TIL - I cannot buy my way in to a top 19 witness position

in til •  3 years ago  (edited)

Last night I was thinking - would it be possible to buy myself enough Steem Power to reach a top 19 witnesses position?

I did some research, and it turns out - other than the obvious reason (I don't have an extra several million dollars laying around) - it isn't possible!

With the current witness queue, I would need about 85,000 MV worth of votes to reach the 19th position (about 108,000 MV if I was aiming for position #1). I currently have about 9,000 MV, so I would need to buy another 76,000 MV worth of Steem Power to vote myself into position 19.

Currently (according to steemd.com) - to get 1MV of Steem Power, it costs ~447 STEEM.

I would need 76k of them to reach 85,000M vests, so I would need to buy roughly 76,000 * 447 = 34,000,000 STEEM.

Even if I were to buy out all the STEEM available for purchase on Poloniex (1,199,086) and Bittrex (223,392), (going all the way up to the highest offer of $1,500 USD for 1 STEEM!), I would still be way short of the 34 million STEEM I would need.

It turns out that out of the 220 million STEEM currently in existence, only 17 million of it is liquid. The other 203 million is locked up in Steem Power. (According to steemd.com)

Maybe after the upcoming economic changes I might get my chance, but for now it looks like I will have to continue doing it the hard way :)


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It's only $3.4 million worth of steem...who doesnt have that? lol

Nice post. You should link your witness post and link to voting in your post.

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It's only $3.4 million worth of steem...who doesnt have that? lol

I know, right? :)

Nice post.

Thanks!

You should link your witness post and link to voting in your post.

I did that for a while, but it always seemed spammy to me when I did it - so I chose to stop. I have no problem with other people doing it, but for me I just like to limit it to my once a week witness update post. Other than that, I kind of assume people know they can vote for me if they want and there's no need to remind them in an overt way in every one of my posts :)

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I'd second the need for a link. Even if you just put a simple linked sentence like "Vote for Witnesses here", folks could do so more easily. Consider it a service. :)

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Thanks for the suggestion :)
(Done)

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Yup. Keep putting that witness signature on the bottom of your posts. I would even take it a step further and have a signature line for newbies and "new-to-me" people that you leave engaging comments with. A lot of people new to the forum have no idea they have options to vote for witnesses.

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Thanks @merej99 :)

The Beatles were right. Can't buy me love

$3.4 million in Steem? Pfffft! Chump change, m'dear.
I bequeath you with... ::pats pockets & checks belly button::
lint. But you have my continued upvote, Tim!

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Hehe, thanks! :)

Wow, thats a lot of money necessary! But becoming a witness isn't about doing things all yourself. Witnesses are supposed to represent the community :)

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  ·  3 years ago (edited)

What's interesting is that if someone were to hypothetically be able to buy themselves into position #1, they could also take the other 18 slots as well :)

It's probably a good thing that it remains necessary for it to be a community decision.

you just got my little vote :)

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Nice, thanks! :)

Even if I were to buy out all the STEEM available for purchase on Poloniex (1,199,086) and Bittrex (223,392), (going all the way up to the highest offer of $1,500 USD for 1 STEEM!), I would still be way short of the 34 million STEEM I would need.

I think you should not take your calculations as granted... and you should just do it, buy all that STEEM and we would check what will happen ;) :D :)

This sounds like a perfect plan for you :)

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Hehe, I just need to figure out where I would come up with the ~5 million bucks.

With post like this! You'll get upvoted to become a Witness!
I'm sure you can do it!

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Thanks :)

Unfortunately, I don't have enough so that you could borrow from me ;)

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Haha :)

Interesting post sir @timcliff, I am very sorry that I can not get to the post that you want as a witness. I have been a follower of him for a long time and I really like his work, I value what you do for the community, I hope that the new voting system can benefit you, if there is someone who deserves you, I wish you good luck .
I appreciate the information I leave in my post, the truth I had no idea, its time to visit, comment and support my work thank you very much.

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Thanks @jlufer :)

This post has been ranked within the top 10 most undervalued posts in the first half of Nov 19. We estimate that this post is undervalued by $32.71 as compared to a scenario in which every voter had an equal say.

See the full rankings and details in The Daily Tribune: Nov 19 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.

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good luck. Hopefully the new witness voting system will make a better system for everyone. But I;m gonna guess the witnesses already at the top will still be up there because they will get the few powerful votes that trumps all the others.

It will hopefully get them to talk more and report what they are doing other than just selling out.

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Thanks :)
I've interacted with many of the top 19. There are a few that I don't know what they are doing, but most of them I see are doing a lot for the community - even if it's behind the scenes.

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I do think many of those in the top belong there. a bunch of them already have my vote because i read one of their updates.. updates go long way.

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Agreed :)

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