Hey everyone. Thought I'd post about how I would explain to newcomers a part of the curation and voting FAQ's that they have been asking me over the weeks.
Thought this screenshot was pretty fitting after recent increased traffic.
With all the recent newcomers it has come to my attention that many are not aware of the voting power efficiency percentage. Many have been asking me why they are not making any curation rewards after week old posts have been paid out that they have voted on. I just want to mention the factors involved in earning curation rewards when you are new here.
Voting Power Efficiency
Voting power regenerates at approximately 20% per 24 hours, costing 0.5% per full 100% vote which means you would have approximately 40 votes per day to cast while maintaining as high as possible voting efficiency.
You can use that voting power however you like, on your own blogposts, others blogposts, your own comments, others comments.
Curation Reward Penalty
There is currently a time penalty in place which was added when we had a lot of bots about a year ago who were trying to gain most of the curation rewards.
The penalty is reduced proportionally with the age of the post starting at 100% at 0 seconds and going down to 50% at 15 minutes and 0% after 30 minutes. This means that if you vote on a post at 15 minutes, 50% of your potential curation reward will go directly to the author. Bear in mind that this is something that can change with upcoming hardforks.
Now you might think, "why doesn't everyone start voting at 30 minutes then, gaining most of the curation rewards possible?"
This all comes down to stake and the thought that this post will make a much bigger reward later for those who are after high curation rewards. It can be worth it voting a lot earlier while receiving a big curation penalty if the post really ends up trending and gaining a lot of votes after it. You end up making a bigger curation reward having been somewhat early on a very successful post but you could end up losing out some cause you voted too early and the post didn't get much rewards afterwards.
I thought I'd try to keep this a bit simple since I myself am not too knowledgeable about the fine technicalities and details.
If you are thinking now, "okay but which posts can be the best to vote on then in the chances of getting a good curation reward even as a newcomer?"
This is why I very much like the system and how it works, you see readers and voters often get used to the authors and are fine earning some curation rewards instead of taking the time to read new posts from new authors. Here is where the incentive comes in to read new stuff and filter through the "New" section.
If you happen to find a post that is of very low rewards past the 30 min mark, with a 100% vote even you as a newbie with only 100 delegated SP can earn a decent reward if during the rest of the week that post gains more traction and rewards.
Hope that answered some of your questions regarding this, if there is anything else you are wondering about feel free to ask away in the comment section and I'll try and answer them if I can. :)
I wonder why so many people upvote your posts 2 min in, maybe you should explain them the 100% penalty :-)
Actually it makes sense if you end up getting the rewards lol
I thought the money was sent back to the reward pool is it not?
Haha I've made a lot of posts about my curation trail in the past, didn't want people thinking I'm trying to gain more followers on my votes by posting about that. :P
why do you upvote yourself with these accounts at 2 min? :D I think the money goes back to the reward pool so it makes no sense to do that, just trying to understand the logic behind doing this..
Ah its my curation trail, left the auto upvote crossed since I thought more newbies stumble onto it browsing currently.
I'm not sure but I think it goes to the authors.
OK this is great post, with very useful links. Upvote, Resteem & Follow…
Thank you!
Hehe, I recently posted a new post which is a lot more relevant to your username. ^^
Please do send a link to it.
Of course:
https://steemit.com/photography/@acidyo/out-for-a-walk-near-the-finnish-archipelago
What about the "PROMOTE" key? Any specifics on this that are behind the scenes?
The promote button costs SD, I just used this on this post, haven't promoted anything in forever. It takes the SD you put on promoting it and sends it to an account called @null which burns the SD into non-existence and then it lists it on the "Promoted" page where all other promoted posts are.
Thank you acidyo! Always learn a thing or two from you! Much appreciated.
Excellent! I voted for this post at 26 mins. Meaning I'll probably get rich!!!
lol :D maybe if you save that curation reward long enough. ^^
Not to mention that I used 100% because I like your work!
Thank you! This is so generous of you to take the time to post answers to all of our questions. :)
We've all been there at the start. :)
Very good explanation on how the voting works. I was never sure I was doing it right. When it comes to Steemit I need
Hahah #ELI4
Me too @rangertex!!
Once again. Very useful post. The way you explain makes it even possible for me to understand.
I'm glad to hear that, thanks!
Sometimes this complexity seems unfair, and discouraging to minnows...I can't be bothered plotting when I should vote. Frankly, that seems ridiculous from where I sit. If I like a piece, particularly if it's from a recent hatchling, I upvote simply to provide encouragement. Making everything about money is sometimes self-defeating.
