Do you know how the new 15 minute curation window, and reverse auction works? Many people are under the impression that if we vote early, our curation rewards (or our lost curation rewards which used to go to the author) go to back into the rewards pool, and that we should only be voting after the 15 minute mark. As I understand it, this is not true. I will try to explain why here.
When HF20 was first announced, in @steemitblog's post here, there were 2 key sections dealing with the curation window shrinking from 30 minutes to just 15, and also how the lost curation rewards are dealt with. Many people didn't read into the second part that only the lost curation rewards from the author's self-vote returns to the rewards pool. Here are the paragraphs:
30-minute Curation Window
Steem account holders (including bot accounts) are currently disincentivized by the Steem blockchain from voting on a post within the first 30 minutes. The earlier a vote is made within the initial 30-minute window, the less curation rewards the voting account receives. This was originally introduced to even the playing field between human curators and bots during a time when the majority of the content on Steem was long-form written content.While successful, much has changed on Steem since that time. Steem now hosts all kinds of content, and powers hundreds of decentralized applications which dramatically expand the types of content that can be consumed on Steem. Because of this, the community and the witnesses have come to a consensus that the 30-minute rule is taking curation rewards away from human voters who are actively consuming content and voting on material they like. For this reason, the Velocity Hardfork will reduce the curation window from 30 minutes to 15 minutes.
The post then goes on to address self-voting rewards:
Self-Voting Rewards
According to the current blockchain rules, if authors vote for themselves immediately, they get their author rewards, 100% of the curation rewards from their vote, and a portion of the curation rewards coming from everyone who votes for the post after them. Any other curator voting at the same time as the author would get 0% of the curation rewards. This gives the author an unfair advantage over other curators, because the author can earn additional curation rewards through self-voting.In order to eliminate this advantage, the portion of curation rewards that is not given to the curators due to the early voting penalty will be returned to the rewards pool instead of being awarded to the author, thereby increasing the overall percentage of rewards paid to curators. This will better serve the original mission of the curation rewards budget: to ensure that the Steem blockchain distributes rewards to the most valuable content.
My Explanation:
The 30 minute window dropping to 15 minutes is easy to understand. There is a timeline where when you vote for a post in the first 15 minutes, a portion of that upvote value, which would usually go into the post curation pool, goes to the author instead. There earlier you vote, the bigger portion of the upvote value goes to the author, and therefore less goes to the curation pool, until a 75%/25% author/curation reward split sets in from the 15 minute mark.
The tricky bit now is this; A lot of us also though that if we vote early, the lost curation reward, which used to go to the author, now goes back into the rewards pool. This is not true. The section dealing with the lost curation value is specific to the author's self-vote only. The lost curation rewards from an author's self-vote no longer goes to the author, but to the rewards pool. Authors, therefore, can only receive 75% of their own vote value when voting on their own posts. Only the author's lost curation value is removed from the post curation rewards, not all early votes. non-authors who vote early will still see their lost curation rewards going o the author.
Here is a little chart I made, which may be useful to you:
If you're curating a blog, and happen to vote before the 15 minute mark, you will add less value to the curation rewards, but still add value to the author rewards. It does not go back into the reward pool. That's the way I understand it.
You maximize the curation reward pool value by voting after 15 minutes, but like the pre-hf20 reverse auction worked, it still pays to be slightly ahead of the voting pack if you're not the author. The magic mark was highly debated and accepted to be around the 18 to 20 minute mark back then, and I'd say based on that, the magic mark now is somewhere between 12 and 15 minutes to maximize your curation potential. That also depends on who votes before you. It's always better to jump in before the whales cast their votes, either way.
That's the way I understand it right now. Feel free to correct me if you can explain why I'm wrong. If you found this helpful, don't be shy to give it a resteem.
Thanks for the clear explanation. I’m going to adjust my auto votes.
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Ahhhhhhh! This makes so much more sense, thank you. Votes getting burned before fifteen minutes seemed so arbitrary.
Yep, it didn't make sense to me either, until I read it again... and again... until it clicked that it was only self-votes that don't get the benefit.
This is very helpful. I have to say that as I am not online all the time, it's hard actually vote on posts during that first 15 minutes. I just also have to take the luck of the draw.
We can't always catch a post early, and that's fine... Some folk seem to be reluctant to vote early, and then could come back later and miss some good curation rewards, or just never make it back at all... That's where the author loses out completely.
Thanks very much. All these details and nuances.... Happy week!
Thanks for your take on the voting.
