I'm trying to understand fully how this works. So I understand correct that the value of your upvote is based on the number of people using the bot each 2.4 hour?
I'm trying to understand fully how this works. So I understand correct that the value of your upvote is based on the number of people using the bot each 2.4 hour?
Exactly. All the votes values are totaled. Then the bot votes for each person that bid in proportion to how much they bid. If twenty five bids are made for a total of $50. Then a $5 bid would receive 10% of the total vote for that round and a $1 bid would receive a 2% vote for that round of bidding.
That means if a lot of people use the voting bot, it will result in a loss for all these users. And if almost no one uses it, the few people using it will make huge profits.
I guess this will be a rethoric question, but can you confirm my theory is correct?
Yes, that is correct. Both of those scenarios do happen with bidding bots. There is a website called steembottracker that helps bidders see if their bid would be wise or not--as in, it helps them see the current total bid for each bot and if there might be value for them to bid on any particular bot.
Thank you for answering my questions!
I hope you can be so kind to help me one more time. As I have some additional questions.
1 why is the bot voting each 2.4 hours?
2 why do people delegate VP to these bots?
3 are the voting bots working fully automated?