RE: Steemit Post Promotion and the Dollar Auction
Great post! I love the example of the money auction as I had forgotten about that little game theory gem. So far, I'm loving the promoted posts idea. To test it out, I dropped 15 SBD on a post which was set to pay out at $33. 20 minutes later a whale bumped it to $70 with 8 hours of new life. I just found out Bernie found it to bring it over $300 and 11 more hours of life. That's pretty sweet!
After reading your post I want to build some transfer analysis tools on @null's wallet to figure out the optimum payment amount at any given time. It also makes me want to send 0.001 SBD to push my post ahead of any other 15 SBD post. :)
Again, great post. I may not have seen it without you promoting it.
Oh, also, @smooth contributed 50 SBD to promote @jesta's PSA. Two class acts right there.
Luke, how does the "new" (or rather extended") life (payout time) work? Can you clarify? I've not heard of this feature before. Is this something just added as part of the post promotion update, or has it always existed. If the former, does it only apply to promoted posts or all posts?
It's been around for a long time, as far as I know. I haven't looked at the actual code to understand exactly how it works, but my understanding goes something like this: The default is 24 hours. That changes based on the stake of new voters. Example:
If a whale radically changes the value of a post by upvoting it at the last moment, other whales would not otherwise have time to flag it to change the payout. Also, that whale wouldn't have much time to change their vote if they later discover plagiarism, fraud, etc. The way they get around this is extend the time left on the post based on the weight (Steem Power) of the new voters. I've seen some posts stay active for quite a long time as new whales come in and vote it up. If you take a look at my post, it says "2 days ago" but still has 6 hours left on it. It almost paid out at $33, but is now at around $333. That's a big change.
Good to know! I learn something new about Steemit every day.
Luke, the man with the numbers :) I love the idea. Interesting stats to look at:
There may be others who have already though to do 15.001. I too started with 10.001 in mind and got to 13.63 to have a good front-ish seat :) but I think amounts will start being higher and higher as pressure builds to be on the first page.
@berniesanders is the real MVP, have said it before and it's still valid. Nice ROI on your post! Classic bump and reward case. Exactly what Post Promotion has been built for.
I'm more testing the thing now but thank you for the feedback! It's good to see that my marketing campaign is showing results!
Yeah, up one for @smooth and @jesta! #classy