How a bidding bot works
A bidder places a bid by sending bidding amount along URL of a post to @skydragon. Each bidder gets a percentage of total bid amount. That percentage will be multiplied with Total Vote Value for bidding reward.
For example, if bidder A bids $0.1, bidder B bids $0.3, bidder A will get 25% ( 0.1/(0.1+0.3)=25% ) of total Vote Value, bidder B will get 75% of total Vote Value.
A bidder is allowed to send in one a bid for each post. Multiple posts are allowed in a single round.
Here is how to send in a bid for your post:
Under your account wallet, click on Transfer from Steem or SBD:
In To field, enter 'skydragon'
In Amount, enter desired amount
In Memo, enter URL of your post
Hi @skydragon thanks for sharing your valuable post, if i were a bidder A you'll be the bidder B, or vise versa? I'm intereste to know more about it, would you more explain about it, please? :)
Have a nice day
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.
Thanks for sharing
Nice
Good posting,,
Very helpful...
thanks for stopping by.