WTF Is Going On With Steemit's Reward System...???

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Ok. So I clearly missed something here...



I am aware that with the last hardfork, something was changed so that curators earned more rewards - which means less for authors / content creators.

However, upon checking my author rewards for the last week, I'm in a bit of shock to see that the change looks to be alot greater than I had previous heard or ever would've expected.

Proceeding with a direct example/evidence, let's have a look at the payouts for two posts - first, the dollar figure on the actual post itself - and secondly, the actual rewards paid out in the Steem wallet:

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Now...

Let's use the figure of $0.13/Steem at the time the payouts happened.

First post = 13.115 Steem = $1.70
= 34.34% of the rewards figure on the post itself ($4.95)

Second post = 22.089 Steem = $2.87
= 32.91% of the rewards figure on the post itself ($8.72)

So to be clear...

Authors are only earning 30-35% of rewards now??

And this is supposed to be an improvement to the economic system???



Please, somebody, help me make sense of this.

Just when I was starting to have some sort of renewed faith in some potentiality of Steemit once again and was getting into gear writing again... this.

I get that an adjustment was made to incentivize better curation. But to structure the whole system so that authors - newbies and early-adopters alike who've been here supporting this community from the start - are misled by the payout figures on their post, only to receive a third... I'm absolutely flabbergasted.

There's really a part of me that hopes if the people behind these changes don't recognize just how destructive a move they are to earning and retaining the loyalty of content creators here, Voice buries this platform.

I've had alot of appreciation expressed for my writing here over the last 3.5 years, though to find out I'm only earning one third of the payout figures on my posts now... it's really making me reconsider whether I'm doing this as a service, or charity work for a dying platform run by clueless morons who fail to recognize that it's the content creators that breathe any sort of life into this - who are worth far more than 33% of what it says they're getting paid on the front end.

The whole premise of this blockchain revolution & decentralization was supposed to be rewarding content creators directly - cutting out the middle man - providing fair compensation for the value they deliver. I get that in theory curators are supposed to be adding value too - just as Uber adds value of creating work for their drivers. But how long do you think the business would be around if Uber started taking 67% of fares???

Likewise, how is it expected that content creators are going to keep putting in the time, energy, heart, and soul to publish high-quality content here in exchange for only one third of the value they create?

Somebody, please enlighten me...

(And not to forget one more point: that while I've had my votes on autopilot with Steemvoter going to a number of writers/leaders in third-world countries, where those rewards go alot longer ways, to pay forward the opportunity/blessing I received with such support - now knowing that they are only getting a third of the value of those votes... "what's the fucking point now??"

As an investor who's kept my funds committed to this platform for the purpose of supporting content creators serving the community well - to have discovered that those I've been supporting have had the rewards cut down so drastically is a major deterrant from wanting to keep my funds parked here. Guaranteed, I'll be enthusiastically encouraging every one of those people I've been supporting to jump ship and redirect their energies on Voice if they truly have their shit together and display a professional competency that seems absent here.)

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The internal price of STEEM is 0.1995 or so. That’s because the system requires the SBD Debt Ratio to be at most 10% and the price of SBD to be 1 USD internally. To make that equation hold, the internal price feed of STEEM must be kept at a little under 0.2 at present. Go to SteemWorld for exact figures.

Posted using Partiko iOS

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"Internal price."

And this is supposed to be clear to the average Steem user / average person - and perfectly acceptable when they go to cash out their Steem on a real exchange and find that the value is on 57% of what has been stated...?

(rhetorical question. I do appreciate your clarification - even if not at all agreeing with the system itself.)

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I think the problem is with the interfaces such as Steemit who stubbornly assume that 1 SBD = 1 USD.

If you want to know the actual USD amounts, chech out your posts on SteemWorld.

I very much agree with you that these complications suck. Back when SBD was worth several USD, the dollar amounts you see on Steemit were off by a wide margin, too, but the other way. Now that it's worth 60 cents, you get the author rewards in USD by dividing the figure by two and multiplying it with 0.6, which is completely stupid. But I guess there are more pressing concerns right now than correcting that.

So much about transparency. No one knows who is getting rewards and how much. With communities it'll get even worse. Look at posts on hot and trending. No comment.

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YES. And this post is coming from someone who's been here from the start and has some idea of what's going on. If I'm oblivious to such details, can anyone expect anyone newer here to understand either? Or for the absolute newbies to pleased when the show up, find out that their payouts are a third of what stated, and have no idea of where to even look for the reasons to why...?

It's because the site is showing rewards as if the price of steem were $.21, so the dollar figure you are seeing isn't accurate, but it's paying them out at the rate of the actual market price. Make sense?

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Nope.

If we can't take our Steem and sell anywhere for $0.21 - which we can't - then that makes no sense at all.

In theory, I get it - when the dollar sign is "supposed to" represent Steem Dollars.

But when we take our Steem to any actual exchange and can only get $0.12 for it...

Sorry to be so blunt, but this is straight manipulation of perception, misleading, non-transparent, and quite frankly, bullshit.

