Viewing a response to: @justineh/normie-talk-hf21-explained-sps-eip-what-it-is-and-what-happens-next
Seems kind of lame that witnesses aren't taking a pay cut too to fund this SPS project. They should be taking a 15% pay cut too if this is going to increase the value of Steem and benefit them. Why put all the burden on content creators?
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Well content creators aren’t taking a 15% cut to fund the SPS first of all, the whole entire author/curator part of the inflation pool will be reduced by 10% and redirected to the SPS, or at least it’s how it’s proposed. I am not against the funding being funneled from many places and it was asked for those deciding on that amount to give a bit of detail about how they came to that conclusion. I know there was some mention of allocating from the witnesses portion made little change as it only consists of 10% of the entire pool (versus author/curator being 75%) as well as it impacting the back up witnesses more than those actually in the top 20. I will leave that for them to explain though as I’m not sure of the specifics that led them to the decision. What I will say is that content currently receives the largest cut from the inflation pool and therefore should be returning the most value. To me, as a content creator and curator, I think it makes sense to redirect some of that inflation to an aspect that could essentially improve all of our investments and make that STEEM we are rewarded worth even more. The goal is longevity of STEEM and increasing its value. Proving a mechanism that encourages beneficial development and improvements as well as providing a decentralized way to fund it from a shared inflation pool to me is the way to make sure we all benefit long term.
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Aren't content creators also taking a hit when their rewards go from 75% to 50%?
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As I stated in the post the overall affect for authors - > **Author Rewards** With the implementation of the SPS and 50:50 component of the EIP, author rewards percentage of the pool will be decreased somewhere around 42.2%. > The goal or idea is though that with the combined components of the EIP taking effect, there will be less spam taking rewards and more individuals curating (as it's now profitable to do so). Which could mean even though the author rewards percentage is lower, the reward pool will be bigger (less abuse taking it) and therefore the actual rewards an author receives will actually increase. > I believe these changes will take time to balance out, as with any changes, so I personally think we should prepare for an immediate decrease in the post payout we see. But to keep calm and let the system begin to take it's new form. It is my hope that over the few weeks after the hardfork, authors contributing positively to the ecosystem will begin to see their rewards increase again. This is the goal. Yes overall percentage of the pool for authors will be reduced by 42.2% but the rewards pool will be bigger and therefore their cut will be worth more. That is the desired effect anyways.
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Gotcha, thanks for clearing that up. It still should be 10% reduction across the board and not just placed on the shoulders of content creators unless the witnesses are willing to donate their increased value in steem from these SPS projects to all us. I'd be in favor of that :)
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A 10% decrease across the board would look like this - 65% Author/curator | 5% interest | 0% witnesses | 30% SPS Who will run the nodes? 🤷🏻‍♀️ Also, the only “profit” seen by a successful SPS would be an increase in the overall value of the STEEM currency and therefore benefit anyone holding STEEM. Also, it might actually encourage more to invest in STEEM.. which again adds benefit to everyone. I agree that multi funding allocation would be ideal, but I don’t think that a 10% cut from content creators (including myself) is them caring every thing on their shoulders, especially as they will great benefit from the SPS themselves. I think is more an us vs them thing based on lack of involved on platform from many witnesses and therefore they are not seen as “on the same side”.. but they are here and are actively contributing as well as many actually investing in STEEM, which means that it benefits them to increase the over all value, just like it does to everyone else. Do I think they are great leaders, no 🙂 but I do whole heartedly believe they want what’s best for STEEM. While I don’t necessarily agree with all aspects of this change or the bundle, I do believe this is an attempt to improve it for all of us.
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how should care more about steem price? minnow content creator that gets maybe 1 steem per day if he/she is posting every day, or witness that gets 250?
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Everyone who invests or earns STEEM should care about the price. Many have invested money out of their pocket and others have earned for contributing here. Sure those that hold more have more to gain, and they should (otherwise why would anyone buy STEEM) but they also have more to loose. But we all should very much care about the price of STEEM.
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They are losing even more money than that... You have to remember that not only is the total author/curation pool going from 75% to 65% but that authors are losing 25% of the pool they have been getting. So, in theory the curators were suppose to be getting 18.75% and authors 56.25% of the total reward pool, and after this change it would be curators receiving 32.50% and authors receiving 32.50% of the total reward pool. This means authors are taking a 23.75% loss here. Sure, there might be way more upvotes out of the deal, but that's a big maybe and 23.75% of the total reward pool is a lot to make up. Not saying it can't work, but its a big maybe, and now there will be a 25% free downvoting feature which means people will downvote for any stupid reason they can think of downvoting for.
