The one about Payout Value
Normally I write informative posts but this time I would like to address something that has bothering me for some time on Steemit and that is the way that the value of pending rewards is shown on the site.
But first things first, I promised to give my babygirl @cheycheyse a shout out.
@cheycheyse finally started posting on Steemit after the launch of the Zappl app. She is still finding her way on the platform but has many interesting things to share with us. She is a young woman who loves Japanese and Korean culture. She is into Anime, K-POP and Korean TV shows. She studies Chinese and is saving up for her trip to Korea (hence her motivation to post on Steemit).
Look her up and give her some love.
Now to get back to the real topic.
As you might now the value of a post (pending payout) is shown in dollars. Now this might be convenient for non-Steemians or people new to the platform but there are a couple of things wrong with that picture.
First of all, you are actually not being paid in dollars. Depending on what you chose when you submitted your post, you are either getting 100% Steem Power or 50% Steem Power and 50% Steem dollars.
Furthermore, you might have noticed that the $ value on Steemit differs from the "real" prices on the exchanges.
If I want to know what my Steem is worth I just fire up the Blockfolio app on my phone
When Steem is around 1$ it is easy to figure out how much Steem/SBD you will receive when the payout is due. But now with the recent rise of the value of Steem, things are a bit trickier to predict. For me personally it is more important to know how much Steem I am getting than to know what the dollar value is of my post. And because the dollar value shown on Steem is not the same as on the exchanges it raises the question what purpose of showing this incorrect value is at all.
My proposal is to show the pending payouts in the real currency you are getting that means Steem and/or Steem dollars. This way Steemians have a better insight in what they are getting at the time of payout. Of course you can also show the total amount in dollars but the main focus should be on Steem and Steem dollars.
Kinda like this but with the real STEEM/Dollar value
What do you think? Let me know in the comment section.
Maybe they could implement an option to select the currency you prefer to see at your own discretion.
Now that would be a great idea (even better then my proposal). I have no choice but to upvote your comment.
I like @chesotochi's idea too.
Though, I do NOT code, nor do I know what it would take to do that.
Having an option to show your pending payout as SBD & STEEM seem the easiest, but with it literally constantly changing, I don't know how hard/easy that would be either.
The biggest problem I see with it now is the learning curve for new users. It's really hard to explain how it all works, especially when most of them are completely new to cryptocurrencies in general.
They often assume their account is being cheated because of what the pending payout says and then the actuals being deposited on pay day.
Side note: I really like all your neat and tidy banners you use throughout. Good game, sir. Good game. 😎
Thank you for the compliment :)
I don't think it would be hard to implement. The current setup is much more complicated because of the changing value of steem in dollars. If you would show the pending payout in steem and sbd minus the curation rewards you wouldn't have to worry about the $ value. Make it so that you can switch between $ and steem/sbd if necessary. Keep the $ value default (for marketing purposes) but if you press the $ value it changes to steem/sbd and vice versa like in blockfolio.
lately I have been paid very low compared to the little number that shows as pay out. e.g. a post get 75$ I get as payout 25 SBD and maybe 7 or 8 Steem power.
It is not clear for me neither. I would like things to be not that complicated around here. We are not all little geeks.
Lol, no we are not :) Well actually I am...but even I am guessing what I will get when the payout is due. I know that because of the higher value at the moment of Sbd you are getting less sbd/steem than you are used to. So it is better to show the real steem/sbd payout instead of the $. When steem was $1 a $25 dollar payout meant around 20 steem but now that same $25 pending payout is about 4 steem.
@xervantes, you bring up a great point, especially in light of the recent SBD price increase.
I like the idea. It makes sense to accept your proposed change, because USD has only been used to display estimated payouts.
And the currently system does not accurately reflect the USD value of the post. With the 50/50 options, recent payouts are significantly more valuable than the stated pending payout.
Thank you, when you think about it, it is weird not to know your real rewards until you receive them.
True... but let's face it, things are never as they seem around here! It kind of keeps everyone on their toes (-:
I rather have transparency. I also think it would actually help newcommers understand steem economy better. I now that it took me a while to understand what sbd was and what it was used for. At first I thought that it was just an useless token. I actually looked if I could delete it somehow because it was cluttering up my wallet :)
I completely agree. Some of the payout amounts displayed under my post had gone up. At first I needed to go look up whether this was caused by extra upvotes, or because of the fact that the SBD price had gone up.
If the value of the $ amount is not using the actual exchange rare, it’s absolutely useless. But even if it was, I’d prefer to know how much Steem/SBD a post earned. If I want to know how much that would be in Dollars (or Euro’s, in my case), I can easily look it up.
This is plain confusing...
My thoughts exactly. The whole dollar value thing feels more like a marketing gimmick for curious people who visit the site. It is weird to later find out that A) the value is incorrect and B) you are not being paid in dollars
And then you're not even mentioning the 25% curation split...
Yup, we need a clear notification of the reward going to the author.
I was thinking The same earlier today I think your idea is a great idea
I kind of like it being a weird vague mystery, watching my vote float up and down with the rises and falls. As volitile as the market is, the number gives you a rough idea without factoring in curation rewards being deducted. As with all crypto currency no value can truly be stated from one day to the next, simply implied. Perhaps as an option or feature on Steemd it could be implemented, but I feel it would add to clutter and confusion on the Steemit UI. Good post, food for thought.
Thanks, but does the number of Steem decrease if the value of Steem goes up or does it stay the same ? I always thought that we were rewarded an amount of Steem and that the dollar value of that amount changed but not the rewarded amount of Steem itself.
You may be completely correct. I was under the assumption that the numbers shown were based on USD values at time of posting based on a three day average of Steems value, thus it wasn't SBD's rise that gave meteoric posting values, but rather this latter bout where we have seen Steems value rise. If anyone has better information I welcome them to chip in.
The way it works is easy to understand, but difficult to calculate. I'll give an example:
You post an article where you've selected 50/50 as your payout preference, and at the end of the 7 day period, it's sitting at $40 in value.
75% of the post's value is given to the author, while the remaining 25% is shared among those who curated, so your end result is $30 to you and $10 to curators.
That $30 is then split in half due to the 50/50 payout preference, so you'll receive $15 of it in SBD. The remaining $15 you will receive as Steem Power, and that amount is based on Steem's value at the time of payout. If Steem is worth $5 at payout, then you would receive a total of 3 Steem power.
Your final reward total would be thus be:
15.000 SBD and 3.000 Steem Power.
If you did a 100% Power Up on your post option, you'd receive everything in Steem Power. In that case, you'd get $30 (75% of your post's value) / $5 (Steem price) = 6.000 Steem Power, or 2x what you'd earn at a 50/50 payout.
I hope this helps! :)
Thanks for clearing this up.
I like how it is right now. It would be too confusing to split it into two values and as well it would be hard to compare against each other.
The question is what would you rather see, Dollars or Steem/SBD? Personally I am only interested in Steem/SBD. If I want to look up the dollar value I find it is better to use an app like Blockfolio and get the actual numbers.