Hello, fellow minnows!
This is a repost of our first beta announcement. This post was made to include some extra information that was missing from the first post. We have been successfully running the bot for three weeks now and everything has gone without a hitch. So we are removing the beta tag from the service and reintroducing @MinnowPowerUp - how to Power Up the smart way and earn up to 30% more STEEM!
By receiving delegated STEEM POWER (SP), one can get more STEEM from upvotes than they could by directly powering up. The idea is for minnows to harness the full potential of their delegated SP by pooling it up with the community in order to increase the potential payout of any single vote and thus bypassing the 10 votes per day requirement. This is the definition of Powering Up Smart!
A quick rundown:
- Send 4 STEEM per share to @MinnowPowerUp.
- All the STEEM will go into buying SP delegations from @minnowbooster (1 share = 150 SP).
- Get daily upvotes for 29 days, proportional to your shares.
- In total, you will receive upvotes with up to 30% more worth than you would have received by powering up directly
How to Power Up Smart?
Delegations is the new way of leasing lots of STEEM POWER (SP) for a limited time. Now this SP can be used to upvote posts with far greater worth than a starting minnow would otherwise be able to. This is all made possible thanks to the hard work of @minnowbooster and the @buildteam who have built the STEEM delegation marketplace allowing for minnows to connect to the whales in the community.
Now lets talk about numbers. Right now, the most beneficial rate at the market is 1 STEEM per 150 SP for 4 weeks, meaning that you have to pay 4 STEEM upfront and then receive 150 SP for the duration of 28 days.
For simpler calculations, lets say You use their service for 20 STEEM and get 750 SP for 28 days. One person can have a maximum of 10 upvotes at full voting power a day. At 750 SP, one upvote is worth $0.10 and thus 10 upvotes would be worth $1.00 ($1.02 actually due to rounding). This means that in 28 days your maximum potential payout is $28 or 25.5 STEEM (Price of STEEM is $1.10 at the time of writing this post). That is an whopping 30% more than the 20 STEEM you put in. Lets recap:
20 STEEM --> 750 SP --> $0.1 * 10 votes * 28 days = $28 --> 25.5 STEEM
When you power up through the steemit system, you are trading away your STEEM for SP at the rate of 1:1 - that is 20 STEEM will earn you 20 SP. But when you are only posting 100% powered up posts and self-voting using delegated SP then you can think of is as another way of powering up, but with interest.
This is how you power up smart!
- Delegations can give you a lot of SP for small amounts of STEEM
- Upvoting with delegeted SP will give You up to 30% more SP than regular powering up
Why use @MinnowPowerUp?
The problem with the aforementioned calculations is that it requires You to make 10 posts per day and upvote them exactly at 100% voting power. This is not humanly feasible unless you make a lot of useless posts and sit at Your computer 24/7. We all need to sleep ;)
This is where the idea of a delegation pool comes in. @MinnowPowerUp will pool the delegations of multiple users together and thus will reach the level where each user will only have to post once a day and get the full days worth of upvotes with a single vote. Pooling up delegations is the only way to reliably realize the full power of your delegated SP!
In addition, @MinnowPowerUp will only make 100% powered up daily report posts with all the proceedings going into the SP pool. This means that over time our upvote worth will only go up and you will earn even more with each day!
@MinnowPowerUp is also an upvote bot which means that it can maximize the voting power of an account for 24 hours a day. By subscribing to the service, you can be assured that your posts are gonna get upvoted at the right time without the hassle of keeping your eye at the voting power meter.
But maybe the most useful benefit is that Your own voting power will remain untouched keeping You free to upvote Your friends and favorite steemians. This means that You can keep on engaging with the community as You always do without the need to change your voting habits.
- By pooling up delegations, You can receive Your full delegation value with only one post per day
- @MinnowPowerUp reports will be 100% powered up and add to the pools total
- Using @MinnowPowerUp upvote bot guarantees optimal voting power while leaving you free to contribute to the community
How does @MinnowPowerUp work?
The basis of @MinnowPowerUp is a share based subscription system with the minimum cost of 4 STEEM per 1 share for 29 days. All the received STEEM is forwarded to the @minnowbooster delegation marketplace to add Your delegated SP to the pool.
Each day (starting at 00:00 UTC) the bot will calculate yesterdays total shares and assign an upvote weight based on the number of shares You have bought. This daily "reset" is necessary to assure that the bot can manage its voting power accordingly and keep things fair for everybody no matter at what time the share was bought. Then it will go over all of yesterdays posts and comments (with blog posts preferred) and starts to upvote them in randomly chosen order. Keep in mind that due to the daily nature of the bot, only posts made a day prior are voted on.
