Not all of the SBD no, but you also get steem power and a higher rep. Which sadly more people will vote on thinking rep and current vote payout is what a quality post is on steemit. They want the curation rewards. There is a lot broken.
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That's true about the perception that rep = whale.
In most cases with those bid bots, you're losing...or paying a lot for rep. You could power up with the SBD and put it to better use most of the time.