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RE: Steemit Post Promotion and the Dollar Auction
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.