Promoted posts are those paid by users wishing to get more visibility. This possibility was launch months after Steemit made its first payouts in July 4th 2016, only in September steemians had the option to promote their posts paying with STEEM Tokens, inaugurating a circular economy where you can earn and spend in the same place.
The "promoted" tab on Steemit lists posts depending on how many Steem Dollars (Steem Dollar (SBD)) have been paid to promote it. While there is a promoted list for the entire site, there are also lists for specific tags, for example Photography.
The posts with the most paid to promote it show up at the top, 2nd most is 2nd and so on.
To promote a post users could click the "Promote" button located at the bottom of the post. You can also transfer SBD to @null account from your Steem wallet (see Steem_Wallets) and paste the link to the memo field.
The Steemit FAQ explains that the Steem Dollars spent to promote a post are paid to the account @null, which nobody owns or controls. Once a user transfers SBD to @null, the Steem blockchain removes them from the currency supply.
To figure out the cost to get into top positions either across all of Steemit or on the specific tag you want to focus on, simply go to an already promoted post and click the little down arrow next to the payout amount. You'll see a line that says "Promotion Cost." These are the amounts you have to surpass to get higher on the list than them.
Burning the Debt
In March 2017, during a period of STEEM Tokens low valuation, some witnesses were concerned about burning the available Steem Dollar (SBD) in the market. In a Tim Cliff (@timcliff)'s post called SBD Debt Reduction - A Fiscally Conservative View there were a discussion to improve the value proposition of promoted content. The idea gained traction with the project @pipes, an account that uses 90% of its funds to increase promoting other promoted posts, created by Tibo Nova (@tibonova) at the same time.
In mid 2017, after a period of STEEM Tokens high valuation, many new users (Minnow) were attracted to Steemit. Beyond the popularization of bots like Random Whale Vote and Booster, the Promoted Bot was announced. Instead of selling the votes, it upvotes who promoted their post normally and burned the SBDs. The bot was created by @heimindanger and launched in July 9th, 2017.
- Steemit FAQ - What does promoting a post do Retrievied in July 11th, 2017
- SBD Debt Reduction - A Fiscally Conservative View Written by Tim Cliff (@timcliff) on Steemit in March 2017
- Introducing Pipes Written by Tibo Nova (@tibonova) on Steemit in March 2017
- Don't use vote-selling bots: use @promoted instead. A bot that upvotes you when you burn money! Written by @heimindanger on Steemit in July 9th, 2017
- Steemit - Promoted : https://steemit.com/promoted
- Steemit FAQ : What does "Promoting" a post do? Retrieved in 7/14/2017
- @pipes : https://steemit.com/@pipes
- @promoted : https://steemit.com/@promoted
- @steemitblog : Introducing Promoted Content September 2016
- @steempowerwhale : How to Promote Your Post with Success on Steemit - Visual Quick Step by Step Help Card September 2016
- @ontofractal : Introducing PSI: Payouts Sustainability Indicator (beta) for Steem January 2017
- @eroche : Steemit, the First Online Economy February 2017
- @rossenpavlov : I will promote your post for free March 2017
- @cryptoctopus : Power Up Half Burn Half 30 Day Challenge - Another Approach to Debt Reduction - #FeelTheBurn March 2017
- @ausbitbank : PSA - Post promotions now last until final payout! March 2017
- @sykochica : Answering Common Questions: What's this Promoted tab? Should I use it? June 19, 2017
- @shanzaylizay : Promoting your content through investment on steemit, Is it good or not? what are the pros and cons ? June 28, 2017
- @inertia : Analysis of Post Promotions October 2, 2017
- @bwells : You're not supposed to make money when promoting a post on Steam. The ROI is hidden and over many people's head. October 31, 2017
- @wil1liam : Introducing TrendChecker - Instantly know how high your post is in hot/trending/promoted! March 21, 2018
- More Liberty Now : Everything you Need to Get Started Fast with Steemit, Social Media that Pays Written by George Donnelly (@georgedonnelly), published in 8/23/2017
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