tried this method myself, but @inertia has a script for those who don't want to set up cli_wallet. Do check it out here - https://steemit.com/radiator/@inertia/gator-rb-steem-power-delegation-script-for-steem

Delegation vs following

Currently, there are many trails and bots following vote. Delegating SP differs in numerous ways. This table attempts to point out the many differences.

First published here

FeatureStreemian/followingDelegated SP
Who gets curation rewards?Follower****Curator
Delegate to multiple curatorsYesYes
Voting strength decided by*FollowerCurator
Can delegate SP being powered down?YesNo
Can power down already delegated SP?YesNo
Follower can vote on other posts with delegated SP?YesNo
Delay between votesYes (bot speed)No**
Time to cancel delegationImmediate7 days***

*Though the follower/delegator can choose to delegate a set amount of SP.
**It would be as if the SP was yours - your vote counts the delegated SP. So, yes, if a whale delegates to a minnow, a minnow might see their vote push up the pending payout by several dollars.
***The delegation is canceled immediately, but it'll be 7 days before you can use the SP to vote again.
****The curator also earns rewards from their own SP. However, follower gets to keep all rewards from the delegated SP, depending on the position of the vote. The curator does see increased curation rewards contributed from votes added by the follower, but limited by the SP they own. In the case of Delegated SP method, curator keeps all curation rewards directly, from SP they own + delegated to them.

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I delegated some power to a user, on my wallet it says I have some of sp delegated. How do I know to whom it is delegated, is there a list somewhere?

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It may well be from steemit themselves. If you created an account on steemit, then they start by delegating some SP to you so that your vote counts. Enjoy your delegation, it won't last!
To view the details; go to https://steemd.com/@mcurly , scroll to the last pageand you see you've been delegated 57kVests at your account creation

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"Begging"? MwaHaHaHaHaHa. You are hilarious!

Or perhaps there is something wrong with my communicator. Dennis! Get in here!

That was clearly and order.

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Damn, gimme sp delegation

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There is always some angry cat hahahahaha

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A lot of cats live from their investments

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This really describes how I am feeling right now...

Just made a simple SP delegation tool based on steemconnect.

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want steem power delegate, please help me to got the procedure @justyy

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This tool is extremely useful! Thanks a lot for making it.

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Glad you like it!

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How to got steem power delegate, anyone help?

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looks like useful thing! thank you )
would be great to repost it, but i hope i will find in the comments or responces )
have a good day!

this confuses me. I don't get the advantage and there are a lot of steps. ok, so I'm old...at least I'm here :-)

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The advantage is a whale could think you're a good curator and donate their SP to you. So instead of generating cents on your vote, it would then be dollars. And of course, you'll earn that much higher curation rewards too. The other benefits wouldn't apply to most of us though.

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Why would a whale, or any delegator for that matter, choose to do this? Out of generosity, or is it to have the delegatee serve as a kind of "proxy-curator" to up-vote content that the delegator would have theoretically aligned with and would have also up-voted if they had enough time?

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Out of generosity would be a good reason. Though for megawhales like Steemit Inc employees, it'd also be in their best interest to diversify curation. That'll lead to better retention, a better trending page, user growth (assuming marketing is successful) and ultimately a higher price.

Of course, the delegatee is automatically a proxy curator.

Some whales may want to cut a deal where the delegatee/curator sends back a cut of curation rewards as liquid Steem over the long term.

Whales may also delegate SP to their sockpuppets. That said, this would all be visible on the blockchain, and abuse can be fought easily, so the preferred route for that is still powering up sockpuppet accounts individually.

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Has this changed? Can I receive curation rewards if I delegate to someone now?

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Where do I find whales who are ready to cut deal with curators? I have asked couple users but they are not interested, meh :(

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@gardenlady I love your page im following now!

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oh ok, that makes sense. thank you! So how does the system separate MY SP from a whale's SP if for instance I wanted to Power down (which I'm not!)? And how long do you get to use it for?

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You can't power down the whale's SP, of course. Neither can you delegate it forward. It is indefinite, up to the whale. But they can cancel it any time like I mentioned above. The system only considers the delegated SP as yours when you vote.

The delegated SP is also shown separately in your Steemit.com wallet under brackets. For example, you can see here - https://steemit.com/@curie/transfers . The account's owned SP is 38k SP, while the delegated SP is 333k.

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thank you so much for the explanation! It makes things very clear now :-) It's like a 'boost'!

