The Value of the Potato Dollar
You might be thinking, "What the heck now? What Potato Dollars? Don't we have enough confusion with those STEEM, Steem Power, and SBD (Steem Backed Dollar), not to mention Voting Power, Rshare, VEST, Bandwidth and stuff? This woman must be crazy!"
Well, you might be right, and I might be crazy, but I'm quite positive about those "Potato Dollars."
Gif Source: Author's own derivative work with graphics from Pixabay. Credits to Clker-Free-Vector-Images for potato and dollar-money-signs both used under the CC0 Creative Commons license.
What are the Potato Dollars?
At first, let's be clear with this one, Potato Dollar(s) is term entirely invented and fabricated by me, but it doesn't mean they don't exist. In fact, they do exist very much, and if you are on Steemit, you are watching them closely every day!
But, before I'm going to tell you what exactly Potato Dollar is, let me explain to you how I came up with this term and how Potato Dollars were made.
Potato Dollar Story
It was a month or so ago when I was discussing earnings on Steemit with another Steemit member. Among other things we were talking about, it was also the post's revenue and the two-decimal number with dollar sign ($) prefix that shows up below our posts and should represent the amount of the earning.
My interlocutor was convinced, at first, the number represents the value in US dollars. I was convinced it doesn't. Then he thought it must be SBD (Steem Backed Dollars) or STEEM. I believed it's not either only SBD nor the STEEM only.
In fact, I was firmly convinced it's a mixture of STEEM and SBD, but I was wrong or at least not entirely right how it's calculated. However, the dollar sign ($) prefix caused the most significant confusion for both of us that dragged us into a strong argument.
At some point when we were both already quite frustrated, he said: "OK, if it's not US Dollars, STEEM (dollars) or SBD (dollars), what the heck it is???"
My frustrated impulsive answer without thinking was: "Potatoes!!! Potato dollars! Plum, Pear, Peach or Perfect Dollars!!! You name it, but it's not the US Dollars, either not only STEEM or SBD!"
As at the time, SBD just started to jump high, and my previous formula (that worked just fine when STEEM/SBD ratio was about 1 STEEM = 1 SBD) didn't seem right anymore, I couldn't convince him how my "Potato Dollars" are, in fact, the value that represents the mixture of STEEM, SBD and even USD.
But now, I can!
Although, let me tell you first... After the above-described discussion, all the way through by now I was closely watching the payouts trying to figure out the right formula. And I believe, I finally have it. So, here are my findings. As I was convinced from the beginning the number below our posts and comments does not represent just US Dollars, either not only STEEM or SBD! It's a funny and strange mixture! As well, the number and its value don't have some official Steemit name (as far as I know). But as the prefix dollar sign ($), I believe, caused a lot of confusion among many Steemians, thinking about it as something else like my "Potato Dollar" is, might help us all to understand the reward calculation better. After all, why not "Potato Dollar" (PD) or "Potato Steemit Dollar" (PSD)? Most of us love potatoes. Most of us love Steemit either. Potato is the food that even most devoted vegans would accept. It's food that can feed us all. If used the right way, Steemit can feed us as well. Besides, if Apple can use the 🍎 apple why Steemit wouldn't be able to use the 🥔 potato? Right?! If we can agree that the value below our posts and comments is something else what we are going to call "Potato Dollars" (PD)" for easier understanding, here it is how it goes. There are two ways how those "Potato Dollars" would be calculated and paid out. It could be only in STEEM or STEEM and SBD together. We are the ones who determine which way is going to be. Whenever we create a new post on the bottom right side, we may choose how the reward is going to be paid to us. If we neglect (the third) "Decline Payout" option in which case we would waive payments, we have available the following two options - "Power Up 100%" option and "Default (50%/50%)" option. One thing we shouldn't forget, and which applies in both cases is Curation Reward. It's the reward all the members who were voting for a particular post will receive as some sort of "Thank you for the vote." The amount of Curation Reward may vary for many