Ait, since so many are asking me lately what is up with their post rewards, mainly users using hive.blog who notice the rewards go up while there's no new votes coming in - no it's not ghosts voting. Basically the displayed rewards on hive.blog are affected by a median price of the last 3.5 days, this means that it takes the price of 3.5 days ago and the one right now and gives you the average and since we've been seeing a big increase in the price of Hive lately your displayed pending rewards are being updated.
For anyone who's new to Hive, you should know there's a weekly rewards pool that gives out Hive to authors, curators and witnesses. Right now it sits at 920k for the upcoming week:
although the prices aren't updated there yet it seems like. On top of that now that the marketcap of Hive backed Dollars is under 10% of the marketcap of Hive it means that we're also getting HBD rewards instead of half of the post rewards being in liquid Hive. Now before we get all too technical (which I don't want to get cause mainly a lot of it goes over my head no matter how many times I've attempted to wrap it around it) here's the fun scalable part. The higher the price of Hive the more HBD gets printed for post rewards.
This means theoretically that there's no real "cap" on the amount of rewards the blockchain can give out in HBD. Say if we saw an increase in users using Hive and at the same time investors and buyers/holders everything going up 10x (price has been beating us to it lately) the amount of HBD being printed would also increase with the price allowing authors to share the rewards pool. Here we have to now be careful with how we allocate it, though.
We've had some crazy times back in the day when both SBD pumped to $14 and shortly after Steem went up to $8. Some authors back in the day went on crazy 10x per day posting sprees and many autovoters either weren't around or didn't care to check and it ended with those authors making 2000 SBD per day which resulted in about $30k daily rewards from shitposting. While I wasn't completely innocent in the shitposting part I tried to keep it to max 2 posts per day to not lose my dignity completely. The biggest difference between then and now, though, is the 25% free downvote mana that we now have and boy will we be using a lot of popcorn this time around.
You think your votes being 7x bigger in 3 days is nice, imagine how 7x bigger downvotes will feel!
This will be a great tool to keep rewards from going to unrealistic and unsustainable amounts, though, and will assist with scaling a lot more than it did in the past. Of course there will be some abuse there as well such as grudges, retaliation, hate, etc but I think the pros will definitely outweigh the cons of this system.
If a post like this one ends up making $400 in rewards for instance someone can come in and say "hey, you know while I appreciate the content I do believe the stacking of autovotes may be a bit unfair to the rest of the authors on the platform so I'm going to downvote this a bit so the rewards get distributed to the rest" and this way we will hold eachother down to earth a little bit while at the same time improving distribution. Meanwhile there will be more content creators joining and them not having the advantage of autovotes won't be a big burden as those making "too much" in HBD will start seeing disagreement of rewards downvotes more and more. It's our responsibility to not take them personal though and use them with love and spread them around nicely so the authors don't have a reason to take them personally to begin with.
But Acidyo, if the price of Hive goes up by 100x I want to profit 100x too. Sure, and you can do that by holding hive or hive power and curating with it but one thing you need to realize and learn (better sooner rather than later) is that your post rewards are "pending" for a reason and it takes 7 days for them to be paid out so you should never take them for granted or assume that the content you were receiving $20 in liquid rewards a week ago should now be worth $140 or $2000 with a 100x. It's only natural that those with skin in the game get to see higher profits and more reliable ones (since curation rewards and your vested holdings are way harder to downvote) than those suddenly "coming back" to the platform when they hear all the buzz about it after having been so busy during the bear market with other things. ;)
How's everyone enjoying the pump?
PS! Feel free to downvote this post if you feel it makes too much rewards, I won't retaliate unless I don't like you (just kidding :P)
PPS! The cloud got nothing on the Hive chart at the moment.
Interesting bit of knowledge here, I've been wondering how this all worked since the price started mooning.
Before, I was noticing that my "payouts" would show that I was going to get some HBD, but instead it always printed out in liquid HIVE. So now, due to a closer price relationship, I should start seeing some HBD as well?
Yes. :) though it seems the "displayed" rewards on older posts seems to be lagging behind until payout I guess.
I've been floored by how much Steem has pumped in recent days. As someone who's joined into Steem rather late into the game, I haven't gotten the chance to experience the parabolic mooning all the way to double digits, so this is a rather new experience for me, but I imagine that must've been fun! Hope all this attention will help to bring more people into HIVE!
Cheers for the post written in laments terms. Your points are fair as well as your approach to downvotes. Nice one.
Exciting times, just like when I joined Steem in 2018! Although, I have waaaay more skin in the game now than when I stated.
Just as I said to another Hiver a couple of hours back.
We should celebrate the fact that since the price of the token is bound to our rewards it's nice to see the rewards going up.
The $$ displayed has nothing to do with the amount of HP or HBD one will receive when a post pays out.
I am all in to fight abuse, plagiarism and such but just because rewards might skyrocket, that alone shouldn't be a reason to start downvoting one another.
We've been into this bear market long enough and we've almost forgotten how it feels to be rewarded for the shit we've been through those past 2.5 years. Just saying.
Sure I'm just saying to keep things somewhat realistic and those going crazy during these times who increase the amount of posts they push out by the same % as the price has increased in the last 3 days should not be surprised to see some downvotes if all they're doing is abusing their autovotes. Not that I've seen this happening yet but this time around we are better equipped to deal with it.
Oh that. Ya mate. Agreed 100% on that.
We are def better equipped atm.
