In yesterday's post about the impact of HF19 I didn't take a clear position on the increasing voting power proposal. I felt like I needed a bit more time. After trying to see as many advantages and pitfalls I could, I decided I will support this change as well.
Here are the reasons:
- more power for a vote will create a more conscious and careful curation process: people will be more cautious with their votes.
- an average user doesn't consume more than 1-2 hours of social media per day. If we consider that in this time window the user consumes between 20 and 30 posts (at an average of 3-4 minutes / post) then the voting power will be evenly distributed in one session.
- the combined effect of the linear curve rewards and the voting increase power may generate a more predictable income.
- if someone decides to downvote during the last 12 hours window, he/she will have only 10 posts to consume this operation on (correct me if I'm wrong here).
We may see less votes from now on, but, a bit counterintuitively, we may see bigger (or more evenly distributed) rewards.
So my stance on this proposal is that I support it.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
I don't think we will see less votes because of the way the voting power decreases. It means that if you only vote 10 times you will vote at full power and your voting power will not decrease. However if you vote more than this then your VP is reduced at 2% (I think) of the remaining balance so an ever decreasing vote influence.
Just as people today dont limit themselves to 40 votes per day and instead often hover around the 40-60 % voting power I think it will be similar.
Could be wrong tho :O)
Just last week some early adopter Steemian was surprised when I explained the vote power decreases when casting more votes. That users was suddenly all surprised to see the votes where less worth in rewards to mine while I have a lower SP. Only the technical people who are interested to understand what all the algorithms are in Steemit, will now, and this is be far the minority of our community.
As long as people are still aware of the basic principle that the more you cast the less they are worth. I have spoken to some people who get annoyed if they see someone voting with less than 100 percent. There will be a lot more of that going on at the fork I am sure
Without done a survey, I predict that most people are not aware of this. That was my point of the last note in my previous comment, an early adopter and highly active Steemian (here since last year June or so) didn't realise having 10-20% vote power every day (drained by bot voting + manual voting) is not good for real vote power and value.
And I agree to that! I for one like to vote 100% on posts, and when possible 100% on comments. As I like to give a vote for almost each comment. Since I know vote power rules, when I get into a lot of engagement, ie may reduce my comment vote to 25-50%, but still give 100% to good comments. I 'hate' the slider thing! We need to have preset values, works better... I personally don't like the somewhat random setting of vote power. I personally also forget to adjust vote power regularly, so when sliding down, it may happen that days after I'm still casting votes with less power
I think the presets is a great idea. The slider can be quite fiddly and I often forget to reset it then have to faff about. I too like to give 100 but when the voting power is low have to reduce it.
Most people I have spoken to are aware of voting power decreasing because of the slider after 500 stem power but there will always be a few
I think the few is more. Yes they may know about some decrease, ie vote power can become 0 and then there is no power anymore. But I doubt the majority of the Steemians do know what it means when they have constantly 20% vote power. BTW, realtime vote power is not in Steemit UI, it is not in SteemD UI, yet another screen is required to look for that number...too much hidden away for such an important parameter.
Don't worry. I know exactly where it is :0) I think the majority who have been in for a while know but we obviously disagree on that which is fair enough
sounds like an advance to me.
what does a minnow know?
Nice info... Same thoughts here too
Without indepth steem knowledge, I just feel this isn't going to help the newer folk unless the power voters consciously dedicate some time to 'new' posts for the (newer) members they are unlikely to be following. Just my humble opinion, but we'll have to wait and see I guess.
My take after thinking this through this morning:
note
note
Agree with you, particularly the points raised regarding comments.
This is might be good but since they will drain their SP early, it would also mean that they might not be able to vote other authors. This might end on the "vote-your-friends-only" atmosphere. Of course, they have the option to lessen the percentage of their vote to increase the no. of their votes but it will also lessen the rewards. Hope I'm wrong.
Indeed!
Thanks Dragos. How do I stay current on Steemit rules? Will be the changes reflected in the white paper or other "official" news?
Follow @steemitblog. They post on the new developments and are the official ones :)
Thanks for the tip!
I find it Perfect every change that makes people think more what they are voting.