Steem Basic Income: A System That Works? Why Everyone Should Be Supporting It!!!!
This is something that is getting a bit more attention from me of late.
Steem Basic Income is an experiment to see if there can be a form of ongoing payment to the members who choose to participate. Like most basic income ideas, the goal is to provide more equality on the STEEM blockchain.
For the first few months, this was a manual system. Since that time, from what I can understand, they have automated the process. This means we are dealing with a "bot".
Essentially, one sends STEEM into to @steembasicincome to "sponsor" someone. In doing so, that person get a unit or share in the basic income pool. One STEEM equates to one unit. In addition, the person who does the sponsoring also gets a unit. Hence, two units are given for each STEEM provided.
What does this get one?
Each unit carries weight to it based upon the voting power of the pool one is in. @steembasicincome established pools which can have as many as 500 members in each. Once the first pool is filled up, they open up a second pool. They label the pools SBI, SBI2, etc... At present, they are up to SBI6.
Upvotes are given daily on each participants posts. They are given until one drops below .50% which then means one drops to a smaller pool. This is to ensure that more frequent posters do not take up a greater share of the proceeds. Moving into a larger pool can happen by acquiring more units or dropping the posting volume down. Also, voting power is also based upon units held. Therefore, someone who has 10 units will get voted at a greater percentage than someone who is at 1 or 2.
Personally, this is an idea that I think worth pursuing. Many complain there is no way to get attention or upvotes on STEEM without being a Whale. For those who believe that, he is your answer. There is great controversy as to the worth of bid bots (check out @zoidsoft who mathematically showed they are not directly worth it in terms of a payback for SBD provide).
The Steem Basic Income might fall into a similar situation. However, unlike the bid bots where one puts up a certain amount to get an upvote, the SBI upvotes are without limitation. They will keep coming each day as long as one is posting original content and not engaging in plagiarism. Over time, this means that one could get back a lot more than one STEEM.
Another factor is that this is a project that can grow over time to provide votes to tens of thousands of people. The @steembasicincome team has decided to enable people to get other units. This is done by providing an opportunity to delegate SP to the cause. They are giving a unit for each 20 SP delegated. Also, each month they will receive the upvotes and those who have 28 upvotes of their content will receive units reflective of the percentage upvoted.
Here is a more detailed explanation of the program.
https://steemit.com/basicincome/@steembasicincome/steem-basic-income-a-complete-overview
I decided to get involved in this program in greater depth.
So far, I sponsored in a few people and plan on adding more. I chatted with a couple red fish I know and told them I would match the number of units they got. Also, I delegated 100 SP to the cause for them to use. I also added @steembasicincome to my autovoter to support the account that way.
As I stated, there is a lot of attention given to the paid voting bots and how it is a transfer of wealth to the larger SP holders. Thus, if this is your position, then there is another option. Each person with under 1000 SP should at least get a unit or two in this program. From what I can tell, there are a few thousand people involved. This is a great way for everyone to pool their resources to make the totality that much more powerful.
It appears to me that this project, at its essence, was designed to benefit the members of the STEEM community. Doing some rough calculations, I determined that the smaller pools should return 1 SP every few months meaning that one will get 3-4 a year. Of course, this is variable since the 50/50 rewards is dependent upon the SBD price and ratio to STEEM. Since it is quite higher than originally intended, it might be an inflated projection (or too low if SBD runs up higher).
I will continue to play with the numbers and monitor what is going on. If anyone who is reading this has more experience with this project, please share it in the comment section.
Here is another thought with this. This program is a great way to get a dolphin to vote for you. With each pool limited to 500 people, whatever one you are in has the ability to increase the SP it has. As the members upvote the @steembasicincome votes, the SP that comes from those posts along with curation can be spread out based upon delegation. Also, each pool has the potential of 50K units which means that there can be a maximum, without delegation, of 25K SP (1 STEEM buys 2 units).
How would you like to receive an upvote on each of your posts from an account with 25K SP? Would that help your account over time?
This is the potential of this program. Therefore, let us all throw our support behind it to see where it can go.
Thus, send in some STEEM, delegate a minimum of 20 SP if you can, and upvote the posts. Maybe decide to send in a certain amount of STEEM a week, one or two, to keep adding units.
From where I view things, this can really take off.
If you found this article informative, please give it an upvote and resteem.
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Thanks for bringing this to our attention. Very interesting project! I am always excited about new income equality experiments.
I was curious as to how far this can be pushed. Let's say we wanted to give everyone one Steem a $10,000 a year basic income. The rewards pool for this week is $2,847,306. If we assume this is roughly the average, the yearly rewards pool is $148,059,912. That would be enough to give 14,805 that basic income of $10,000.
I think it is amazing that this platform generates enough value to be able to make a big difference in the lives of 15,000 of our community that are most in need. I believe that, one day, the price of Steem will be high enough that it will become a source of basic income for many.