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Boost, I like it! Sounds better than delegation :)

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It could be called a PB...Power Boost!

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Hi, good post!
I am still lost with delegating option.

What's the benefit to doing it? for instance... If I delegate the 10000 SP, what's the profit I take?

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the benefit is that agreed by the two parties the delegate and delegate, the advantage is that the delegator always has full control because you can cancel at any time, would you be willing to delegate ?, if so speak with me I am looking for that they delegate me, the deal would be to send you an amount of earnings each week for example, we would have to do some calculation to know how it could benefit each other

This is great, thanks @liberosist! Here's hoping they integrate this alongside the Communities feature, I think there would be a lot of co-benefits between the two.

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Communities will be very interesting, though it will have its own model for ownership, moderation, curation etc. I'm sure SP Delegation will play a part somewhere.

Correction: I just made a guide and the image is created by steemit. And for the code, @gtg helped me a lot :)

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Couple more to comment. 1) node.steem.ws doesn't support list_my_accounts (no account_by_key plugin). And 2) The digits should be six not five (e.g. xxx.xxxxxx VESTS)

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Thanks! Will get that changed to steemd.steemit.com (I've tested that one - works) and add the sixth digit. Also, will add set_password.

Even with a linear reward curve, it might be nice to have UI support (or an app feature) that would help to calculate and visualize the effect of curation and up-vote earnings based on the delegation of a certain chunk of SP.

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That would be a nice perk, yes. I hope to see the ability to delegate SP through the Steemit.com wallet, but statistics and visualisations have traditionally been the realm of third party apps. Would love to see such features built into apps like Steemstats.com or Steemwhales.com.

This is a very informative post. I'm going to resteem it so that I can see it in my blog. I'm not there yet, but I can see myself possibly delegating voting power at some point down the road. Gotta work on finding those trusted curators who see things pretty close to the way I do :)

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Or, become a trusted curator yourself :)

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Right. I was thinking about that, actually...

I want steem power delegate but don't know which source give this facilities, please give me an idea!!!

I just realized there is one more difference between following and delegated SP, than mentioned above:

In case someone follows 3 people with 10% VP each and they all vote on the same post, the old votes gets overwritten / skipped.

With delegated SP they would add up.

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Good find! That'll only be true for the corner case of voting with a low strength. In any case, once you delegate, the voting % is out of your control, and that's really what is making the difference here. The net impact of SP is the same, as the low % votes also have a lower influence.

Of course, if one votes with 100%, the net effect will be the same whether you follow 3 people and get votes skipped or delegate fractions to all 3 totaling 100%.

Thanks for this guide.

Just one question what does this mean? how does one create an account via this method?

Creating accounts with a lower fee.

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I believe the cli_wallet command for that is account_create_with_delegation, but I don't know the exact syntax. I'm sure you can find that from help in cli_wallet though.

All new accounts on Steemit.com are now created with delegation, as you can see here - https://steemd.com/@steem. Instead of a straight up fee, there's now a smaller fee plus SP delegated. Though there seems to be hints in the marketing update post that this will be made even easier in the future.

And how I must do that? If

If you run Linux, you can download a cli_wallet I have uploaded here - http://wikisend.com/download/735872/cli_wallet.zip

NOT WORK! ??
Bullshit.

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This post is very old. There's a new v0.19.0 out. You can build from source at Steem's GitHub.

this was written last year. The game has changed now right? I found this because I was searching for " is my delegated SP still contributing to my voting power?"

thanks for delegating this information to everyone

Hey hey hey I don't know if I missed it, but how does one cancel delegation?

Good guide, it remains only to earn SP so it was that to delegate:)

@liberosist great post enjoyed it answered a few questions I was intrested in keep steeming viva la steem

If you were here before @smooth and @abit forced the whales to accept that whale voting is bad for everybody else you know what happens when whale's farm out their influence,...
If the whales delegate all their power we at the bottom will be starving, again.

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Firstly, there's a linear reward curve incoming, things will be drastically better for non-whales in the coming weeks/months. Once that is here, the experiment will almost certainly be over. There will always be whales in any healthy economy, that's what drives demand for Steem Power. The whales will delegate power to those at the bottom. It won't be everyone, but you can curate better, get your efforts publicized if you want whale delegation. This is a free market. Whales can and will use their VP long term, it's a matter of whether they use it themselves of distribute it to many other minnows or dolphins.

