The #GooglyPrize Balance Sheet
Such numbers, many wow, very maths!
When I started the #GooglyPrize I made a commitment to run this as a non-profit and as a hub to build a community around the tag #GooglyEyes. I still stand by this commitment and in the recently published updates-post I had promised to give you a full report on how the latest changes play out.
Before we get into the details, though, let me give you a quick rundown on how the #GooglyPrize is funded:
100% of the Rewards on Winner Announcements go into the Prize Pool
Similar contests are often limited to only SBDs, maybe even just a percentage of that! That's not the case here, 100% of the SBD rewards are paid out while the SP rewards contribute to a continuously growing delegation fund.
Sounds straight forward, but due to some technicalities (canceled delegations take another 7 days before they are returned to the delegator) it took a few rounds to find a well working and sustainable mechanism. I wrote a detailed post about how I got there, but in essence it works like this:
Two delegation pools are maintained
All even weeks and all odd weeks contribute their rewarded SP into two separate delegation funds. Due to the occasional fluctuations in rewards I will infrequently balance these pools out to keep them similarly sized. Each week a selected winner gets to enjoy one of these until the next winners are announced roughly 7 days later.
SBD rewards are paid out to multiple winners
In every round 60% of the available SBD rewards are paid out as cash prizes to the winners while 40% remain in the pool for the next round of winners. I initially devised this to pre-fund subsequent announcements, just to make them more attractive. But over the time it also worked well to smooth out the bumps in rewards the announcements were making.
I introduced a little change to this in last week's update. So far the 40% pre-funding would just sit in my wallet, doing nothing. I have decided to run an experiment with this and use that money for paid promotional upvotes for the announcements themselves. This should technically result in an accelerated growth in rewards and a net positive for both the delegations and the cash prizes.
Results of the Paid-Upvotes
Again, I would like anyone to be aware where their contribution to the prize goes, so I wish to make this fully transparent. I have logged the upvotes in the comment section of last week's announcement as they were ordered. You can check out the details there.
After 3 days post age 17.107 SBD were invested into promotional upvotes via @minnowbooster. This increased the post rewards at the time of voting from 29.688 SBD to 71.832 SBD - a total gain of 46.144 SBD. Due to STEEM value fluctuations, the final payout value was 69.21 SBD and after curation 58.415 have been paid to @googlyeyes. 10.791 SBD have been paid to curators (if you upvoted before day 3, you should have a share of this, too!).
To see what the prizes would have looked like without those paid votes, lets do some maths to get an estimate: the post lost 3.65% in value after the upvotes and @googlyeyes received 84.4% of the post rewards. This means final payout would have been only 28.604 SBD and 24.142 of those would have gone back into the prizes.
The Bottom line is: 17.107 SBD invested have resulted in a 34.273 SBD return - 17.136 SBD have been available as liquid SBD in this week's cash pool, the other half has been rewarded as ~ 2.914 SP and is now part of the delegation fund! We made the liquid SBD right back and earned a good chunk for extra delegation. Winner winner chicken dinner!
I will continue this strategy for now, unless the STEEM-USD value tanks drastically during the last days before post payout, this should always result in a net positive!
Upvote the Winner Announcements before day 3 for maximum curation rewards!
And now, since following all this maths was probably totally boring, I've got even more numbers. Buckel up and get your calculators out:
The full Truth - Naked Numbers
because naked sounds more sexy!
I can go on and on about how this is all for the community, and you'll just have to take my word for it, right?! No! You can have my numbers, too.
