HonestBot Mission Statement

in #honestbot4 years ago (edited)

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What if there was a bid-based voting bot that didn't profit at the expense of its customers? HonestBot is unique amongst its peers because we can guarantee a positive return-on-investment for bidders. Our mission is to empower the little guy on Steemit by doing things openly and honestly in a way that's fair to the community at large. Our goal is to be a valuable aid to Steemit users who themselves are adding value to the platform but need that extra boost to get noticed.


~HonestBot, 2018


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HonestBot is the only bid-based voting bot on the market that can guarantee a positive return-on-investment to bidders. It does this by tracking the real-time value of Steem and SBD. HonestBot sets a round fill limit feature that prevents the total amount of bids from exceeding the total value† of HonestBot’s vote. This ensures that at the time of voting††, no one will receive less than the value of their bid. Any bids that exceed this limit will be automatically returned.

This amount accounts for curation fees.
††HonestBot cannot account for future changes in market prices, so it cannot guarantee that the ROI will still be positive by the time of a post's payout.


Learn more about HonestBot here.

Help make HonestBot stronger through delegation. You can earn a daily profit by delegating some of your Steem Power to HonestBot.

If you want to report abuse or if you have any questions or problems...

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HonestBot is powered by @yabapmatt and @sethlinson.
If you like HonestBot,

please vote for @yabapmatt as witness.

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Hi @honestbot, nice project and I'm considering delegating in the future when I have more SP. Any idea what the average APR that delegators get is? And @honestbot seems to be powering down as well. Any comment on why you're doing that?

Hi @wilfredn.

I'm powering down the bot because all profits are paid out to delegators proportional to their delegation. So HonestBot doesn't get any share of the rewards from having 1000 SP in its wallet. Basically, I made a mistake by investing 1000 SP directly into the bot, I should have kept it all in my account and delegated it. I'm powering down, then transferring the money back to @sethlinson, then delegating it back to HonestBot. And yes, curation rewards are locked into the system as SP, and I'd like to "earn" those profits too.

APR will change depending on the changing values of Steem and SBD. The average seems to be somewhere between 40% and 50%. If APR is all you're interested in, you may have better luck with a different bot. HonestBot loses a lot of potential profit (that would be paid out to delegators) by its guarantee of profitable upvotes. We return a good number of the bids we receive because they exceed the limit.

So here's the short answer: you might make more money elsewhere, but if you believe in what HonestBot is doing and you want to support it and help it grow, please feel free to delegate!

Hi @sethlinson, thanks for the reply. That makes a lot of sense!

I've done a bit of research and a few posts on upvote bots before, and I'm firmly against how some of them can profit at the expense of users who are not familiar with how the payout system works. I agree completely with what @honestbot is trying to achieve, and think it's a necessary next step for upvote bots.

I'm low on SP now, but am thinking of investing some Steem into the platform, so expect to see some delegation from me in the short future!

That's awesome! Thank you in advance.

Is it because curation rewards are locked into the system as SP?

Awesome project - resteemed 👍

:-( now @cheetah is at you! Okay it says: "Readers MIGHT be interested..." no, I am not. Cutest bot ever needs promotion. ;-)

fabulous idea and very much in line with steemit ethic, in my eyes

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hm, i spend 0.300 SBD on this post: https://steemit.com/art/@tributent/blender-sculpting-art
and i got a reward of : 0.211 SBD

Does not seem like a positive return of investment.
Have i done something wrong?

Read this post. Right now, there's a disparity between the apparent post value and the actual post value.

sry but i'm not talking about the apparent post value. I've waited until the actual payout. And i received 0.211 SBD and 0.064 STEEM POWER for this post i bid 0.3 SBD, as you can see in my wallet if you don't believe me
So it is not a positive ROI!

We can only guarantee a vote with a positive ROI value at the time of voting, as is clearly stated in our introduction and repeated in this post.

We aren't wizards. We can't predict future market values of Steem. The price of Steem has fallen quite a bit in the last week. Because of this, your actual return was less what it would have been when the vote was cast, and unfortunately less than your bid.

Ok then I'm sry. Seems like I fail to understand the Steem reward system. I thought only the estimated $ value would fluctuate over the time and not the actual SBD payout.
Thanks anyway for your response! Now I understand it: It makes only sense to send a bid shortly before the payout of a post.

The Steem payout is (relatively) fixed based on the votes you receive, but your SBD payout is tied to the value of Steem. With 50%/50% post rewards, you receive half in Steem Power and the other half is an SBD amount equivalent to the 50% value of Steem based on the assumption that SBD is worth 1 USD.

It is complicated, so your confusion is warranted.

And you're right. There is far less risk when you send a late bid. However, I know there are accounts out there that are keen on flagging people who use bid-bots last minute. I'm not sure why they do that... I don't see late-voting as abuse in any way.

I want to start a micro votebot one day. If your ever inspired to teach, I want to learn. Maybe a month or two before I am ready.

Keep it up 👍 great job

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