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What makes you think the bottom will get rewarded with whale largess?
They haven't shown any altruistic tendencies that I am aware of.
They have consistently done the crapitalistic, ie, the rich getting richer, thing.

I like the n^2, I also like whales that don't eat all the food, of their own accord.

Why whales that considered the guilds a good idea would change that thinking when given the freedom 'to build the bottom' with sp delegation is beyond me.
A flatter community only dilutes the rewards, it gives a participation ribbon to everybody, hardly a crapitalistic ideal.

Why build the bottom when building the middle gives better rewards, and more control, all around?

The bottom is insignificant if you pick a couple winners from it and build them into sycophantic dolphins, then use them to herd the pack of lesser 'useless eaters'.
When the whale posts, to get even fatter/mitigate against inflationary losses, they are then assured of making the trending page no matter how fluffy the content, if for no other reason than loyalty to the hand that fed the sycophants. and ignorance of the dupes, that will upvote them, imo.

I do see steem continuing, but until the whales stop centrally controlling EVERYTHING I don't see it going mainstream, and it does appear to be that the plan is to keep the circle jerk small enough that a few at the top get their 'decent' compensation for their time, energy, and talents, while screwing everybody else.

This explains the lack of customer service from the top, they are serving their customers, and I ain't one of them, you may not be, either.

@liberosist is this post still up to date? I think there are easier ways of doing it now.

Can somebody verify this: All the rewards made with my delegated steempower go to the delegatee. What I would love to see instead is a 50/50 split. If this was the case I would be more than happy to give all my steem power.

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find out yet?

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Hey Joey! :) Its not 50% 50%... The rewards go to the delegatee.
Some systems pay out dividends from rewards to delegators.

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@bymma where can we find these systems which pay out dividends from rewards to delegators?

Answered my question!

I am admitting still learning about all of this but I think for me I would just rather send them some STEEM that they can use to Power Up

This post was so helpful, thanks so much! I can't resteem it I guess because it is so old, but the information you provide here should be recirculated somehow, as it help explain a few confusing concepts to me, a newer user. thanks again, following, upvoted... @cryptoted

Okay... code again...ha...ha. I do not understand about coding...Anyway thank you for sharing ! :)

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It's not as difficult as it looks! But yeah, needs some familiarity with command line interfaces. Personally, I much prefer simple GUIs, but right now we don't really have an option.

@liberosist - Thanks for this amazing article. It's like self help guide. Your post answered most of my questions.

This post is 4 months old but I'm sure it will keep helping minnow or anyone, who wants to refresh SP delegation knowledge.

Steem ON!
@cryptoqu33n

The community ignored my question about why did Steemit Co. fucked me.
Why did they do this to me:
https://steemd.com/@stimialiti?page=6
search for the word 'undelegate'. The reason is not too much steem or steem-power which I never had. Back then, I had even less than now.

thanks for the informative post! finally it made so much sense

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Hi @columbiablock! Here is your @tipU service user data:

  • deposit for sending tips and @tipU upvotes: 0 SBD
  • delegation status: 1990.0 STEEM POWER delegated
  • investment status: 0 STEEM POWER invested: 0 STEEM and 0 SBD
  • pending payout: 0.019 SBD + 0 STEEM, next scheduled payout in: 24 hours
  • total @tipU STEEM POWER: 454473 | Your share: 0.4376% | Your reinvest ratio: 0%
  • voting status: active, profit will be increased with each vote :)
  • Profitability: 0.643 SBD + 0.053 STEEM (0.92 USD) per 1k SP delegated or invested, APR: 20.54% (data from yesterday)

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Hi @columbiablock! Here is your @tipU service user data:

  • deposit for sending tips and @tipU upvotes: 0 SBD
  • delegation status: 1990.0 STEEM POWER delegated
  • investment status: 0 STEEM POWER invested: 0 STEEM and 0 SBD
  • pending payout: 0.613 SBD + 0 STEEM, next scheduled payout in: 11 hours
  • total @tipU STEEM POWER: 463726 | Your share: 0.4289% | Your reinvest ratio: 0%
  • voting status: active, profit will be increased with each vote :)
  • Profitability: 0.643 SBD + 0.053 STEEM (0.92 USD) per 1k SP delegated or invested, APR: 20.84% (data from yesterday)

Nice pos

Thank you so much for this info... I was looking for this :)

Thanks for your post and the value it provided me! I heard that you benefit much more by delegating Steem to individual users as opposed to bots. How can I see which users want to borrow steem and how can I delegate Steem to them? I assume these benefits are in the form of dividends?

