Great analysis @krnel. I am new to steemit and was wondering why the value of vote keeps changing... Your post explains it. However, another question that I didn't really research on yet... Sometimes my vote gives 1 cent and there are times when it had been more than $5. I am not controlling how much to give, but what defines this?
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In the time you opened the post, and read it, someone else voted, or more than one person voted, and all their SP gets added to the updated $ you see when you cast your vote. It only updates when you load a page of upvote to change the $ value.