Every share is valid for 29 days. The reason for this is because the delegation marketplace orders are not instantly filled and take up to, on average, 1 day to be executed. Thus the 29 days is calculated based on the 28 day delegation with 1 day delay. This means that You are expected to get the value of Your delegation spread over 29 days as other users will receive upvotes with Your delegation on their extra day and vice versa.
Right now, there are no plans to enable different delegation lengths as 4 weeks is most commonly used, but it is something that can be considered in the future.
The order of chosen posts are selected randomly to promote fairness due to market orders. As it can not be predicted when a market order would be filled, the worth of votes later in the day would usually be higher than the earlier ones. The random order would make it as a small lottery who gets to go last.
Finally, each day the bot will upvote its powered up report post with 50% weight to ensure that the SP pool is always growing and attract more people to the system. Our target voting power is set to 99.5% to ensure that everything works smoothly but also at peak efficiency.
- @MinnowPowerUp will upvote Your posts based on the number of shares bought
- 1 share costs 4 STEEM and gives You 29 days of upvote subscription with 150 SP delegated power added to the pool
As a launch gift, @MinnowPowerUp acquired a modest delegation of 750 SP for the first 28 days, free of charge!
How to use @MinnowPowerUp?
Using @MinnowPowerUp is very easy and made in a similar vein to @minnowbooster. To buy shares just send at least 4 STEEM to @MinnowPowerUp. No memos needed. Just open your wallet and select transfer:
Then enter @minnowpowerup as the recipient and insert the amount of shares You wish to buy multiplied by 4 in STEEM. Keep in mind that one share costs 4 STEEM and the shares are not dividable:
Although You can not buy fraction of a share, we will reimburse everybody who have sent us an amount not dividable by 4 so You don't need not to worry about it that much.
In addition, You can queue up your favorite posts from yourself or Your friends by sending us 0.001 SBD with the memo: "Post-steemit-link" (e.g. memo: "https://steemit.com/minnowbooster/@minnowbooster/6rt2mn-introducing-minnowbooster-beta"). Please send only 1 link per transaction. This option can also be used to tip some of Your favourite posts with Your delegated SP. The only requirement for this feature is that You have bought valid shares with us. On the next day, the bot will prioritize its upvotes on these featured posts.
Keep in mind that we accept only STEEM for subscription. SBD is not accepted as its value is not tied to the STEEM price and would require us to readjust our subscription price daily. But there is an easy way to trade between the two. Below we will shortly explain how to buy STEEM for SBD.
Right now, Blocktrades (the "BUY" button in steemit wallet) is not trading STEEM and SBD pair. So there are two options to trade STEEM for SBD:
- Use an outside exchange to get STEEM.
- Use the steemit marketplace for trading between STEEM and SBD.
If You are willing to use an outside exchange for trading then You can follow this guide.
The other option is to use steemit own marketplace to quickly buy STEEM from other steemit users. For this, You need to go into Your wallet and click on the STEEM number. Use the dropdown menu to access the "MARKET" like shown here:
Next, You will be welcomed by the marketplace window:
This marketplace window shows the current buy and sell orders on the market between the SBD and STEEM pair. To buy STEEM, click on the highest sell order. This will automatically fill the upper-left "price" window with that price. Next, You need to fill in the amount of STEEM you need and press "BUY STEEM". If Your price is the same as the highest sell order, You should receive the requested STEEM into your wallet instantly.
So these are some things to watch out with @MinnowPowerUp:
This service is mostly targeted at minnows. It is not a get rich quickly scheme. All of the delegations are at the mercy of the delegation marketplace and the amount of SP people are willing to delegate. So sending 1000 STEEM in the hopes of large returns may not work as the order might not be filled. We would like to start growing the pool small and then see about finding dedicated delegators.
On the same note, if you wish to use @MinnowPowerUp as a self-voting tool, then you might want to fill these marketplace orders yourself to get your STEEM investment back!
The promised 1 post per day is only valid if You own less than 10% of the total shares for the day, as it is impossible for the bot to vote with more than 10% daily voting power on one post. Therefore we have also enabled upvoting on comments so that You can leave couple of extra comments and still get all the upvotes. This will be most crucial at the beginning of the project as we expect only few new subscribers per day. Make sure to promote @MinnowPowerUp so that the total number of users would grow more quickly and the votes would be spread out more evenly. To see the total number of shares bought, check out @MinnowPowerUp daily summary post about some statistics on the pool.
Due to the daily nature of the bot, only posts from a prior day will qualify for upvotes. This means that, as a new minnow, You are encouraged to engage daily with the community!
Although @MinnowPowerUp is strictly an upvote bot like @randowhale and @minnowbooster, we hope that the subscription based system would be something new where the post values are more evenly distributed and thus make Your presence in the steemit community more noticeable. You can also use this service as Your private tipping pool by sending in Your favorite posts and spreading the love.