Highlights on the N Squared Voting Law from The Steem Whitepaper
Some issues have been discussed by high profile members of the community recently, here a are a couple of posts
Is Everybody Heading For the Doors - @gavett
Increasing Curation, Demand for Steem Power, and Community Interaction - @ned
I think there is a fundamental underlying reason for these issues - the N Squared voting power law. I made a post about this recently.
Your Votes Don't Matter ~ Back of the Envelope Steem Power Madness Calculations
To give some more background on the issue, here is a screenshot from the Steem Whitepaper [PDF], with my annotations.
I think this shows that there are reasons to use a nonlinear function for voting, but there is no truly compelling reason to use a n^2 law. We have real world data now that shows that n^2 is too extreme (posts with 100 votes often do not earn as much as posts with e.g. one whale vote for example).
Even projects like project Curie could not be successful until they onboarded large whales such as @berniesanders. This would not be necessary if dolphins had real voting power.
Let's see how a N to the 1.1 power law would compare to the N squared law.
More analysis is needed, but I wanted to get this out there since we are discussing this in the Beyond Bitcoin channel today.
Follow @nonlinearone for more great pics and posts.
We are working on a solution that would dramatically even out the voting power of all users without creating moral hazard or sybil attacks.
Hmm. When you do that you will jump right on the A perpetual motion machine?
What I mean is - not increasing the vote weight should probably be good enough!!!... Swinging all the way back in the other direction (aka reducing the SP the bigger it is) have its own draw backs - mainly disincentive buying and or holding SP. Which has never been at anywhere near reasonable levels... ever ..in steem's [granted short] life.
One question I would ask is - who is "buying" 500k of SP, compared to all of the people who are willing to buy say 100, 1,000 or 10,000 SP? The incentive to buy amounts like that needs to be much better. I don't think we should be all that worried about incentivizing larger purchases (say a million sp) at this time because ... well that's not happening even now when the voting power so hugely favors them anyway.
True. Also anyone buying (not that I believe there is one) 500K SP will buy it directly from steemit, with a nice discount.
In that regard and thinking more on my comment above - I see nothing wrong in 'cutting the voting strength of accounts with say > 1% of total SP'
Sweet. Thanks for weighing in Dan!
If you get a chance can you please make a post with more details on how this will work? Thanks for all you do Dan.
I believe it is not SP^2 now. It is SP*Log(SP) or something.
Hopefully @smooth, @abit @jesta or even @theoretical or 'the man himself' can clarify.
Hi @james-show. Thanks for the info! Yes, if it has changed that would be great to know so I hope someone can clarify.
You have a new follower.. great stuff. :)
Thanks @peacekeeper, you do too :)
We discussed this post on @officialfuzzy's show :) Thanks @officialfuzzy and thanks to @brindleswan for inviting me to talk about it.
https://steemit.com/beyondbitcoin/@officialfuzzy/guest-signups-beyond-bitcoin-hangout-173-9-16-16-rsvp-to-friday-s-hangout-refer-projects-for-rewards
I'll add a link to the recording of the discussion when it's available.