different reasons from 0% up to 25%. But, as it's another whole chapter we will, for this presentation and clarification, focus on the maximum possible amount which is 25% of final total displayed value under the post at the end of 7 days period. Let's also assume (just for presentation purposes) that at the end of 7 days period the number under our post shows the value displayed as $100.00 what we agreed we would call "Potato Dollars." If we choose this option when creating our post, we will receive the entire payment in Steem Power which is, in fact, STEEM and we would be paid as follows. (As at the moment I'm writing this the STEEM value is US $6.08 per 1 STEEM, I will use that amount in my calculations.) Post Total Earning is $100.00 Potato Dollars $75.00 / US $6.08 = 12.335 STEEM If we choose this option when creating our post, we will receive half of the payment in Steem Power (STEEM), another half in SBD, and we would be paid as follows. Post Total Earning is $100.00 Potato Dollars $75.00 Potato Dollars / 2 = $37.50 The 1st half in the amount of $37.50 will be paid as 37.50 SBD in our SBD Wallet. So, in the case when we choose Default (50%/50%) option and our total earning displayed under the post shows $100.00 (Potato Dollars) our paid reward would be 37.50 SBD and 6.167 STEEM. Authored by: @ana-maria
Image source: Pixabay. Credits to johny_deff for potato-character, used under the CC0 Creative Commons license.
Image source: Pixabay. Credits to OpenClipart-Vectors for anthropomorphic-boy, used under the CC0 Creative Commons license.
Power Up 100% option
Image source: Screenshot from CoinmarketCap.
25% Curation Reward is $25.00 Potato Dollars
$100.00 - $25.00 = $75.00 Potato Dollars
Those 12.335 STEEM will be paid to us as Steem Power directly in our SP Wallet.
Default (50%/50%) option
25% Curation Reward is $25.00 Potato Dollars
$100.00 - $25.00 = $75.00 Potato Dollars
The 2nd half would be calculated the same way as it was the total amount in case of Power Up 100% option.
$37.50 / US $6.08 = 6.167 STEEM
That 6.167 STEEM will be paid to us, as Steem Power directly in our SP Wallet.I hope I managed somewhat to demystify that "hot potato" of Reward Payment Calculation mystery with my "Potato Dollar" story and presentation, so you would have some use of it.
Photo source: Pixabay. Credits to ambra for potato-vegetable, used under the CC0 Creative Commons license.
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Thank you!
Very nice analogy. There was a lot of confusion within the community especially when steem and sbd price's rose astronomically, some steemians thought there was a deliberate attempt to limit the number of sp they get from their posts.
Great way to explain how we get paid. Since Steem Backed Dollar is SBD, I think Potato Steemit Dollars should be PTSD :P
I also liked Steemit Potato Dollar (SPD) but I did not like the google results when I searched SPD :\
When I first started I quickly became aware of the mystery dollar sign that wasn't quite a dollar, wasn't quite a steem dollar and wasn't quite an SBD either. I think there's a little more magic that goes on behind the scenes because sometimes I feel I got more than 75% of the rewards. I didn't do any math though, it just seemed that way at a glance.
I hope to stack potato's every time I make a post.
I wonder what is the act of peeling a potato steemit dollar? Would you want to? I think so!
When you peel potato dollars all day long, you are occasionally clicking on your wallet to claim rewards that are scheduled to come in. The Claim Rewards button should be renamed to Peel Potato's with a potato peeler as the icon coming down on the steemit logo, peeling off a steem.
Okay maybe I'm taking it too far with the claim rewards button, but if you've claimed a reward or two then
You've definitely peeled a potato [dollar] or two!
This brings a whole new meaning to peeling potatoes. Do you like to peel small potatoes or do you prefer your many potatoes to accumulate and transform into one big potato thus only peeling one big potato a day?
I hope to peel a lot of potatoes this year.
Potatoes to the moon
Thank you very much for such a nice and supportive comment! 🙂
Regarding the reward that sometimes could be more than 75% - that's true as the curation reward (at the moment) can be lower than 25% (but not bigger).
In the case when it's lower the amount that we receive would be higher than 75% but still calculated the same way as explained in the post.