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> and now there will be a 25% free downvoting feature which means people will downvote for any stupid reason they can think of downvoting for Downvotes always just shift rewards from one place to others so they have no effect on the total rewards. If you manage to get fewer than your share of downvotes, even if you still get some, your share of the pool will go up. The idea is that obvious reward milkers especially the larger ones, should be clear downvote magnets, so for most users getting fewer downvotes than they are should not be difficult (unless you are a reward milker). How effectively downvotes will be used (or even if they will be used) remains to be seen.
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"Proving a mechanism that encourages beneficial development and improvements as well as providing a decentralized way to fund it from a shared inflation pool to me is the way to make sure we all benefit long term." you seem to be missing that millions of dollars have already been wasted on useless projects, can never increase the value of Steem by punish content creators.
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There is no punishment, as content creators don’t own the pool.. is shared by all.. and they benefit as much as anyone else. But with that being said, I am very much in favor of it coming from multiple places. As far as millions spent by I assume you meant Steemit Inc.. that’s sort of the goal of the SPS, for the community to take it into their own hands.
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We can certainly do that without being taxed. When we look at the evolution of taxpayer funded entities today in America, I bet most of us would prefer to be able to voluntarily fund those we think are a good idea and well implemented, rather than be compelled to pay for all the fedbloat. I am also sure that proposals incapable of securing voluntary funding will not secure funding for damn good reasons. Lastly, the whales currently extract ~90% of all rewards, leaving actual content creators (which whales are not) with about ~10%. This SPS funding tax will land on content creators most of all, and I expect this to have a dramatic impact on retention, particularly when coupled with author rewards halved in favor of curation, and the damage the free flags will do when censors expand their suppression of free speech for free.
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It has been determined that you are trash, therefore, you have received a negative vote.<br><br>PLEASE NOTE: If you engage with the trash above you also risk receiving a negative vote on your comment.
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A tax implies you are paying something on money that is yours, the inflation pool is not yours or any of ours. So no, it’s not a tax as you don’t own it. It’s a shared pool made from inflation that is currently allocated to things that are supposed to return value. Reallocating it to something else that adds value is not a tax. It actually comes from those holding stake and if they didn’t hold stake it wouldn’t be there. So if you are set and determined to think someone is “paying” for it, it’s the large stake holders. A couple more flags will not greatly change unjust flagging, it’s not a free for all after all.. and censorship implies you are restricted.. if you were censored I wouldn’t be able to read your comment. It’s not censorship, it’s an annoyance and unjust flags need to stop.. but I believe downvotes down correctly can do wonders, if they are used.
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Honestly, if you had to do it to a group, authors were likely the best choice. If you cut the "interest" category it could severely hinder the delegation economy. If you cut curators then what would be the point to curate? They already get a small enough amount that it almost doesn't matter. Cut witnesses? Yeah, well, they need to profit, like miners, its crucial.
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Not only that, but MIRA should be decreasing the costs of being a witness. I think the problem for consensus witnesses is that if they don't pander to the whales, they'll lose their positions as consensus witnesses, as the whales will just unvote them and vote in witnesses that will do as they're told. The golden rule is that them with the gold rule.
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pending_payout_value | 0.000 SBD |
promoted | 0.000 SBD |
body_length | 354 |
author_reputation | 48,231,784,822,393 |
root_title | "Normie Talk - HF21 Explained (SPS + EIP) What it is and what happens next" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
wakeupnd | 0 | 21,400,183,038 | 20% | ||
robinmmthompson | 0 | 2,856,451,547 | 100% | ||
iflagtrash | 0 | -30,259,730,295 | -3% | ||
abusereports | 0 | -123,019,043,260 | -5% |
It has been determined that you are trash, therefore, you have received a negative vote.<br><br>PLEASE NOTE: If you engage with the trash above you also risk receiving a negative vote on your comment.
post_id | 76,760,488 |
---|---|
author | iflagtrash |
permlink | iflagtrash-re-valued-customerre-wakeupnd-ptdg18-20190621t053713528z |
category | normietalk |
json_metadata | {} |
created | 2019-06-21 05:39:21 |
last_update | 2019-06-21 05:39:21 |
depth | 3 |
children | 0 |
net_rshares | 0 |
last_payout | 2019-06-28 05:39:21 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
pending_payout_value | 0.000 SBD |
promoted | 0.000 SBD |
body_length | 200 |
author_reputation | 20,261,270,126,211 |
root_title | "Normie Talk - HF21 Explained (SPS + EIP) What it is and what happens next" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |