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RE: How a bidding bot works
Let me give an example. 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). Hope it helps.
Hi @skydragon thanks for the explanation. Hope I can get a reply from this older post. I am very new here to Steemit and trying to understand voting bots. I understand your explanation but I don't understand how the bots make a profit. In your example the bot makes $4 from bids but pays our $10. Why wouldn't the bot just vote for the bot's own post or comment and take $10? Am I missing something here?
Hi @Rceibike, thanks for stopping by. You are correct with calculation. but it’s useful for people who cannot be on the site to comment or creating posts everyday.