I made it a bit easier to see the history of this contest by resteeming all previous announcements through a dedicated acoount: @googlyprize. But I also want to give you access to a full balance sheet that you can check against if you wish so.
| Post / Info | SBD Reward | SP Reward | SBD Payout |
|---|---|---|---|
| Unofficial Announcement | 2.379 | 1.334 | - |
| donation by @fraenk | 3.000 | - | - |
| Official Announcement | 13.911 | 8.517 | 5.379 |
| donation by @krystle | 10.000 | - | - |
| Issue No. 1 | 6.321 | 6.068 | 19.737 |
| Issue No. 2 | 17.437 | 11.903 | 8.367 |
| Issue No. 3 | 12.845 | 10.252 | 13.808 |
| donation by @marty-art | 2.315 | - | - |
| Issue No. 4 | 7.452 | 5.699 | 14.618 |
| Issue No. 5 | 13.689 | 11.076 | 10.317 |
| Issue No. 6 | 40.302 | 36.506 | 12.339 |
| Issue No. 7 | 6.687 | 4.897 | 29.115 |
| Issue No. 8 | 4.705 | 3.429 | 15.657 |
| Issue No. 9 | 15.571 | 12.034 | 9.085 |
| Issue No. 10 | 5.640 | 5.185 | 12.975 |
| Issue No. 11 | 8.026 | 7.688 | 8.574 |
| Issue No. 12 | 10.027 | 6.937 | 8.244 |
| Issue No. 13 | 6.064 | 5.454 | 9.312 |
| Issue No. 14 | 5.758 | 5.553 | 7.326 |
| Issue No. 15 | 1.987 | 2.064 | 6.399 |
| Issue No. 16 | 1.991 | 2.053 | 3.750 |
| Issue No. 17 | 4.896 | 5.525 | 2.694 |
| Issue No. 18 | 4.477 | 4.800 | 4.014 |
| Issue No. 19 | 1.490 | 1.562 | 4.290 |
| Issue No. 20 | 1.639 | 1.561 | 2.610 |
| Issue No. 21 | 14.995 | 8.738 | 2.025 |
| Issue No. 22 | 17.400 | 8.709 | 9.806 |
| Issue No. 23 | 28.904 | 9.079 | 14.361 |
| Issue No. 24 | 23.811 | 8.559 | 23.085 |
| Issue No. 25 | 64.970 | 10.299 | 23.520 |
| Issue No. 26 | 52.769 | 9.096 | 48.391 |
| Issue No. 27 | 11.899 | 2.422 | 51.012 |
| paid votes for Issue 28 | -17.107 | - | - |
| Issue No. 28 | 29.205 | 4.967 | 27.542 |
| Issue No. 29 | ? | ? | 18.276 |
| TOTAL | 435.451 SBD | 221.966 SP | 426.664 SBD |
| Delegation Pool 1 | - | 109.808 | - |
| Delegation Pool 2 | - | 112.158 | - |
| Liquid SBD Pool | - | - | 12.184 |
| Unaccounted | - | 0.000 | -3.397 |
So, all-in-all I made a loss of 3.397 SBD during this operation, this is mainly caused by paying a few bonus SBD from my own pockets to participants who didn't win in the very first round. I am slooooowly making those back as dividing the prize money leaves fractions of 0.001 behind every now and then, though.
I guess right now the 100%-Fair-Prize-Pool is technically 100.39%-Fair
DISCLAIMER: I will admit, the delegation fund is held as powered-up Vests with @googlyeyes, this leads to a share in the built in steem-inflation. Yes, SP actually kinda "grows"! (Look at @ned's wallet and refresh every few seconds to see it in impressive action). Since the delegation pool does not account for that (enough maths already), interest remains as "profit" with @googlyeyes, but you get that back in upvotes anyway.
enough numbers...
my head hurts!
stay googly my friends,
@fraenk
bonus image:
Because looking at spreadsheets is so much fun, I though I'd let you have a look, too :P
everything is better with #GooglyEyes
Do you have Questions or Critique?
Roast me in the comments!
I'd be stoked if someone double-checked my numbers, too!
Are you For or Against Paid-Upvotes?
This is a heated issue on steemit lately, and a bit controversial.
I'd like to consider the stance of the #GooglyEyes community here!
Want to talk more directly or just hang out with nice folks?
Join Planet Googly on Discord!