You are presuming the price of STEEM in USD did not appreciate.
Try to run the numbers with STEEM at $20....$40...even $100.
Let me first state that I agree and find this a really interesting project to follow and participate in.
About the rewards, I have about 8 shares now and they give like $0.15 upvote per post. However this amount will differ depending on the number of posts I write per week. So if I post more often, the upvote value per ps post will be lowered. And that makes a calculation very difficult.
I think we can be 100% certain about one thing. This will never, never bring me close or closer to any whale.
Let's assume my upvote value after curation is $0.12, that gives 0.06 SBD and 0.015 Steem. So that's approximately 0.065 Steem. If I get that 4 times a week I have about 0.25 Steem per week. My investment was 8 Steem so it takes 32 weeks to earn my steem back. Of course that pay back time can be halved if we buy an equal number of shares for each other. So that could mean that per 1 Steem investment one could earn 3 Steem per year.
For the future this project has some upward potential. And also note that my calculation could be a bit off, cause as I mentioned it is difficult to calculate anything regarding this project. If they still keep 500 shares per pool, it might be better to use that as starting point for a theoretical calculation.
You forgot to tell how many posts per week you write to get you the $0.15 per 8 shares.
Cheers
Ideally, it doesn't matter. The payout per post gets adjusted based on posting frequency.
I know, that's the part I refer to as why it's kind of difficult to calculate it precisely. I think I write about 4 posts per week.
For a real accurate calculation we should just use the theoretical numbers.
I don't know where I read this and have been racking my brain to remember, but I think the target breakeven goal was set to 180 days or so.
Perhaps in the steembasicincome own post with all general information?
I still have that post on my to do list as I want to read it.
Still not sure where I found it originally, but this post goes over a lot of the math.
Seems like every week you tell me about a new project that could help people like me out! Thanks taskmaster!
Thanks for the write-up! We are still in the process of automating all the parts, but we have made enough progress that most of the manual bits can now be done very efficiently.
The complexity is pushing the limits for our developers, so there have been delays! If you want to dig deeper into the calculations, feel free to reach out to @josephsavage on discord! (Chances are you have a shared server already, but if you don't you're welcome to find our channel- it's linked in every update!)
I have been using @steembasicincome for the past month. I have three units and sponsored 3 other "red fish". I think it is a great program and if sustainable not only a great investment in STEEM, but also a great way to encourage other red fish to keep posting, especially for the long haul. Nothing sucks more than posting and getting zero votes.
It's a great initiative and the guy that runs it - @josephsavage is a deep thinker for sure... there's some pretty complex math in the background of all of this, not to mention the philosophical issues and then the complexity of coding to automate enrollment.
I wrote a brief review of it last week, which largely got ignored. Personally I thought it was quite good, but there you go. And it's basically begging anyone whose relatively new to just tell me something about SBI to get 2 free shares.
It's certainly good to be in it, I tend to opt people in who are newish and take the time to interact with me on shared interests. It's a win-win situation after all.
Great thing, that SBI program. I am sponsoring an engagement contest, in which I do hand out an SBI share for the one on the 25th place.
But we must also avice this carefully. I have been speaking with @josephsavage to check how many shares you need to get an upvote which would survive the threshold, this appears to be equal to the average number of posts per week!
Good that you are giving some away!
To survive the thresshold? You mean to keep from falling to a lower pool?
In other words, you are saying that if I do 14 posts a week, I need 14 shares to hold my present ranking?
Sorry wasn't clear. I mean the dust threshold! If you want to get upvotes which would surpass the dust threshold value, you will need around 14 shares if you would post 14 articles a week.
His answer about how many share one should have to get upvotes above the dust threshold:
That's of course assuming that you get no other votes. If you already get enough votes to exceed the dust threshold, that it's not a major concern.
That's true. Just wanted to point out, that it is a great project but that it should be considered a push in the back!
I’m one of the folks that @taskmaster4450 sponsored for SBI. Thanks!
I’ve since delegated 100 SP to the project and so far sponsored one Steemian. More to follow, this seems like a great idea.
No problem @preparedwombat.
It does seem like a great idea. I am going to dig deeper into it to see what we can do to lift the project up even more. It seems like it could really help many smaller accounts out.
Early on I bought shares for a few people . In turn I was given a couple shares and it is a great system!
It's a really good initiative, and particularly useful for newcomers who are struggling to gain traction here. There's a couple of things appealing about it, from a somewhat idealistic perspective:
One, you have to GIFT people in. Unlike a conventional upvote bot, you are somewhat bound by the "pay it forward" paradigm. That sets a good model for what I might call "selfish altruism;" you give to others to benefit yourself.
Two, because of the investment-to-return ratio, this really favors and encourages having a long term perspective, rather than focusing on short term income. Which encourages people to post consistently.
So yes, I agree! @steembasicincome is definitely worth looking into.