To put it as succinctly as possible, at this particular moment in time and approximately….
100 Steempower = $0.02 per upvote at 100% voting power
5000 Steempower = $1.00 per upvote at 100% voting power
Steempower is the most immediately visible factor which influences the value of your upvote (but it's not the only factor... see below!)
You can go to Steemnow.com to get the current value of your vote, at your current voting power.
For example, my current vote is worth $0.20 at 91.88% voting power, so my full voting power at 100% would be… worth 20/91.88*100 = 21.7 cents. And if all other things remain the same it should easily be worth a massive 0.22 cents by the end of Jan!
How does this compare with other people’s voting power?
A brief comparative analysis of two accounts** suggests there is a straightforward linear relationship between steempower and voting power (i.e. it’s not logarithmic,which would be really twisted.):
This account (@spinbunny) has a steempower of 50,000, yielding a full power vote worth around $12.00 (the amount shown is at 90% VP)
This account (@jerrybanfield) has a steempower of 259, 000, yielding a full power vote worth around $59.
So a five fold increase in Steempower results in a straightforward five fold increase in the value of your vote.
**actually I looked at about a dozen, but honestly, just comparing two demonstrates the relationship much more clearly.
What factors determine how much a vote is worth?
How to Calculate the Worth of Any Steemit Vote by @Paulag examines the formula used to calculate the worth of your current vote on Steemit. The formula is basically as follows:
The vote amount in SBD at any time is calculated by the following formula:
steempower/ (total vesting fund steem/ total vesting shares) * (e+49/50)* 100* (reward balance/ recent claims) *(steem/ SBD feed price)
What this means is that the value of everyone’s vote can decrease or increase over time depending on the above variables:
- the total vesting fund of steem
- the total amount of steem vested
- the value of steem
- the value of the steem dollar.
- the current reward balance’
- the current claims made on the ‘reward pool’
As @Paulag points out in her excellent post on the formula behind converting steem power into voting power you can find out the current rates for all of the above by going to steemdb.com
A few further things which might better help you understand the economics of steemit...
Firstly, this whole system is dynamic…. and very much influenced by factors external to the platform - if someone decides to invest $millions into steem or $SBD overnight, the $SBD value of all of our votes increases, and vice versa if someone decides to sell $millions in steem.
Secondly the amount your vote is worth depends on how many other people are 'voting', or 'curating'. The more people curating, the lower the value of your vote, and vice versa. As far as I understand it this applies to all votes over all and the number of votes per post.
Thirdly, as far as I can tell the rewards balance and pool are relatively small compared to the total vesting fund and steem vested, and so should have relatively little influence on the value of a vote compared to the underlying value of the platform and the value of the two currencies. So for all of the talk of 'raping the rewards pool', I think the total value of the platform is far more important.
Other factors influencing the value of your vote?
According to @shenanigator’s FAQs on voting the value of a vote further varies with the current value of a post - he says that a $0.02 vote on a new post might be worth $0.40 on a post already valued at $200
However, I think the above may not be the case anymore... this is a dynamic system after all!
Anyway, if you're one of the few people actually reading stuff on steemit, let me know what you think, especially let me know if I've misunderstood anything about the basics of how the value of a vote is calculated, AND/ OR what's changed.
*this is part of my attempt at providing an easy to understand guide to the ‘economics of steemit’, as part of an independent (well, we're all 'independent', aren't we?) critical-sociological investigation into the platform.