Well, if the price remain at these levels for a couple of days, which wouldn't surprise me since Huobi's initiative is still running till the 28th,(and those 1000 HIVE worth ~ $800 atm) upvote values will go 2x what they are now...
Jeebus - I start posting again and this happens. Couldn't have had better timing I guess. I keep coming back for the community - rewards are a nice side effect. Tough to be a photog right now though - only so many interesting photos of the inside of my house I can do. Thanks for the post @acidyo
Welcome back! :)
This is really helpful. And I felt vindicated when you said you can't fully explain how HBD rewards get calculated! I tried to lightly cover it in my last getting started tutorial lesson. I think I'll link to this post from the page, since you go in more detail than I did and also cover downvoting, which I didn't cover at all. Thanks for this.
Hahaha I remember that insane Steem and SBD pump back in the day. I think I had some 15 posts active and got insane rewards for a few weeks 😅
Those were crazy times, I think I had pending rewards of $30k in one week from two posts per day. Too bad I didn't tether/fiat. :p
God damn. $30k is a lot. What's your average now?
Having been "in here" long enough to understand your point here @acidyo ...
... I will just write this brief appeal to you, as one of the major "influencers" here, to encourage you to support those downvoting to leave a brief comment of explanation for the recipient. The "heavier" the downvote, the more helpful this becomes. For the majority of authors, I see reference to this over and over ...
Investing those few extra seconds helps considerably with the "... not take them personal ..."
Thank you, in advance, for your consideration of my appeal.
Sure it's nice when they do but it's not like we're expecting upvoters to do so either.
Yes @acidyo, I appreciate that. And understand. This is the "standard response" ...
My appeal is based upon the simple fact that very few of our fellow Hivers / Hivians view them the same way. As I believe we all well know, from all of the interactions we see on the topic.
My own view is we would all help add value to our fellow Hivers / Hivians experience on their individual "journeys," if we extend them the "professional courtesy" which I have appealed for you to consider.
Thank you.
There will be correction but still we should enjoy the pump while we can.
The best thing that comes out of the recent pump is the HIVE getting media and traders attention. May be we can hope for another big exchange listing.
Exchanges would make really bad business decisions not to consider listing Hive after the recent volumes!
Gosh those days with the huge pump, I remembered I was still in Japan. Crazy the last 3 days for everyone here!
This Hive pump is a really cool game for the gaming community, lol. Hopefully we can all get high scores. THanks for explaining the reward pool rules of this game to everyone so they can all learn a little bit.
I've been rather amped up over the pump! I still be holding most of my holdings but it’s nice to see these crazy days.
Glad i converted what Steem i did into Hive.
We should enjoy all the media attention that is getting HIVE, and also all the traders that are looking closely the HIVE token.
Hopefully we'll have more exchanges joining the party in the comming days.
The volume is huuuuuuge! 😊
i never seen this as i joined when steem was 5$ and it was all downhill, as the price goes, from then.
it feels weird :D and even if it gets a bit down this is really great for the exposure of the platform. and as much it is great for people holding a lot of Hive it it also great for everyone here :)
i am quite happy with the pump but as i said in another comment i am more happy that the community are making efforts towards more engagement and interaction
It's stupid that ONE person can come in and take away ALL your rewards if they so choose. No whale gives you a 100% upvote, but they'll sure as shit give you a 100% downvote. Fuck that system it's broken.
The community decided the value of your post but one person can override the community? Downvoters are Justin Suns.
Is it stupid that ONE person can give you $100 in rewards as well, though?
Do the rules incentivize you to do that though? Instead of doing it, the people with $100 votes hold contests for the chance to earn a 100% updoot. But even then, with the downvote rules as they are, it would be dumb for someone to waste a 100% $100 upvote on something that anyone else can "take away." Please don't think I am against downvotes. I understand why they are necessary. I just don't think the rules on how they work are fair. (and this is from someone that hasn't been downvoted) I would like to see downvote curation trails 😅 Un-Curie if you will. Where the community gets to decide on the value of a vote more than the individual. We're trying to break away from the individual controlling the user, right?
The Korean vote on Steem was lost because the heads of state around here refused to even talk to the Korean people about the way downvotes are done. Countless times on the town halls it was just "there will be no discussion on downvotes being removed." Not that I think any of us give a shit about that chain anymore lol. Downvotes should simply carry 25% of the vote as an upvote to prevent ONE USER from ruining the chain for others.
If it took a downvote curation trail to enforce a blacklist on HIVE that you believe to be a list for the betterment of the chain would you not use your "free downvote" to support it?
As a little aside... Someone once joked (I assume it's a joke cause it's not true!) that steem/hive is Proof of Brain. I pointed to steemauto/hive.vote and said "there's your proof of brain."
Plenty of down vote trails on hive.vote.
Some of them are even reputable.
FML wrong community, now I definitely expect some downvotes. :(
lol. I’ve done that before, more than once. :)
here's another visual explanation :)
Hmm, can't click on hive.blog, got a link?
Try this one https://bit.ly/2Y8aYcG
That works!
I literally can't click it, can u share the address to the post instead. :P
It will suit you to gain more hives. Because you are a whale :)
Everything is written correctly. Our future is in our hands. We are not shy about encouraging novice users and looking for those who we can donate our flags.
Thanks for the great technical reminder of how the reward pool works. Many forget there’s a average. With the wicked price movement the averages can’t keep up.
lol.
It speakdls directly to my heart ♡♡♡
What is causing the pump ? Any idea ? Is it like we got all the world landing up on the hive land ?
Same is happening at peakd. I was confused. Thank you for information.