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RE: Can someone please explain why a bid bot doesn't vote for itself?
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:
- The bots or whales could just vote for themselves but if everyone did this then the Steemit platform would breakdown quickly as they would be just paying themselves and not sharing the rewards. (Note: I think if you are new and only have $0.01 or $0.02 you can vote for your own post and comments just to build up more Steem Power. But once your vote is significant (subjective) then the proper thing to do would be to share your Steem Power by upvoting post or comments you like)
- By using a bot or voting for others they share the rewards and at the same time they can get some of the rewards through curation.
- It is a way of using your vote and get paid without upvoting yourself.
- If you look at the Steem bot tracker site: https://steembottracker.com/ many of these bots actually make money as the total bids are worth much more than the value of the bot's vote and this leads to a negative ROI (Return of investment) for the bidder. So in this sense a bid bot is actually profitable.
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.