Why I decided to stop using @randowhale?
@randowhale is a popular service that provides whale up-vote for 2 STEEM or 2 SBD. Most of you probably have used it many times, or have heard about it. It is really simple to use: you go to your wallet send your steem or sbd to @randowhale along with the link to your post in the memo section. In few seconds you get up-voted by @randowhale. However up-vote power is random.
I have decided to stop using @randowhale and would like to share the reasons why. They are not directly related to @randowhale itself, but indirect consequences that deem this service to be not viable for me anymore.
This is not a defamatory post against @randowhale. I know there are ideological arguments people make against this service, because in essence it is sale of up-votes and I realize this doesn't sit well with some. My concern has nothing to do with that. In fact, I think is a creative idea that establishes business like relationship with @randowhale and its users. Proponents say, it is a tool for minnows get their feet wet in the platform.
@randowhale is not a humanitarian aid, it is a business. In the core of this business model is to gain luqid assets utilizing the steem power of the whale. Since, it is a business it should be treated as such. At this time I am cutting usage of this service and here is why:
STEEM or SBD: Firt time I used the service I sent 2 STEEM, twice. Both times I got unlucky, didn't get much as a return. One up-vote was 1% and another 7%, and this was before HF19. I quickly realized my main mistake was sending STEEM instead of SBD. Steem is more valuable, at that time 2 STEEM had value of $5.
@rando : I have made a mistake of sending SBD to @rando instead of @randowhale. Not once, but twice. I know that was dumb mistake. But since I made it twice, I would assume there are other users making the similar mistake. There is no way to get them back either. @rando is definitely not sending them back. Lucky bastard :).
Rewards distribution algo: This is the main reason. I have made a post of how current rewards distribution system is deceiving. You can read details here. Basically, when you make a post you start getting up-votes and earning rewards. At some point activities stops on your post, for average users it is usually within few hours. From that point on until you get paid rewards amount on that post starts decreasing. That is because of the way system is set up now. By the time of payday your rewards end up decreasing by %30-%50. You thought you were making $25 on a post, but that will probably end up being $14. It is still not bad, you are still getting something. Now what do you think is happening to your rewards from @randowhale up-vote? They are also getting decreased. If it gave you $5 initially, you only end up seeing $2.5 - $3 of it.
SBD : When I am sending SBD, for some reason I am thinking I am just sending $2 USD, but that is not true. SBD is most of the time of higher value. So, there is an illusion in my mind that I paying less and getting more, when I am actually either breaking even or losing.
Liquid vs illiquid assets: You are sending liquid SBD and in return you are getting back half in liquid SBD and half in illiquid SP.
In conclusion, I believe @randowhale could be used strategically, but that requires time and effort on users' end to keep track of expense and income. Initially, I though that is great tool to get some exposure for posts, now I am not really sure if it is actually helping with exposure.
These are my thoughts for now. I am not cutting this service out completely yet. I will continue to watching the changes and updates on the service, and might consider using it again if I find it viable in the future.
For now I say "Good Bye @randowhale! We had good times."
Interesting....wonder if there is a definitive way to measure how much you earn for the 2 SBD spent for the vote.
if one did experiment I guess it is possible. But since upvote is random and you don't know how much final payout would be, it would take time, and recording effort to find out. That's why I prefer to stay out :)
Yeah, true. I do like the concept of the tip jar though. You don't want to have an empty tip jar to start of a post.
that's a cool analogy. It does have a strategic value in that regard.
i like your post my friend
Clever post I totally agree I used that service twice and that's all for me
Nicely written post, I like it. Perhaps you can accept a not so random up vote from me ;)
wow, that was super generous :) thanks
It actually looks like you are the only one who sent SBD to rando. XD
I quit using it too recently mainly because it started to on average just give me back the $2 I spent. I may still use it occasionally.
Good post. :)
lol I was the only one? I didnt check his wallet. Thats funny.
I checked it just to see how much he was raking in and it was only you, twice. XD
dumb of me. but I have heard peopele sending by mistake to randomwhale
Yeah I can see that. It looks like about 15 people did that but Steemit did add that red capital letter warning if you type randomwhale. XD So, maybe that helped. :)
Haha! That's brilliant!
Very informative post ! I was wondering if I would use randowhale when I would write my first blog post later, well, I think I'll try without it first and see how it goes. I also read your post about the reward system, interesting too. I'm following you from now on.
you should try for yourself, it might for for you. Nothing wrong with experimenting.
I've never used randowhale's services before, but I think this is an excellent breakdown of reasons it's not as effective as some users might expect. Thanks for sharing your experiences.
Good article; you're right of course, I think the main problem is the vote is too stingy. Before HF19 I saw randowhale votes range between$16 and $35, however now it is just a few bucks, and will probably not cover your 2SBD investment.
I still use it for other writers, however it is barely worth it for myself.
Cg
The only time I used it I lost, so I'm not using it again, but apparently some people are doing ok with it.
Randowhale has improved its services and now promises minimum of 1% voting power which atleast pays back ur investment.
Randowhale can be used until 6d 12 hours from your post, so don't be in a hurry to use randowhale immediately, wait until 6th day.. this way the time decay would be lower