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RE: [Condenser] Show Payouts In SBD and STEEM as well as other changes
Thank you for this explanation. What I am still missing is how exactly the value of a vote is being calculated. I can see that with the Steem price rising, vote values increase. This makes sense as the total number of newly issued Steem is not changing. Does this move linear with the Steem price? So, if my vote is 1$ today at Steem at 4 USD, does it increase to 10$ with Steem at 40 USD. If that would be the case, the number of SBD for 1 vote would increase from 0.5 SBD to 5 SBD.
I am speculating here, I really do not know the answer, but I think it would be interesting to understand the full picture.
BTW, I wish my vote was worth 1 USD ;-)
That raises an interesting question. Mine is supposedly 0.12 SBD but what is that in USD really?
I think the formula goes like this:
Vote value in USD = (Value in $ / 2) + (Value in $ / 2)*SBD price in USD
So at the moment 1 $ = 0.5 + 0.5*7. = 4 USD.
Correct me if I am wrong.
From this value you have to deduct curation by the way.
Your welcome, and basically... yes, vote value will increase or decrease in step with changes in Steem value and your understanding of how that would increase the SBD rewards is correct.
The only thing to note is that no ones votes have a “set” value. Voting steers the reward pool, so your votes are always influenced by what everyone else is doing! For instance, if the weekly rewards pool was $100,000 and for some bizarre reason no one voted but you... you would have a $100,000 vote!
If many people who have been inactive start voting you can see your vote value decrease. If whales abstain from voting or are embroiled in a major flag war you can see your vote value increase... all with no change in the underlying Steem value.
Got it, thank you very much. But does the SBD price also have an influence on the vote value? Or is all that matters the steem inflation, while SBD inflation is a separete account? Sorry for keeping asking ;-.)
Lets say there is a total reward pool of 100,000 Steem and the Steem Price is at 4 USD. What would the total vote value be in this scenario. Doing a reverse calculation I would guess that it could look like this:
The 100,000 Steem will be used for 50% of the author rewards value (75% of the vote value) and for 100% of the curation rewards value. So for a 1$ vote, 0,375 USD worth of Steem plus 0,25 USD worth of Steem for curation would be issued. So in total 0,625 USD in Steem. At 4 USD per Steem this would equal 0,15625 new Steem.
Considering that we have assumed total Steem available for votes is 100,000, this would mean that the the total vote value available for Steem would 640,000. Considering that Steem amounts for 62.5% of the total rewards, the total vote value might be around 1.024m (640,000 / 0,625).
This is purely based on what I think it would make sense to calculate it in order to make sure that the right amount of Steem is issued. It could be completely wrong, I simply do not know it but I would be highly interested if this goes in the right direction. And srry again for asking, but I think it might be interesting also for others.