Can someone please explain why a bid bot doesn't vote for itself?
Hello Steemians, I am a very new to Steem and trying to understand bots.
@skydragon gave a very good explanation of a bidding bot here. His example is:
If there are 2 bidders, John & Mike. Let's say John places a bid with $1 steems, and Mike places a bid with $3 steems. The total bid amount will be $4 steems ($1+$3). Since each bidder will get a percentage of total vote value, so John will get 25% ($1 / $4), Mike will get 75% ($3 / $4). Assuming bot's total vote value is $10 steems, then John will get $2.5 (25% * $10) for his post, whereas Mike will get $7.5 (75% * $10).
But in this example the bot makes $4 from bids but pays out $10. Why wouldn't the bot just vote for the bot's own post or comment and take $10? Am I missing something here?
I'm still looking for this answer too.
Ok I have been on Steemit for a few weeks now and I think I can answer my own question just in case there are others who also want to know this answer. This is my opinion:
I should also mention when I first joined Steem the concept of a bid bot seemed odd to me as it seemed like it was like cheating. If Steemit could just ban the bots totally I think it would be a better system. There are so many great post out there that have many upvotes but very low rewards. Why am I using the bots you may ask then? Well I wanted to try them out so see what they were all about in addition there are so many posts on Steemit that I feel to give your post some recognition (ie trending) you have to have votes. So in a way I look at the buying upvotes as a form of paid "advertising" for your posts.
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