I had a lot of fun writing this comment so I'm glad people have enjoyed it! The upvotes will certainly make it memorable! Thank you and thanks for confirming my thoughts on sometimes getting more than 75%.
hahaha - glad to hear that!
I have to admit it was a lot of fun for me too while I was writing this article, so can understand you just fine! 🙂
And yeah, as I said in the article (maybe that detail slipped from your attention) curation reward may vary from almost 0% up to 25%, and as lower it gets the bigger portion arrives in our wallets as author's reward (payment).
But, as curation reward would be another whole chapter I didn't want to go deeper with it as it might just confuse some people. Therefore, I decided to clarify things one by one.
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Your explanation makes everything clear and the protocol for distribution of the rewards is the same as always. Only the change in steem prices is different
I just invented the "Unicorn money"! It's a thing.🦄💵
Nerver heard before about the Potato Dollar!
Thanks for this post 😌😌
Oh Really I Just Invented Duck Bucks
Today's your post best 🌷🌹..........@steemitgirl11
Hola bienvenido a esta maravillosa comunidad espero sea de mucho éxitos para ti y puedas aprender cosas nuevas te saluda tu amigo @juan24
Great new term invented...maybe in next day it will be popular.
hahaha - Thanks! Will see about that!
I see there's a lot of confusion going on about the rewards and I made a post today where I also explained a bit how it works but not fully, because I linked to another post that explains it better. I love the name potato dollar! I think it's the best way to call the numbers we get on each reward. And the story behind potato dollar origins is awesome, haha :D Thanks for coming up with an awesome name, and hopefully this name will go a long way :D
Enjoy the vote and reward!
@silovar88 like me
Thank you for stopping by and leaving a comment like this. I'm glad if it was helpful and somewhat clear the confusion. 🙂
YESSSS!! I’ve been saying this for so long - Well, not potato dollar but I’ve been saying that the dollar sign is so misleading and makes literally no sense.
I would say that it should be called potato dollars from now on.
#potatodollar
Great! - Glad that we are on the same page regarding this one!
I must confess that I was curious to know where this is heading and I really want to know the meaning of 'potato dollar' (lol)..
Not only did you explain 'potato dollar' to us, you actually went ahead to cook it and served it well. The explanation couldn't be more simple tahn the way it was presented. I have always wondered how the final payout credited to my wallet is being arrived at. Now I know better.
Thank you for the enlightenment @adsactly
Thank you very much for this nice comment!
I'm really glad to find out the post was explanatory and useful, but a fun read as well. Appreciate it a lot! 🙂
Check the most important value of potato dollar.
we all love steemite very much. :) We all also love potatoes. I'm just beginning here. And for days, there were calculations that confused the mind. With this sharing I found solutions to all of them. I guess I'll make 100% power for a while. Thank you for sharing this beautiful memorandum and informing me. :)
@adsactly
I'm glad if it helps! 🙂
you have explained the event beautifully.I'm new here I think you were the landlady Thank you I hope steem the dollar goes up again.
Glad to hear that the explanation was good. Regarding STEEM/SBD price going up again, I think we all hope for the same! 😉 🙂
I really enjoyed this article :) It's funny and at the same time you teach others how the calculation works. Just like at school... if Timmeee! had 1 apple and Bob had 2 apples and they put it into a basket, how many apples are in the basket :D
But I think giving it a name is a great idea and to name it potato dollars doesn't sound that crazy at all. Look at all the weird cryptocurrency names you find these days :P
So thanks again for sharing it with us :)
If you put 1 apple and 2 oranges in a basket and an apple is worth $1 and an orange is worth $3, you have 7 potatoes.
:D Exactly :D
It doesnt matter what you put in the basket :D You will always have potatoes at the end :D
A spontaneous haiku, for the three of you:
Oranges, apples-
Season, Steem to perfection-
Potatoes, unite!
