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RE: MINNOW CHALLENGE!!! If you have less than 1000 SteemPower, Please Upvote!

in #steemit • 8 years ago

The reason the whales have much more weight than minnows is to prevent someone from creating a whole bunch of small accounts and upvote their own posts. I believe it is easier to create accounts using the command line interface, than steemit.com. This is called a sybil attack.

8 years ago in #steemit by
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     8 years ago 

    Interesting! Sybil attack. Can they not limit account creation from a location somehow?... I'm thinking that it's Whales and Plankton now... Not yet a balanced ecosystem... But I'm sure that is to be expected when so new.

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     8 years ago (edited)

    If someone is brilliant enough, they can defeat any account limitation the Steem team could create. The way the system is now set up though, it is probably cheaper and uses less resources to just buy more Steem an power up. Someone with 30 steam power actually has about 100 times more voting power than someone with 3 steam power. (I think.) And 10x more power than 10 accounts with 3 steam power.

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     8 years ago 

    Wow, is that true?! You think they should be clear about this to people that don't read their white-paper? Why does it have to be like that? Doesn't it defeat the purpose of having people Upvote with such a disparity!

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     8 years ago (edited)

    I think I got it wrong. Here is a post one of the developers made to help explain.

    dantheman · 3 months ago

    Voting power is based upon how much Steem Power (aka vesting STEEM) an account holds as well as how much voting an account has done recently. The Steem network attempts to approximate your average voting rate such that your voting power on any given post is approximately:

    SteemPower / VotesPerDay

    Because Steem doesn't know how many votes you will cast in the near future, the VotesPerDay calculation is a moving average. This means each consecutive vote you make will increase your average VotesPerDay. If you go 24 hrs without voting then VotesPerDay will get reset to its minimum value: 20.

    You can increase your voting power by posting and voting. 50% of all content and curation rewards are paid out as SteemPower.

    The amount of benefit a vote confers on the authors of a post depends upon how many votes are already cast. This is because payout is determined by the following calculation:

    NewPayout = (OldVotes + NewVotes)^2

    This means that small votes have a much greater absolute benefit when added to a post with a lot of votes, and almost no apparent benefit when added to a post with no votes.

    InitialPayout 1 = (0+1)^2
    AfterSecondVote 4 = (1+1)^2

    The outside observer would think that the second voter counted for "3" even though both voters were of the same weight. The reality is that if a 3rd down vote was cast by an another voter of equal weight the Payout would fall to 1. A fourth voter downvoting would return the payout to 0.

    https://steemit.com/steem/@tuck-fheman/how-is-voting-power-determined-in-steem

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    • Past Payouts $0.02, 0.00 TRX
    • - Author $0.02, 0.00 TRX
    • - Curators $0.00, 0.00 TRX
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