If I delegate 80% of my SP to someone and then I vote until my power is 50%, does that affect the delegated SP?

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No once you delegate you can only revoke. It's on loan for a better word. Your activity has no affect on your delegatee.

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So, it would be better to use all my vote power down to just a few percent before delegating it?

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I see no reason to power down unless you have over 100k steem power. 90 days is a long wait when you can just catch a trail and let them do the work. Keeps you with a steady steem supply. Being that I'm new now much sp but I get awarded about every day. Use my three. But this is my last free advice to you. When you post next add kmgroup as 5th tag to receive my support an help....if you want it. And I will take the time to explain how to play this game .....steemit. And maybe you will get free daily credit like me. NicePost out

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Another thing keep power above 70 no more than 10 votes in a 24 period or you will hurt yourself.

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My SP, after delegation, is about 50 and it is at $0.01 SBD for first few fully charged votes. After about 85% it goes down to $0.00 payout. I think the value of a vote changes globally so sometimes a vote from 50 SP at 100% will be $0.01 and other times it will be $0.00 for all the users. It appears to scale based on some parameters of the system.

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Your SP is under 100 thats why. You should not be delegating if your under 10k there is no real short term benefit. Unless you want the right to say your delegating so why do it. Are you pumping a subaccount?

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It is going to @minnowbooster I have been a bit busy recently with other projects.

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I would say the number of Steem to power down at is completely relative to its' owner. 100K is huge amount for some and not that much for others. For some, even 100 STEEM is (relatively) a lot.

I am using MinnowBooster and earning about 0.9 SBD daily for the SP I delegate to them.

This is so helpful! Thanks for breaking all this delegated SP stuff down! :) Will you join our community map / directory efforts? Would appreciate your support. Cheers!

Is delegation like donating to a steemian you'd like to promote? Where following is just that - following their feed.

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Correct!!!!

sorry, I have a question and I'm not sure if I understood your text right on that topic:
who gets the curation awards for votes cast with the delegated SP? The one who delegated or the receiver of the delegation?

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The one who get the reward for the donated SP is the delegatee not the donator, although that may change with an update if the value of delegation has incentives for the community delegating. But again if you delegate you give of control of your SP and the values attached. Unless an arrangement was made.

This is a very useful guide. Thank you.

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I second that!

What would happen if I delegate myself? Has anyone tried it? Maybe it's a system failure or maybe nothing just happens, simple curiosity.

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you cannot delegate to your delegating account only a sub account or a minnow or dolphin. Why do that anyway makes no sense. Case in point. I loan myself 1000 sp which is then taken out and give back to me. Sounds crazy right.

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Lol Yes ahahaha

your clarification of how to get the active code really helped me out, been struggling for a day! thanks for your easy to understand explanation

Hi, do you know any platform other than minnowbooster where can be sure of getting a delegation for a reasonable price? Delegation is so difficult to get these days!

I do not really understand delegations. Delegations withou my consent? My SP is lowered down for the 3rd time, as a minnow my upvote should be valued today at least $ 0.04 cents and it is always down to $ 0.00 cents. Is it fair? How far steemit goes with those policies?

Hi! I know this thread is expired, but I got an issue I don't quite understand. Steem delegated some SP to me as a correlation or reward for sth I've done or passed a threshold or sth. I really don't know! The thing is it didn't change anything in my stats... I think. I guess I'd like to ask you what does it all mean???

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it's simple. what is delegated to you is taken back once you have your own minimum amount of 15 to play.
As for whale that chose to boost/delegate your account you will either pay your ties to your new messiah. If that was the arrangement or not and keep making your own money. But word of caution if you dont contribute back you may get revoked. I know that's I would do. I made you strong now give me my cut. I hope this helps. As I understand things. Could be wrong.

Mr. NicePost.

this might get buried but this looks like the informative post I would get an answer from ...

I am new, I powered up some SP and noticed that my delegated SP went down almost in direct relation to the amount that I have been adding to my account .... I am still new and could still use the delegation. It would suck if that's really how this works, I would have left my Steem as Dollars or another form until my delegation was fully removed if I had known that

can anyone confirm or deny this ? would love to know

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you are delegated by the steemit team when you sign up. as you earn sp up to the donation amount then you are on your own. gl

Wow that docker image for windows is really neat! Very cool guide :)

How to know if i received my delegated sp back?

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