Thank you @bmj. Thank you to the clear explanation. Even a technical disabled person like me can understand it. Thank you for your time to explain this! (@hope777)
Super helpful post. Sincere thanks from Thailand. Resteemed.
Thanks @artemislives
Hmm. Helpful. Didn't know it only applied to self voting.
That's the way I read it. It would be silly to take away the benefits of early upvotes from either the author or curator. Taking away some early self-vote benefits is a step in the right direction.
Thanks for the clear explanation, I adjusted my auto votes to 15, and i dont self vote so I think I am good to go,
Glad it made some sense. Hopefully it helps your curation rewards.
that is super information and I so glad you are telling steemit land. I did hear about this from @lyndsaybowes. Other than that why are these things such a big secret. Someone who has time and knowhow should be able to figure out how to send a bulletin to every steemian. Afterall aren't whales supposed to be much smarter than a minnow. lol
I don't think it's meant to be a secret, it just doesn't always get clearly explained. Whales aren't all necessarily smart, just richer🤣
if the general steemit population does not know and find out from other sources waaaaaay after it happens. then it becomes a secret. Let's try really hard to not make Steemit look like a corporation. I am all too familiar with them. Everyone from a new plankton to a whale should always know what is going on. I say everyone should be on their toes. You never know when one day some small stinky plankton turns into Whale #1 and they will always remember who their friends are. Some minnows are rich too...aha..but not from Steemit that's for sure. :)))
Good point. Everyone should be on their toes, and be following those accounts which are making chain-related update posts. If it is published, then it's not a secret, except for those who aren't following the right accounts to get news.
I hope I'm that stinky plankton which becomes a whale one day..LOL!!!
well hurry, I might just get there before you..LOL!!!!
That's a good point and makes sense.
Posted using Partiko Android
When it comes to curation rewards and authors payout I will reserve my statements for I time when I have some hard core evidence. I dont think your far off base and your statement make sense.
I have posted some articles since HF20 and my author payout has been a steady 75%.
Authors should make a profit on posting an article for punting in the research time and effort. I also understand that curators (readers) should also earn to maintain balance on the platform.
At the end of the day can authors make a profit, and can curators earn for participating?
Authors do get the lion's share of the rewards. I'm getting marginally over 75% (my last post was about 78%) in rewards. It seems most accounts are voting after 15 minutes l, and so authors will only get the 75%, unless there are a few b8g early votes.
So are you saying that authors can get more than 75% if someone votes before the 15 minute time frame.
Yes, here is the payout from a recent post-hf20 post.
The author reward is 78.16% of the total.
We can test it here. Injust dropped a 100% upvote for $0.05 on your comment at the 10 minute mark. Let's see what happens in 7 days time.
Ok yes lets see I never thought of testing it on comments.
Congratulations! Your post has been selected as a daily Steemit truffle! It is listed on rank 11 of all contributions awarded today. You can find the TOP DAILY TRUFFLE PICKS HERE.
I upvoted your contribution because to my mind your post is at least 8 SBD worth and should receive 149 votes. It's now up to the lovely Steemit community to make this come true.
I am
TrufflePig, an Artificial Intelligence Bot that helps minnows and content curators using Machine Learning. If you are curious how I select content, you can find an explanation here!Have a nice day and sincerely yours,
TrufflePigThanks @bmj always helps to understand what is happening after changes take place.
So a self vote after 15 minutes of 4 cents gives 4 cents to the author?
No, a self vote after 15 minutes will be split 75% to the author reward, 25% into the curation rewards.
Clear. Thx
@bmj Forgive me her3e, but I think you are saying that if I vote on a post that is newly published within 15 minutes, then some reward will come to our charity? Blessings!
Hahaha!!! Wouldn't that be nice!
This section still sounds to me like all the curation rewards lost to the early voting penalty return to the pool. It says "curators" plural.
That is where the confusion comes in by reading that portion without taking the whole section in context. The paragraph above, and the heading makes it clear that they are only talking about the author's self-vote portion of the curation reward, so the author doesn't get the full value of his own upvote, as well as additional curation rewards, which should be given to the curators.
There are as many curators as there are votes on a post. They are the ones who should receive the curation rewards, except for the lost curation rewards from voting early. Those go to the author, except for the author's self vote portion, which returns to the rewards pool.
It is certainly confusing. At no point does it say anything about about any of it being returned to the author. Mind you, at one point rumours were going around that practically the whole vote before 15 minutes would go back to the reward pool. I'm certainly glad that isn't the case! nervous laugh