Many a minnow swims into the Steemit stream confused and confounded by the basic economy. What is this Steem Power?How does this relate to voting and vote port? Why can I run out of it? I just came on here to blog! Please just let me blog! Below, I've tried to list out a fitting metaphor for how this all works and how to make the best of each value type.
So, the metaphor I'm using is going to build off a previous one I wrote about in which Steem Power is equivalent to an investment account. Within your investment account, Voting Power is allotted amount of trades. Ideally, you will then easily see how Voting Power and Steem Power interact within Steemit.
STEEM POWER
VOTING POWER
SteemPower / VotesPerDay
So, this means, on a busy day on Steemit, you can vote until you run out of Steem Power to invest. Don't worry though, voting power regenerates 20% per day. This means, you can consistently have near 100% voting power by using your voting power wisely. Also, if you don't vote for a day, Steemit will reset its moving average to the default, which is 20 votes.
Example:
- 10 dollars in your investment account,
- You want to make 10 trades.
- Each trade would be worth $1.
This means, if you have 10 Steem Power, and make roughly 10 votes a day, Steemit will try to make sure each is roughly worth $1. And every day, your account will refresh 20%, or 2 Steem Power for new votes.
Earning Steem Power
How do I find out what my vote is worth?
- Check out this Handy Tool written by @mauricemikkers
- http://www.steemdollar.com/dollar_per_vote.php?name=<insert_your_username_here>
How do I find my Voting Power?
SUMMARY
So, if Steem Power is how much money you have in your investment account. Voting Power is how many trades you can make in a day, and how much each one is worth. Hoepfully, this metaphor can help you better understand how the Steemit economy works and how to use your Voting Power wisely! Remember, you are an investor, and you are trying to reward and encourage amazing Steemians.
New To Steemit? Check out the Minnow Support Project
The Minnow Support Project is a 3000+ strong community of Minnows. It was created by @aggroed and is sponsored by people like @ausbitbank, @canadian-coconut, @teamsteem, @neoxian, @someguy123 and @theprophet0 to be a community of Steemians that wish to help each other grow. We advocate the sharing of great content to help increase your audience as a minnow. We also help with basic questions, guidance and general Steemit camaraderie. I recommend checking out the topic or the step-by-step starter guide created by @discordiant
Previous Posts
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FYI,
The "Handy Tool written by @mauricemikkers" is based on the old algorithm, before the last Steem hard-fork that made Steem-Power influence linear.
According to it, my 100% upvote would be worth about $2 right now, but it's closer to $6 at the moment.
I don't think that "handy tool" has worked properly for quite some time.
You're probably right. I'll admit that I've never used it before today and just assumed that the inaccuracy was due to the recent hard-fork.
Oh, and since you're here and I happen to know that you're a smart guy, do you have an answer to this question:
Is it Wise to Store Bitcoin on a TREZOR Before and During Bitcoin Hard-Forks?
Please, feel free to answer here or there, it makes no difference which.
Replying to your other post.
Ah, good point. Thanks.
Excellent analogy about what is steem power.
Thanks! I'm glad it was helpful. I love metaphors.
Excellent article now I see my voting power, thank you I recommend everyone to follow and increase its power.
Thank you very much.
Thanks! Glad you enjoyed!
Informative..thanks for sharing your hard work with us.
This is an interesting post that newbies will need, also the confused guys...
Not mutually exclusive. And we've all been both newbies and confused before. Glad it was helpful.
Very interesting reading I have a little bit more understanding of steam power thank you for sharing
So, I don't do this too often, but I've resteemed your guide in the hopes more people see it. Also upvoted of course for my 3-4 cents :)
I am deeply deeply sad to see that this post is so undervalued :(
Thanks for the resteem and the support. Who knows, the post is still young; it may grow up yet.
Very helpful explanation. I'll be sharing this to the newest minnows often. Great post.
Congratulations! This post has been upvoted, tweeted and resteemed by @joeyrocketfilms on behalf of Team #minnowtowhale of @minnowsupport. We thank you for your contributions to the community. (Join us in helping those who came behind you grow). Visit - @ P.A.L. Net
This post has been resteemed by @minnowsupport courtesy of @swelker101 from the Minnow Support Project ( @minnowsupport ). Join us in Discord.
I got a bellyRub and this post has received a 50.00 % upvote from @bellyrub thanks to: @lifewithcrypto.
Wow, the first vote bot I didn't have to cajole myself. Thank you, @lifewithcrypto!
Thanks for making it easier to understand steem power and voting power.
This actually 100% made sense. Like it makes you think in a completely different way. Thank you for this
Glad it was helpful. Aren't metaphors fun?
I have got a lot of information about steemit Powe thanks for sharing good post
im new so it helpful for me...thanks
This post has been ranked within the top 25 most undervalued posts in the first half of Jul 19. We estimate that this post is undervalued by $16.67 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jul 19 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
Thanks for giving me hope, little robot.
Yeah, this makes sense to me!
Great way of putting it, cleared some stuff up for me thanks.
You have tried. 👏👏👏👏 for yourself. I will practise some for the things u have said