The rewarding curve is too complex for newcomers and useless in order to incentivize good content, IMO

in steemleo •  8 months ago 

From time to time I used to check what is the current status the New Rewarding Curve by using the @penguinpablo 's tool that you can also check here.

The rewarding curve is important if you are willing to get the most of from your own upvotes and also to understand why some steemians get more than others, even if the quality of the shared content is sometimes of low value.

  • Only 3 months ago, after the last Hardfork deployment, the rewarding curve looked as follows:

This chart traces two curves, in grey is the Old-rewarding curve, in Blue is the New rewarding curve.

X-axis represents the accumulated SP of the upvoters of a post, while the Y-axis represents the post rewards.

There is a point on which the blue curve (NEW) crosses the grey curve (OLD). It represents that any post rewarded
below that point gets less in terms of rewards in comparison with the old rewarding curve. Instead, above that point the effect is totally the opposite.

In short, if you upvote on a post which is rewarded below that crossing point, you would lost from 20 to 50% of your own rewards for curation while if you upvote on a post which is far beyond that crossing, your UPVOTE IS WORTH HIGHER and so, it also multiplies the author and curation rewards of upvoters and you get, let's say your curation rewards multiplied by the algorithm of the new curve... Catch it?

So, just 3 months ago, any post rewarded with more than 2$ was worthy to be upvoted on:

At that time, everyone thought it may be an amazing idea since it could, somehow trigger upvotes of dolphins, orcas and whales on good content creators with the aim of incentivize good authors.

Situation today

This is the current rewarding curve chart according to @penguinpablo :

What do you see there?

  • First of all, I have sketched a curve for an imaginary post getting upvoted by 2.000.000 SP which is the maximum value we can set on.

  • There is no crossing between GREY (OLD curve) and BLUE (NEW curve), even if the curve reaches the 25$ of rewards in the y-axis.

  • Upvoters get automatically 10% less curation rewards in comparison with the old system as a minimum.

Consequences:

  • Comments are not upvoted even if they are worthy
  • Pure investors join only whale-circles trails ==> No content discovery is promoted
  • Useless Automatic burn of the rewards in comparison with the old system
  • Waste of resources: your upvote worth less, always
  • Difficult to understand for a newcomer, investor or not

Frankly, I still don't understand why there is no debate on this point. As I wrote three months ago, this rewarding curve has no impact on content discovery and quality enhancement... it is a useless and weird algorithm that must be cancel for the sake of simplicity and good understanding of everyone.

@toofasteddie

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It certainly feels needlessly complicated, considering people will try to game whatever system is implemented...

Approaching from a different angle -- it can be looked at like:

  • People that are going to game the system will try to regardless of complexity. The people doing this (developers / coders) are probably going to succeed, while average users have a difficult time gaining the same kind of traction; so
  • In order to be fair, it may as well be evolved into a system that's easy for everyone to understand and maximize their own rewards -- levelling the playing field, rather than adding layers of complexity.

I think no one understand clearly how this algo works and this is another hurdle for investors.
It is unbelievable how nobody is debating this thing lately.

Just my thoughts.
Transparency to level the playing field, together with the best feasable fairness.

Complex and hidden reward systems will only benefit the ones who can conduct massive black-box testing..

I don't understand the mechanics of there being no crossover at any point. How is that possible?

yes, this! Is the tool provided by penguinpablo broken? The curve was supposed to cross at a point which was something like 40 steem payout if I remember correctly.

It is not broken thought... The maximum value of SP you can set there is 2M SP. The crossing is there but in a higher place, perhaps at 3M SP.

huh that doesn't sound right, at least according to the documentation from the Steemit team in their blog posts prior to the new curve being implemented, it was supposed to cross at an amount of Steem that a vote of way less than 2 million SP could give. I understand the price of steem has been falling since then but that shouldn't impact steem given out per SP held, it would only impact the $ dollar value of votes w hich shouldn't have impact on the curve. What reason would there be for the crossover point to shift so much higher from the beginning after the hardfork to now? The curve is the same since the last hardfork so... why would there be such a change to the crossover point? It seems more likely to me that the tool is not correct. I could certainly be wrong of course, but I can't imagine a good reason why given the same reward curve, the crossover point would be so much higher now than it was after the hardfork.

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I am not sure that tool is displaying the new curve correctly. But assuming it is, it isn't a "burn" of reward if upvotes are worth less - the reward pool is always the same size based on the inflation rate. The same total amount is getting paid out, regardless. Which is why I think the tool is probably not displaying the curve correctly - all votes cannot be worth less compared to the old curve at all post payouts.

Regular people will be most focused in understanding the whole Steem project and will not know about this rewarding curve until much later. A few of them will, but will be those who are already gaming -paying for followers- other social network platforms.

Main value proposition of Steemit is still valid: get paid by doing the same you are already doing for free.

The ones who have been already here for a time or those new steemians who decide to power up a big amount of Steem could be worried about that, though.

Not me.

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