Witness Elections and Other Random Steem Thoughts.
Witnesses
During several interesting Witness discussions happening today, I learned something. I think... The witnesses that are not in the top group have motive to keep their position as high as possible. If I understood correctly it helps them reach the top of the block rotation more quickly thus earn more. If a witness wants to confirm this that would be great.
Currently I only vote for a handful of Witnesses. I've thought even with an account in the top 1000 my vote doesn't count for much. I also think our platform has a lot of Developer Personalities, so I have been voting for the "Community Minded" witnesses, or those working on projects that I am interested in. Every so often I look at the list and ask myself, Do I know what this person does to add to my Steem experience? If I can't answer that question with a yes, I just don't vote.
Yes, I know many of them contribute in ways I don't see, but someone else should know what they do in that case and upvote them. I see it as their job to get my attention, not my job to know. . Unless I am already voting for you, then I will pay some attention.
I had a boss who used to say, "What have you done, LATELY?" Meaning you got paid for last year's work last year.
SMTS
So many rumors and misunderstanding:
Isn't it awesome that someone claims to have the first SMT before they are released... AND they are spreading confusion and doubt and holding their ICO with ETH tokens. Ha!
In the last few days, I have read the value is in:
- Burning steem to null when an SMT is created.
- Those launching SMT will need to buy steem for Bandwidth
- Several other poorly explained theories on what value they will bring to Steem Holders
The vision needs to be painted for the community, not once or twice, but several times by people who understand the concept and Ned's vision. Sure would be nice to get some facts here.
Please, Please if you are knowledgeable and fully get the concept, write an understandable article... :)
Price:
Ack! :) Hodling, but whiny...
Happy Friday everyone have a nice weekend.
Here are a few things regarding SMTs:
Thank you very much!
What have you done for the platform, LATELY? To the tune of:
Right? And I thought Ford stole this from Ken. ex-boss. :)
Have a great weekend.😀
The higher you are, the better chance of reaching the backup (21st) slot.
Do you get to move through the rotation faster if you are 25 than if you are 35?
Every round (21 blocks) the blocks are assigned to the top 20 witnesses, and one backup witness. The backup witness that is selected for the round is randomly selected, with a vote-weighted randomness. What this means is that the more votes that a backup witness has (measured in SP, not vote count) - the more likely they will be chosen as the backup for the round.
Now I feel like I've read that before, but never really understood or considered it before now. Interesting. Thank you.
The top 20 take turns, round robin fashion, so they get to witness a block and get a reward every round. The 21st slot each round is filled at random from the top-100 (I think, or maybe top-50... it's been a while since I read it), so they get a much smaller number of blocks (rewards) per day.
Okay, I was either missing this piece or I didn't consider it before. Thank you.
I don't believe it's actually random. It might have been in the past, but it is weighted by the votes you have. If it were random my blocks wouldn't be created regularly every 5 hours.
@demotruk got me curious. Here's what the whitepaper says. It is a bit different from what I remembered and described above.:
So: (i) It's not really round robin for the top-20 witnesses. They all get one block per round, but the order changes from round to round; (ii) it doesn't say how the 21st witness is selected, just that it's "timeshared." That could mean that it's weighted by stake; weighted by number of witness votes; or distributed evenly, in a turn-taking fashion; (iii) It suggests that more witnesses than just the top-100 can get into the 21st slot.
None of that really changes the incentive structure that I first described, but just for the sake of accuracy. ; -)
Can you show me a link to the whitepaper on witness rounds?
Sure, it's here. The part I pasted above was on page 18.
Thanks a bunch.
Yes, that shadowy group called Witnesses. I read a blog today with the top 20 listed. About half of them, apparently, do nothing. Becoming a Witness is often like a high school popularity contest. Might be good for all of Steemit to have some kind of regular broadcast that lets us know what these folks are doing, or NOT doing. I'd like to support those who are making this a better platform, not just collecting $$. Blessings. Oh, and you know my daughter @littlescribe.
@timcliff is a good source for info regarding witnesses.
Developer Personalities - I'll say. Hard to understand but kind of fun to watch.
For those of us witnesses outside the top 20 but within the top 100, absolutely every vote does count. It doesn't take that much to increase the number of blocks we're producing each day.
For those in the top 20, all that matters is that the vote doesn't drop them below the threshold (ie. they don't drop below the number of votes required to be position 20). Similarly for those outside the top 100, all that matters is getting to the threshold where you're within the top 100.
I think, votes of only people who have very high Steem power matters most to the Witness to reach the top ? Is that right ?
mostly
I think @themarkymark has some great insight here for you. Im sure he will respond to update you @whatsup. Hope you are well and I'm thankful for your votes on my design UI project for steemit.
Not holding my breath on smts, too many other disappointments,...
I'm still holding my breath. I guess I got attached to the idea. I feel like it could be a monumental, and completely doable thing, not just for Steemit. The implications are broad-reaching. And frankly, they put off a lot of other goals and deadlines because of the SMT thing. So I dunno....I guess I still am holding out...
Although, it's not healthy for me to. But it makes me feel hope that Steemit has a last leg to stand on. I don't like it going down in price, but more importantly, in integrity, the way it has been. I guess if I can pretend it's for a bigger reason, then it helps me sleep at night.
Eh, nothing has really changed, the whales still rape the rewards to give to their friends, poor people still mostly support each other, and we have the reputation that comes from that.
On the plus side, though, as the price drops we will get more steem/sp per dollar on our posts!
So, we got that going for us.
That's true. Nice silver lining there.