Handing out likes on Facebook&Co. isn't the same anymore since Steemit by engineercampus

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steemit · @engineercampus · Jul 20 '16 (edited)

$7.39

Handing out likes on Facebook&Co. isn't the same anymore since Steemit

<html>
<blockquote>and why it is important for minnows to upvote good new posts</blockquote>
<p>I catch myself wondering why I still "like" stuff on Facebook and Youtube, because it feels so insignificant und useless after beeing on Steemit for only two weeks. Basically:</p>
<p>Liking on Facebook &amp; Co.</p>
<p><img src="https://media.giphy.com/media/W62e03M7HqOvS/giphy.gif" width="250" height="104"/></p>
<p>Upvoting on Steemit</p>
<p><img src="http://freegifmaker.me/img/res/1/4/6/8/9/8/14689857882029212.gif?1468985795" width="444" height="250"/></p>
<p><br></p>
<p>Anyone else knows that feel?</p>
<h1>Why this is important for minnows</h1>
<p>Digging through new posts on the search for the jewels and trying to help them get views is a rewarding work, and when you have less than a thousand Steem Power we need you to help us out. I'll explain why:</p>
<h2>Value divison</h2>
<p>The total amount of STEEM being handed out over all posts is fixed and distributed, weighted by STEEM POWER times Voting power[%] (check <a href="https://steemd.com/">steemd.com/@[username])</a>. People with more skin in the game show a higher interest in the prosperity of the platform and are rewarded with a higher weighted vote.</p>
<p><strong>But wait there's more:</strong> The amount of combined weighted votes on a post is also counted nonlinear (spez: quadratic). A post with 100 weighted votes (VESTS and Steem power of all votes) has thus 10,000 times the reward then a post with 1% of its weighted votes.</p>
<blockquote>This should explain why collective upvoting of popular posts actually extremly drains the money available for smaller posts.</blockquote>
<p>Lets continue with the important part.</p>
<h2>Why do early voters get more money?</h2>
<p>Vote timing is dicribed in many articles as "who votes first gets a bigger part of the pie", but ony when I stumbled about @dantheman 's <a href="https://steemit.com/steem/@dantheman/how-to-maximize-curation-rewards">post</a> I found a mathematical explanation. Read his article for a more detailed description. I just want to summerize it here:</p>
<p><code>Weights in % = SP of voter * (SP of voter /(SP of voter + all before it)) ^ 2</code></p>
<p>First post gets 100 Weights because: <code>Weights = 1 * (1 / 1)^2 * 100 = 100</code></p>
<p>Notice that this equation is <strong>100 Weights</strong> vor every number of SP for the first voter.</p>
<p>The second vote with the same SP gets only <strong>25 Weights</strong> because:&nbsp;</p>
<p><code>Weights = 1 * (1 / 2)^2 * 100 = 1 * 0.25 * 100 = 25</code></p>
<p><strong>This is the piece of cake this principle is about!</strong></p>
<p>Do the calculation and you will see that the third vote with the same SP will only get <strong>9 weights</strong>. In the end with an article with three equally strong votes will give the thrid vote onla:&nbsp;</p>
<p><code>Reward = 9 / (100 + 25 + 9) = 6.7 %</code></p>
<p>A second vote, that wants to get 100 weights like the first vote needs to have a little over double the SP. The third vote would then need 3.5 times the SP and would still only get 33% of the curation.</p>
<p><strong>This leads to three conclusions:</strong></p>
<p>1. <strong>The earlier you vote before a whale</strong>, the further is his SP diluted.&nbsp;</p>
<p><strong>HIGHEST LEVERAGE FOR YOUR SP!</strong></p>
<p>2. If you vote on an <strong>already high article</strong>, your <strong>low SP</strong> will get <strong>further deluted</strong>.&nbsp;</p>
<p><strong>YOU GET NOTHING!</strong></p>
<p>3. If a <strong>whale votes very early</strong>, there are <strong>only breadcrumps</strong> left to get.&nbsp;</p>
<p><strong>YOU GET ALMOST NOTHING!</strong></p>
<h1>Timing</h1>
<p>To prevent aggressive quickvoting, the creator recieves a percentage of the curation in the first 30 minutes additional to the 50 % for the post he gets anyway. You get almost <strong>0% curations @ 0 minutes</strong> and the percentage goes linear to <strong>100% of curations at 30 minutes</strong> after posting.</p>
<p><br></p>
<h1>Good Hunting!</h1>
<p><br></p>
<p>P.S.: Also look at @piedpipers post here: <a href="https://steemit.com/steemit/@piedpiper/quick-answer-why-certain-posts-earn-so-much-more-than-others">Quick Answer: Why certain posts earn so much more than others</a> to find out why whales earn so much and you so few, and look at this article here from @dantheman for <a href="https://steemit.com/steem/@dantheman/how-to-maximize-curation-rewards">more info about curation award</a>.&nbsp;</p>
</html>

👍 tuck-fheman, piedpiper, aurel, will-zewe, lukestokes, bleepcoin, wingz, norbu, ratel, freedomengineer, cryptoiskey, paul-labossiere, tmendieta, valen55, venuspcs, daowisp, johnerfx, engineercampus, aaseb, honeythief, firepower, drako, stephencurry, alsprinting, yogi.artist, creemej, startrek99, ubg, coar, steemitpolitics, ridz84, mammasitta, asim, mun, mj86, akareyon, tasman, sammy242, rankine, fishborne, belfordz, knopki, faltmast, kendewitt, nastrom, yarly11, kapets123, papa-pepper, enkaptor, weasley, ramil21, bitcointop, iraniansteem, ben99, alexx, olga4226, qonq99, maurizio, seagul

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@firepower · Jul 20 '16

Thanks for explaining this thoroughly. It was needed especially for new users who are trying to understand the complex concepts of this platform! :)

👍 engineercampus, firepower, mammasitta

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@engineercampus · Jul 20 '16

Thanks! 
I thought that the disappointment is based on misunderstandment of the mechanics.
Hope this here helps.

👍 engineercampus

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@mammasitta · Jul 20 '16

Exactly !

👍 mammasitta

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@mammasitta · Jul 20 '16

💜

👍 mammasitta

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@piedpiper · Jul 20 '16

I think the complexity of this system leads most people, especially newcomers to not really care about understanding it clearly. They just want a simple heuristic to follow. It's tricky because once you've developed a reputation for producing popular content, people just dogpile your posts in the first ten minutes, ignoring the fact that you get a cut of their action. Strategic voting is much easier on quieter posts.

👍 engineercampus

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@startrek99 · Jul 20 '16

Be careful , Bots vote early with short posts. and when you reply to them they seldom reply.

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@engineercampus · Jul 20 '16

Reply if you're not a bot :D

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@startrek99 · Jul 20 '16 (edited)

not a bot mate :) but someone you voted for may be . Hint the short guy.

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@steemitpolitics · Jul 20 '16

exactly! Many up votes for you!!!

👍 engineercampus, steemitpolitics

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@engineercampus · Jul 20 '16

Thanks! 
But most important is that the new users see this so that they can work efficient and don't ge disappointed

👍 engineercampus

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@valen55 · Jul 20 '16

$0.04

Up you go!

👍 valen55

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voter	weight	wgt%	rshares	pct	time
valen55	0 B		21,121,523,318	100%

@weenis · Jul 20 '16 (edited)

$0.29

![GOT Upvote](http://i.imgur.com/yBId00k.gif) 
 Have an upvote ;)

👍 bleepcoin, engineercampus, mammasitta

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@engineercampus · Jul 20 '16

Thanks milord :)

👍 engineercampus

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