Thank you very much for such a nice and supportive comment! I'm really glad to hear that people like the way how the article is brought, as well as finding out it was helpful. 🙂
And regarding weird cryptocurrency names - yeah, it would be just another one if the name get accepted. - LOL - 😁
TODAY YOU GIVEN ME THE ANSWER BETWEEN THOSE 50/50% AND 100% POWER UP, YOUR POST TODAY HAS BEEN GREAT LESSON TO ME, I WISH I COULD HAVE THE POWER TO UPVOTE IT TO $ 100 PD OR SBD JUST NOW
BUT LET ME THANK YOU AND SAY THIS TO ALL WHO FOLLOW IT !
TOGETHER WE STEEMIT!
Thank you very much! It's really a pleasure to hear something like that! 🙂
Always welcome!
What? I always thought the number behind the dollar sign was measured in SBD or STEEM or a combination of the two, but now it turns out that it's measured in actual dollars? I used to think that the paid revenue was something like 6x what was showing under my post (minus curation rewards, of course). I thought everyone was making so much money:( Well, thanks for clarifying at least;)
Thank you! I'm glad if it helped! 🙂
Now i finally understand how rewards are given.
i always wondered why the SP received was so low,i didn't know it was divided by the current value of steem
thanks for this, now my mind can rest
Thank you very much for the comment! I'm really glad if it solved some questions! 🙂
This is amazing. Going to Resteem and follow you. The story was just too funny and at the same time helped me to understand how this works. Thank you!
Thank you very much! Happy to hear the story clarified at least something. 🙂
Interesting post. Thanks for explaining CLEARLY how to calculate the rewards we get on our post. Seen several posts trying to explain this but wasn't really clear.
Thank you very much! I'm really happy to hear it brought some clarification. 🙂
NICE EXPLANATION. FINALLY PSD EARNINGS CALCULATION IS WELL EXPLAINED.
Thank you! Glad you like it!
@adsactly You have made a post on a very beautiful subject,First of all thank you for this.I was very confused at first and I could not figure out how much I would earn from my sharing.then I started to understand slowly.What is SBD is the value of STEM in the stock market.after a little research and learning then not confused.
75% of the value under the share comes to you that 50% comes in sbd.
But sometime this rate is happening %60 sbd - %40 steem power.
But I don't know what that changed.if you know you will inform me please ?
Thanks for sharing...
Well, the thing is that 75% is the minimum we should receive from the total amount displayed on our blogs. Meaning, the deduction percentage for curation reward can be maximum 25% (at the moment) but it also could be lower than that in which case the payment that would arrive in your wallet may be bigger.
The rest (even if it is 80% or more of the total amount) would be divided as explained in the article and depending on the payment option that you chose when publishing your article, as well as on the STEEM rate (vs USD) at the time when the post dues.
Potato dolars? It made me hungry😵
@silovar88 like me
Like me @silovar and @hirsliturna
ok
lol
thanks for this well detailed explanation of payouts. as a matter of fact this is something i have always wanted to have a grasp of, but i decided to hold off on it till i get to the point where there is something substantial in my wallet. now thanks to you @adsactly i know better.
You are welcome! I'm glad if it helps!
And that´s how we get paid... awesome explanation
Thank you very much!
Good point. I think that the value of the "potato dollar" is one of the first mysteries that almost every steemit user wants to clarify.
Thanks!
Ha haa good writer :)) When do we start spending potato dollars? Lets go ! :)) @adsactly
We need a cryptocurrency called potato dollar!
$PTD
Thank you! 🙂
Helpful analysis.
Thank you. Glad to hear that.
:))) so when i readed my head begin to potato! :D
because I do not understand these kinds of things!
I am confused, I am reading again
and I will understand one day !!!
Thank you :))
I hope you managed to figure it out in the meantime what I wanted to explain. 😉😊
Funny post it is! Potato dollars.I like your analysis work. Thanks for sharing
Thank you! Glad you like it! 🙂
Confusing as it may seam, Potato Dollar or Potato Steem Dollar (PSD) Lol!!! Kinda cool.
I just love how you demystified it's meaning and benefits.