That we can't actually cash out our rewards for the value they're stated as without first having to convert them to Steem Dollars and then wait for Steem Dollar to get back to $1 - if it ever does - I'm sorry, this is just ridiculous.

(please understand my aggression is not directed at you, but the system and those responsible for such a shortsighted arrangement which makes things so complicated and misleading for the average Steemit user who sees a DOLLAR SIGN and would reasonably expect that measurement to be in DOLLARS - only to have to dig and find out where 2/3 of their rewards have gone 'missing.' I do appreciate your answer, even if it may not come across as it while I'm still responding to the issue in general.)

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I agree that much of steem and steemit is super frustrating.

The way I understand this though is that it's a protection mechanism within the blockchain protocol when the SBD debt limit has gone over 10% to keep from over-printing steem. For that reason the price feed is currently frozen at .21, and will remain that way until those conditions change in regards to debt ratio.

For that reason the dollar amounts shown on posts will not equal what is actually paid out until steem either rises above $.21 or the supply of SBD is reduced to the point it is no longer greater than 10% of steem's total market cap.

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Even more complicated and confusing.

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AGREED.

Surely there could be some sort of "protection mechanism" that doesn't entail manipulative perception of value that makes the average Steem user feel cheated out of 43% of their earnings because their "rewards value" is based on some complex internal mechanism rather than an actual clear figure of what they're really worth if/when trying to cash out on a real exchange...

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Yea, I think having SBDs is what convolutes all of this. Though I think SBDs could be valuable if they could reliable maintain their peg. The current configuration doesn't do that.

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Probably cuz that'd be even more confusing to the average user as most people don't have the math skills to calculate what those rewards would actually contribute to paying bills...

Psychological familiarity - it makes it simply if we can relate our rewards directly to what they'd buy in our daily lives. (That is, if 1SBD actually = $1USD).

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For that reason the dollar amounts shown on posts will not equal what is actually paid out until steem either rises above $.21 or the supply of SBD is reduced to the point it is no longer greater than 10% of steem's total market cap.

And even that is a flawed, overoptimistic assessment - based on the assumption that SBD and Steem will rise in tandem, which is not guaranteed.

Considering the criticisms coming from the whole decentralized movement and crypto world of the traditional financial systems and how the conventional ways currency prices are manipulated to distort public perception, it's close-to-unbelievable that such an arrangement here would be overlooked as anything less than the same type of smoke and mirrors as these new types of economic systems are supposed to be an improvement upon...

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It's not the blockchain's fault that steemit.com shows misleading figures. Use SteemPeak and you won't see any dollar signs. You'll see the rewards in Steem Token Units, which are not currently worth one USD, though. But at least fewer people mistake the STU symbol to mean the dollar.

I think the front ends should do a better job showing the correct dollar amounts.

If STEEM starts going up, let's say close to 1 USD, then SBD will go up too. I can guarantee that. That's because SBD will become convertible again once the SBD Debt Ratio goes under 10%. What that means is that you can convert each SBD into exactly one 1 USD worth of STEEM. When SBD is under 1 USD, the conversion makes perfect economic sense. That's what makes the peg work from the downside until the price of STEEM goes so low that it can no longer back SBD properly. The failure of the peg is a fail-safe to stop STEEM from going lower at an accelerated paced when it's already very low in a vain attempt at maintaining SBD at 1 USD.

This is not smoke and mirrors. It's just a failure on part of steemit.com and most other front ends to properly show the dollar values when the SBD Debt Ratio is above 10% or when speculation has caused SBD to spike far above 1 USD.

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I guarantee ya 8 out of 10 of the average people who use this site would find everything you wrote way too complicated and lose attention before getting halfway through.

That's not meant to be a reflection on you or your writing - but feedback on the overcomplexity of this system itself and what a headache it is for your average person.

Not mass-adoption friendly at all.

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Absolutely not mass-adoption friendly. I completely agree with that.

You are more likely getting higher upvotes now as well because more people are manually curating and not selling their votes.

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Higher upvotes doesn't really mean shit when the majority of those upvotes are worth a penny or less and we're only getting a third of what they're said to be worth on the front end.

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That's a problem of the low steem and sbd price, that's not the fault of any hardfork though.

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That's a problem of the low steem and sbd price, that's not the fault of any hardfork though.

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The $ on stemmit stands for Sbd and not for USD.

Posted using Partiko iOS

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Now that math would make sense.

Though still, the premise, when there's a DOLLAR sign in front of the amounts...

Wow.

Way to make things clear, simple, transparent, and easy to understand for anyone who doesn't dig to find the answers for themselves, team Steemit. 👏😷

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I have never been able to work it out myself. I am sure you are going to get some really in depth answers here that hopefully do a good job of explaining it. I have pretty much just decided that I get what I get and I deal with it. It sucks sometimes, but it's more than I would have gotten had I made a post on Facebook or something like that. I used some of my liquid STEEM a little bit ago to lease some delegations so I could increase my SP temporarily and earn some more curation rewards. If you have enough SP curation can be pretty lucrative.