Winner of $10 SBD for Best Answer Contest! by yabapmatt

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contest · @yabapmatt · Sep 18 '17

$0.53

Winner of $10 SBD for Best Answer Contest!

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<p><img src="https://i.imgur.com/5gfZ8SF.jpg" width="993" height="624"/></p>
<p>I'm happy to announce that the winner of my "best answer" contest is @xyzashu - Congratulations, I've just sent you $10 SBD!</p>
<p>The link to the original contest post is here: https://steemit.com/contest/@yabapmatt/free-usd10-sbd-guaranteed-for-best-answer and the link to the post with the questions to which I was looking for answers is here: &nbsp;<a href="https://steemit.com/steemit/@yabapmatt/are-steem-author-curation-rewards-sustainable">https://steemit.com/steemit/@yabapmatt/are-steem-author-curation-rewards-sustainable</a></p>
<p>The main question - among others - was will the value of upvotes, and overall payouts in general, go down as the SteemIt user base increases. @xyzashu's answer was:</p>
<blockquote>&nbsp;Very pertinent questions. In fact, I'm also searching the exact answers to these. Do update here when you find one.Let me share my understanding so far.</blockquote>
<blockquote>Yes, Steem is an inflationary token with 9.5% APR as on HF-16 in last December. This rate decreases by 0.01% every 2,50,000 blocks or about 0.5% annually. In 20.5 years it will get stabilized at 0.95% annual inflation.</blockquote>
<blockquote>No, it isn't paid out instantly to items included into the block. Since the payout period for all posts &amp; comments is about 7 days, the Steem is added to the total reward pool and a potential reward is assigned to posts for which the no. of vesting shares / Steem Power is used to vote / downvote proportionately, according to the transaction written in a block. Current Reward Balance at the time of writing this comment is 699030.589 Steems and total vesting shares are 376629998005.335737 VESTS.</blockquote>
<blockquote>Very true. Currently about 43,000 Steem is created daily. A new block is created every 3 seconds. But as I said in point-1, the total amount of Steem being created will decrease every 250,000 blocks. But only until mid-2037, not forever.</blockquote>
<blockquote>You are also right when you say that reward pool of Steem per active user will decrease with the increase in size of active user base. But this certainly does not mean that your upvote value will decrease from $1 to $0.5 if the userbase doubles up, In fact, it will behave just the opposite i.e. your upvote value will <em>increase</em>. This is what is called network effect. Today Steem is worth just about $1.25 whereas Bitcoin is worth about $4,000. So you may ponder a little as why is Bitcoin worth so much? What is so unique about it? Isn't Steem better?</blockquote>
<blockquote>You need to understand the value of a network. I'll quote a paragraph from Steem's recent Whitepaper, which will help you understand this better:</blockquote>
<blockquote>Steem recognizes that the value of all user contributions (posts and votes) is greater than the sum of the<br>
parts. A single comment is worth next to nothing, but millions of curated posts is worth many millions (or<br>
possibly even billions) of dollars. A single vote provides little curation value, but billions of votes is very<br>
effective curation. Content without curation is of limited value.</blockquote>
<blockquote>So not only this platform can sustain but thrive.</blockquote>
<p>Thank you for such a thorough and well-written answer, and I especially appreciated the snippet from the white paper on the value of the network.</p>
<p><br></p>
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👍 doitvoluntarily, yabapmatt, xyzashu, chetanpadliya, ubg, timkili

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@doitvoluntarily · Sep 18 '17

congrats to the winner :)

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@xyzashu · Sep 24 '17

Thank you @doitvoluntarily! &#128522;

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@xyzashu · Sep 18 '17

Thank you for liking my answer! I hope it helped you in what you were looking for. And thanks a ton for your kind gesture! I'd be happy to answer / share any information you are still looking for (in case I know that) ....without even a monetary gift too. &#128522;

Have a great time Steeming on!

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