I think its just an added incentive to have more users vote on new stuff they find to be of good quality and believe others will feel the same afterwards.
thanks for that :)
Thank you my friend for the information. I am not new, but I did not know what the votes and the time were like, and how they influenced rewards. I hope you are having a good Saturday. Big hug!
Thanks for the useful information. Previously, I did not know about such moments and subtleties in the voting.
You are very welcome. :)
Well I just took your advice, so hopefully this post takes off! Great Post!
Just followed you keep, up the good work!
Cool..
Something that is difficult for me to think about, because it explains how your wallet works. But this information is very useful for newcomers, including me too.
Thanks for sharing.
Awesome post. Important to know
Thanks, I should've maybe added where you can check your voting power % as well. I like the "live" stream that steemnow.com offers right now. :)
Now THIS was an excellent post! Helps newbies like me immensely! Thank you so much for taking the time to put this together and post it! Is there a way to save specific posts to reference them quickly? This would be one of those for me!
You could re-steem it to find it easier, depends on how much you re-steem though I guess. Or bookmark it on your browser. :)
Re-steem? I've seen talk of this. Exactly how does this work? Am I just re-posting your post or is there a specific key to re-steem? Or something entirely different?
It doesn't repost it, but places it on your wall and it acts as a "new post" to the people who are following you. They see it highest up on their "home" page right after you re-steem.
Do you have limited number of resteems a day/week as well? How does resteeming affect your account @acidyo? AND, how do you see the list of just what I or another person actually wrote? It gets confusing with the resteems in the list. Thanks
Ahhh...that explains alot Thanks for the post!
Great post! Very beneficial for all the new members. I just wrote an article, explaining how our wallet works, as that was a hard one to figure out for me aswell :-)
Thanks! Cool, I'll check it out!
Awesome! Be sure to correct me if I'm wrong though :D
Didn't catch any errors at all actually. :D
Good to hear! Always nice to have someone double checking, especially as I'm still learning as I go :-)
Wow thanks, @acidyo. This is extremely helpful for sure!
You're welcome! ^^
similarly, in other to stand a chance of getting a high number of good upvotes, the quality of the post matters not the amount of posts. I wrote something about quality some days ago https://steemit.com/life/@ehiboss/quality-over-quantity
Thank you for sharing this information, @acidyo! It is really useful! Have a great week-end!
Thanks, you too!
Thanks. Very helpful!
Very helpful for newcomers.
Thanks for spelling some of this stuff out @acidyo. I'm still trying to learn and navigate this place as best as possible :)
Great post! As a "newbie" in not only this crypto-currency, now steem also. We need people posting as much information as a tutorial to help understand what voting is, what does promoting cost and what value is it to the individual, ahhhh so many questions... but I've been in it for 2 days now and I'm learning.... there are many videos oot there explaining about blockchains, bitcoin and some new possibilities as epherium and litecoin, to jump into. Biggest question here is where is the best site to buy into crypto, and how does one buy steem if we want to buy some???? As I learn then I can start my own post but for now I need help like this information! Thanks!!!
Crucial information! Great write up, this is surely to help some folks. I like to bot-vote early on people that I'm trying to help get started here, sacrificing my curation reward and in turn giving them the most of the reward.
PS: Resteemed!
Thanks for the re-steem!
and thanks, yeah so many new accounts are popping up in the comment section, its awesome. :)
You're most welcome. I've been noticing that as well! Feels great!
Good write up man, thanks I learned quite a bit.
hehehe) bots don't hear you man
amazing post though
Thank you for shedding some of my noon ignorance!
good post, thanks
Thanks @acidyo I gave you a shout out in my tutorial because this article showed up at just the right time and it was exactly what needed to happen lol.
great post!
Been using Steemit for a few months. This post cleared up a few questions I have had for a while. Thanks!
Useful, thanks :D @acidyo
good, hello friend
Hello, in the help instruccions
🍒 Hablas español?
Si por que, en que puedo ayudarte....
Solo preguntaba :D
esta bien
Ok, is very important your aport
One thing about curation rewards that was never explained to me very well was that a new user will hardly get any even if he curates all day long. When my account was worth $50 I could literally curate it all the time and not get a single cent even if a post was worth $500. Now that my account is worth a couple hundred dollars I can make a few cents a day from curating, and I know once you have a few thousand SP you can make close to a dollar a day. It really is a system that rewards having the most steem power, and I intend to increase mine significantly.
Thanks for this post. I hope all your time, patience and training of us noobs will pay you great dividends.