Absolute beginner's primer on bid bots
This is a set of instructions on how to use bid bots. No a comprehensive one, but one for absolute beginners.
Bidding / Trading is a highly risky activity like any other trading. ie, commodity/futures/forex/stock so proceed with caution. :)
What is a bid bot ?
Bid bots are automated programs (robots) which usually have high STEEM Power in their wallets and they use this to create high returns by upvoting. There is an argument about whether this is ethical or not. The bots vote with varying Voting Power based on the amount you paid the bot. So if the upvote value of a bot is 100 SBD, if there are 3 people sending/bidding 2 SBD & a 4th person sending 3 SBD. In this scenario, the first 3 will get upvotes worth 20 SBD each and the 4th person will get an upvote worth 40 SBD.
The activity is called bidding as whomsoever sends the highest bids get the highest vote.
Normally the bots vote within a 2.4 hour window to maintain the voting power.
@randowhale
Not all bots are the same. For example, @randowhale tries upvote equally among everyone and sometimes votes with higher VP itseems. (ie randomly)
@randowhale is a highly recomended/loved bot.
Start using bidding bots
- start with a cute little bot like @lovejuice to understand how the bidding works
- send few low bids of 0.01 SBD etc to understand the returns.
avoid making losses
Sometimes there may be more people bidding and the bot ends up voting with an SBD value less than your bid. Also you have to always understand that the returns / rewards are split between the author, curators in approximately 75 / 25 ratio. Further, 50% of the author rewards are converted into STEEM Power.
This means the expected return from a 20 SBD upvote will be much less than 20 SBD.
example:
- 5 SBD approx. will be awarded to curators if any
- 15 SBD will be awarded to author
- 50% of the author reward, which is 7.5 SBD will be converted to STEEM Power at the current market rate.
- So in a nutshell, the short term return from a 20 SBD upvote that you received will be just 7.5 SBD.
how to avoid making losses ?
Luckily there is https://steembottracker.com/ - a wonderful tool by @yabapmatt.
What to look for?
The tool gives a best effort report for the bot status. The tool cannot be accurate and @yabapmatt or anyone else can assure the accuracy. So use the metrics with a pinch of salt for your own good.
: bots which will give your money back if you make a mistake
: bots which provides live data and the data shown by the bot tracker will be resonably accurate. (remember the pinch of salt)- drill down for more details:
Click on Details which will give the current bids and more importantly the probability of making a profit.
Current ROI: 29.52% (After Curation)
This will give an indication of whether the bid is going to be profitable or not. If the number is positive, there is high chance of making a profit from your bid.
You can also look at the existing bids before deciding your bid value.
- Look for the track record
The tool also shows previous upvote record to help one make an informed bid.
This value can be used to make the decision better and increase your chances of getting return.
- You MUST also look at various aspects like the wallet of the bot, previous transactions, history of the bot from the comments, posts, who is running the bot etc and not limited to this.
- Do detailed due diligence before using any bid bot or service.
Just keep in mind that anything that promises moon is a scam as we have not gone to moon in the last few decades and we have forgotten the route!
EDIT: Thought of adding some live examples and see below:
Examples
- (1.)
After writing the post, I looked into the status and decided to place small bids using @mrswhale & got an upvote of 0.24 SBD by paying 0.123 SBD.
screenshot from the bot tracker showing the bid value is (0.12 SBD = 0.43 USD), Vote Value in USD = $0.51
- (2.) A second bid on the same post and its details:
Vote for me as STEEM witness
- You can do so by clicking the link above & enter your private key when asked for.
- Alternatively, visit https://steemit.com/~witnesses
That's a wonderful beginners guide.
Though I have been "cheated" by bid bots by not getting the desirable results especially when the price of SBD was sky rocketing...
I have decided not to use bid bots again for two reasons.
I know there are massive whales who support bid bots - may be because they are delegating SP for fixed fees and percentage share of the business, but I wont mess with them :)
Proof of Bot owner's and SP delegator's brain : perhaps that's how it is ?
"Just keep in mind that anything that promises to moon is a scam as we have not gone to moon in the last few decades and we have forgotten the route!"
;-)
.
This wonderful post has received a @bobinson 5.13% upvote from @mrswhale. Discord Channel: https://discord.gg/XG4y3mg You can vote in the name of the odl. https://steemit.com/~witnesses
You got a 0.99% upvote from @mercurybot courtesy of @bobinson!
Nice knowledge feed thanks
thank you
Can you take a look at https://credits.com
I'm really going nuts seeing this. It's the only legit competitor to EOS I've seen except for the privacy centric ones.(https://steemit.com/eos/@vimukthi/why-eos-will-be-competing-with-enigma-and-komodo-for-marketshare-more-than-any-other-smart-contract-platform-analysis-on)
Are they chewing more than they can swallow? They are only asking for 15 million in the ICO compared to the Billions made by EOS. The team looks competent. But they are aiming really high.
The technical white paper re-defines TCP/IP, Huffman coding, partiy checks, Various cryto-algorithms, some of the classic mathematical problems are explained in 2 pages, graph theory basics are also re-stated
< To perform smart contracts, the Java Virtual Machine is used (hereinafter referred to as JVM supplied
under a freely distributed license with the platform software).>
I am not sure JVM, either OpenJDK or Oracle JVM can be distributed - need to cross check. In anycase this is something that need not be specified.
makes it possible to increase the reliability of the transmitted data, than in case of public transmission
through the GET method.>
Sounds like a line adapted from a first year CS101 assignment where the assignment was "why do you think you need to take CS101"
I need to re-read the document after removing all the redefintions of basic computer science terms to make any comment.
the white reviews are at the same time good - the white paper definitely has ideas which can be implemented. (The exact idea conveyed by the coloumbia reviewers)
The product is well marketed, entities are registered etc and irrespective of the technical supremacy, there is all possibility of success.
Now considering Graphene's proof with GOLOS, STEEM, YOYOW, Bitshares etc, anyone that claims to be faster than EOS should be better prove that first.
eg:- Filecoin guys have proven their mettle with IPFS.
Thanks for all the info. I also saw them making few incorrect statements on EOS. Maybe the whitepaper was made before certain announcements or they just didn't do enough research. I like the fact that they have a focus on Financial industry instead of tackling everything and Singapore is a perfect place for the job. I think their speed claims are nothing more than a edge case scenario.
If the focus is on the Financial markets the real competition is with XRP and XLM and it's possible to win that market. I only skimmed through the technical paper as I don't understand it well. I read their Medium blogs and Credits do have a bunch of clever concepts.
EOS has 1 million Tx shared among every type of DAPP. So a blockchain with similar amount of Tx capacity but with a focus can do really excellent as it can guarantee zero congestion for a long time.
It was @devrim who told me about the project. Let's hope for the best.
will check ... XTRABYTES said they will respond to my queries on the white paper
Thanks for the analysis to both of you.