How a bidding bot works

skydragon (49)in #vote • 7 years ago

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

#upvote #howbidbotworks #service

7 years ago in #vote by skydragon (49)

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injiskitchen (66) 7 years ago

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

$0.18

2 votes

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skydragon (49) 7 years ago

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.

$2.11

2 votes

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rcebike (49) 7 years ago

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?

$0.00

2 votes

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hippo (52) 7 years ago

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.

$0.00

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