Upvote Value Increase for 20 Euros worth of Steem Power
Like many new Steem users I quickly noticed that my votes had no perceivable value. Upvoting a post changed nothing to that post's reward, if it was at $0.00 it stayed at $0.00. Psychologically I guess I'd like to see it go up, which means having a vote worth at least 1 cent.
Unfortunately my vote was worth nothing near that, being valued at less that 1/50th of a cent:
In order words, the votes of more than 50 new users like me are needed to reward a post with 1 cent - unless some other complicated formula kicks in that I am not aware of. Such numbers though, don't seem very motivating.
I had only 3.557 Steem Power in my wallet:
What would happen if I increased that?
You can buy Steem or Steem Power, so I decided to throw 20 Euros at it, or more precisely 0.04 Bitcoin (about 23 US Dollars). I duly received 15.627 STEEM after waiting some 2 hours for my Bitcoin transaction to be processed. During that time the conversion rate changed somewhat, and I ended up with a fraction less than what was offered.
The purchase of STEEM is straightforward and easy and it can be powered up immediately by selecting Steem Power:
The extra Steem Power arrived increasing my total to a little over 19 SP:
What effect did that have on the value of my upvote?
It increased by a factor 5 to about 1/10th of a cent:
By spending 20 Euros on Steem Power my votes are now slightly less worthless. Still not over the psychological 1 cent though.
I wonder what another 15 Steem Power would do? Would it increase my upvote value by a factor 5 again?
How much Steem Power does one need to make your upvote worth 1 cent?
Add: It appears to be linear, my Steem Power increased by a factor 5.4 and my upvote value increased by the same factor. Thus adding anoter 19 Steem Power would raise the upvote value to 0.2 cents, and a 1 cent upvote value would require a total of about 200 Steem Power.
According to your calculations, hiw much do you need to invest to have a $1 voting power ?
You'd need about 20,000 Steem Power. If you want to buy that it would cost 52 Bitcoin at the current rate, or 30,000 USD.
Crazy. $20k in steem at current value to have a $1 vote.
How much would 20,000 steem power increase ones income from an upvote on one's own article?
I deposited about half a bitcoin and my vote is worth $0.011 at 100% power. In order to double that value, I'd have to deposit nearly another 1.5 bitcoin, not just another 0.5. I don't think I'll be doing that.
Thanks for sharing that!
Don't think I am going to deposit half a Bitcoin though.
I have seen with my vote there money increases by 1 cent but that's not all time just every now and again
Your vote is worth $0.0017, see:
http://www.steemdollar.com/dollar_per_vote.php?name=karenb54
What happens is that if a post has most of a cent already, for instance 0.009, your vote will increase it to pass the 1 cent barrier.
So its pretty crap lol must try harder then
Sometimes my vote worth 1 cent. So it is somewhere just over 600 STEEM.
Yours is worth 3 cents when at 100% voting power:
http://www.steemdollar.com/dollar_per_vote.php?name=spiz0r
Well done!
It really depends on how much people voted recently. As you can see my vote doesn't worth even 1 cent, but steemdollar.com says it is worth 2 cents now.
Indeed you are right! That's strange, steemdollar takes account of voting power (which decreases when you vote a lot).
I think the steemdollar.com use a fix amount of total voting but it is always changing.
The total reward amount per day is fixed.
If users with much SP stop voting, the smaller user's vote worth more. If big SP holders are active and vote really much, that makes the votes worth less
What is the website link to check?
This is the site to check the value of your vote:
http://www.steemdollar.com/dollar_per_vote.php?name=ottodv
It's good to know the effect in terms of real money. I think Euros are worth a little bit more than USD, so I'm probably not going to bother with buying any steem, at least this point.
What site are you using to check voting power?
It was about 23 USD worth of Steem.
Probably should have posted the link in the article itself as everyone asks, here's the link for a successful author:
http://www.steemdollar.com/dollar_per_vote.php?name=falkvinge
Huh, it's weird because the steem whitepaper says payout is proportional to steem power squared. If that was true, then increasing your steem power by a factor of 5 should multiply the payout by a factor of 25, but it doesn't look like that happened according to that website?
It seems linear. My Steem Power increased by a factor 5.4 and my upvote value increased by the same factor.
Ah, it seems the whitepaper is quite out of date.