Thank you! I'm glad if my demystification was helpful in the way of the clarification! 🙂
Whooo, I love Potatoes! I am polish, we live off them. If they can be money also, it's potatoes all day for me!! :D
I am Irish, and we had a famine involving potatos. The idea of potato dollars brings up a flood of memories.
Lol ya! I have Irish in me also... :)
LOL
as a new steem user you got me very good. I was constantly wondering.I now fully understand how the potato dollar came.By the way, you found the potato dollar name very nice. :)))) Thank you very much for the information you gave @adsactly
Thank you! I'm glad to hear that I succeed to clarify some things with this post. 🙂
I thank you very much. because the writing is very descriptive. If someone asks about this issue anymore, I'm posting this post link. a friend of mine this day. Steem has just joined. I sent the link to your letter. She conveyed his gratitude thanks.
Potato Dollar, i am Just laughing btw you have explained the event beautifully :))
Thank you. Glad you like it! 🙂
Love it!!! Steem Power ,Steem Backed Dollars, Steem , it's like mashed potatoes!!
Yeah! - LOL - 😁
Awesome post! I love the "potato dollars" thing specially that one with heart shape potato. Maybe next time, there will be potato heart :)
Thank you!
About the next time - I really don't know - anything is possible. 😉😊 Imagination might be a wild thing!
Great concept for an alternative of calculating rewards, pretty sure “potato dollars” will go down well with us Baltic people :).
Thank you! 🙂 - I think it would go along very well around the globe (at least as long as one can collect enough of it). 😉
This seripusly makes sense, however we look at it potatoes dollar is really sweet
Thank you.
Well I suppose this is one way of addressing this new currency and reward system, this kind of helps me as I just recently joined and I'm trying to make sense of it all. Thanks for a great story on the topic and a very interesting read.
Great to hear that it helps! 😊
And thank you for stopping by and leaving a comment!
Post was very informative but i am still laughing on potato dollars hehehe just kidding, Cheers!
That's OK - keep laughing - I believe it's easier to accept and understand something through fun and laughter. 😉😊
Hehe yea, You did amazing with fun and explanation.
Thank you! 🙂
You are most welcome.
very nice and very informative post. i followed you because u always share valuable content,keep sharing such posts.very good, I am happy to share kind your important imformation.
By regular read your post i known more about steemit imformatio..
Go ahead
many thanks to you this like shareing,
Cool to see posts like this that support our content creators. Amazing to see how much traction this one gained!
Follow me @mustafarazy
Thank you!
initially I am a bit confused by the term "potato dollars" is, after I read carefully this article, I now understand it all. thanks my brother............?!
You are welcome and I'm glad it helped! 🙂
Thank you for explaining that mysterious $ sign.
You are welcome and it was my pleasure! 🙂
Potato dollars?😱 What is the potato dollar? Is this a new currency?😁
LOL - not yet, as far as I know.
I would just say it's a new name for an old thing! 😉😊
hahaha nice to be hear a good and wonderfull idea and concept from adsactly now we all try to complete this concept and we will work hard and then the potato coin will be the world high price coin up to btc and also from russian coin haha
@adsactlly sir we all support you in this mission you look foreward and go on this way to prove the potato coin
Well, it's not just an idea or new concept, that's how this works here for quite some time.
However, thank you for stopping by and leaving a comment.
sliced Potatoescoin accompanied with onionscoins, tomatoescoins and eggscoins. And we prepare spanish omeleete " tortilla española". Then its value goes up infinity. Congratulations @adsactly
Thank you.
So creative and lovey post! this secret is only known to steemit subscribers like us, the idea of potato dollar. Lets get started.
Nice post. Now I've learnt about Potato Dollar. It has to last. @geeinspired
Thank you. And yes, it would be nice if it lasts.
wow,,,, super,,,,post,, @Adsactly
Thank you!
great post,its actually my first time to hear about it,i would like to know more about it,i think i should just follow you
Not a bad idea... 😉
Although some essentials (or even more) could be found under Quick Start Guide from the Steemit Welcome Page and Steemit FAQ what sometimes unconsciously we skip to check.
very creative ! good job
Thank you.