RE: Why Rewards Have to Change... (Fair warning, this is a long one)

You are viewing a single comment's thread from:

RE: Why Rewards Have to Change... (Fair warning, this is a long one)

gduran in #philosophy • 6 years ago

I found this post by @penguinpablo, it is old but I guess the formulas are still OK.
https://steemit.com/steem/@penguinpablo/til-how-much-steem-is-added-to-the-reward-pool-per-day

And in that article I read this:

So each time a new block has been produced, 1.668 STEEM is added to the reward pool.

Every 3 seconds: 1.668 STEEM
Every minute: 33.354 STEEM
Every hour: 2,001.237 STEEM
Every day: 48,029.695 STEEM

But it varies every day, since the post is two years old I have no idea if the reward pool has increased or decreased. But if the amount is this, circle jerking does take a good percentage of the reward pool, and add the bidbots and very little is left for the rest of us.

6 years ago in #philosophy by gduran

0.00 BPC

1 vote

Sort:

Trending

[-]

clayboyn 6 years ago

You'll get no argument from me on that. The whole point is that there is almost nothing left to reward genuine interaction and we end up with the current situation that we find ourselves in.

0.00 BPC

[-]

gduran 6 years ago

Exactly, but the question is how does reducing the rewards for authors help out the platform? There won't be a parade of people voting for everyone who posts a good article because now they get more curation rewards, the guys with the bigger votes will continue with their circle jerk. It is like the trickle down economy, that first you have to get the rich richer so then the excess money will trickle down to everyone, it just isn't going to happen.

0.00 BPC

[-]

clayboyn 6 years ago

Well it isn't happening now either. For whatever reason, be it greed, circle jerks, vote selling (some would say that's all greed), the current system isn't working. Why not take a chance on getting some of the whales that would vote more frequently using their stake productively instead of keep fighting over the crumbs that we're currently getting? Doing the same thing and expecting different results is literally insanity.

0.00 BPC

[-]

gduran 6 years ago

OK, I can understand what you are saying just that I don't think that option will work, the thing is I have seen a lot of changes and I think none of them worked so I am kind of skeptical on this change being a solution. I am now going to sleep it is nearly midnight here.

0.00 BPC

1 vote

[-]

clayboyn 6 years ago

I hear ya, I guess time will tell, but hopefully we get it right eventually. Good night.

0.00 BPC