People Loosing Money With Voting Bots
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I have been trying to analyze, if steem users can actually earn money using bid bots here on the platform. The naswer is yes, but currently an avarage user is loosing more then it's earning using bid bots.
Example
Bot name: @booster
Voting round, which closed with votes ececuted at around 11.02/11.03 UTC on September 24, 2018.
8 bids submitted:
@steemium, @alpayasteem, @curatorbot, @wild-forest, @mdripon2018, @smsulaiman, @rossfletcher and @paragon99
Total Bids: 74.156 STEEM or approx. 64.52 USD (STEEM Price at the time was 0.87 USD/STEEM)
8 votes received:
@finprep, @alpayasteem, @zerp-profit, @wild-forest, @mdripon2018, @smsulaiman, @rossfletcher and @paragon99
Total Vote Value: approx. 37.00 USD (if STEEM price is around 0.87 USD/STEEM)
For exple, user @curatorbot has paid 30.000 STEEM (about 26.10 USD) and received approx. 15.00 USD vote on @zero-profit post. That is including curators reward, which means this vote can at the end have a net value of just 11.25 USD with maximum 25 % curation reward.
Total loss for bidder: between 43 - 57 per cent, depending on percantage of curation reward. Final analysis could be done after 7 days.
Conclusion: Users who voted in this @booster voting round made about 50 per cent loss on their bids
There we 2 main reasons for their loss:
- users have relied too much or even ony) on Steem Bot Tracker (https://steembottracker.com/) tool.
If you look at the chart on top, you will see that this tool has shown no bits submitted in this round (Total Bids $0,00 of Maximum Suggested Bid 32.07 STEEM). I don't know what was the reason for that. This happens actually very often. - There is currently simply not enough bot power for all the demand from users, who place their bids. Gross margins, which users can receive are very low, but when you deduct curation rewards, most of the users are in red figures. They just don't realize that.
Excellent article! I don't use bidbots, at all. I tried once or twice, but I didn't see the point in using them to vote my posts.
The only reason I see to use bidbots is when my VP is too low, and I want to reward somebody else's post. In that case, I can make a bid to his/her posts... and still maintain my Voting Power.
Thank you, @trincowski. It would be ok, if you get more then you pay, but loosing money this way sounds crazy to me. Thanks for your support!
If it were profitable, everyone would abuse the system. The Trending Tab is already horrible because of the bidbots. With profitable bots, it would be even worse.
Very true. I used to use bots extensively and my return was a loss. Now I delegate to them and my return is 10-20% APR.
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I use bid bots on almost every post, but you are right. It happens often that I don't gain anything or even loose biding for upvotes. I agree that there is too much demand and not enough bots to make biding profitable at the moment for users.
I don't think they should be profitable. The system is rigged enough as it is. If bots were profitable, everyone would win money with zero effort... and the quality of this website would go to the gutter.
The fact is the bots are there, but the users in general at the moment are just loosing and not winning. Only bots are in plus.