Here are my BidBot research findings over the past couple of days.
A couple of days ago I mentioned that I was looking into BidBots to see what it was all about. I have done a couple of days of 1st hand research and I am pretty comfortable with what they are and how they work now. I give some details on my findings in this vlog posting.
When considering the ROI (return on investment) of using these bots you may want to consider the current and possible future prices of STEEM. The ROI on today's price may be ok, but if you predict a conservative price in the future your ROI is quite different. Just a thought.
I would be interested in hearing how you feel about these tools and any suggestions on how to best use (or not) use them.
I am in the middle of recording a few Christmas/Seasonal pieces of music. If you hear something that you would like to collaborate on please go for it!! I am happy for you to use my music to make something new and cool. Just let me know so I can listen :)
Thanks for visiting.
Cheers,
Bucky
until last night i was ok with bidbots as a tool. then i got my eyes opened to the abuse. i stumbled on to two guys playing the system in a not so good way. guy one took his simple sketch posts which made 4c and upvotes them $20-30 each, sometimes with two different bots. he's been doing this for weeks. result? he is investing $50 and making close to $100 on each post. i could live off that.
second guy did same thing, but as a one off, one post he invested $110 and made $220. net profit over $100.
shrewd business or scam? what if everyone did this? they couldn't, the system would not sustain it. what can us average folk do? not much. it's up to the bernie's in the world to flag them.
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@torico I am with you on this. Currently there is a cap on how much use the bot network can take. The bidbots, as they currently are, could not support massive abuse because they 'run out of steem' once a handful of users bid. BUT if more bots are put in place to match the 'scam demand' they we could have a problem.
When I used it I was able to make 30% - 50% on my $0.1 bids. (Big Money) But I also had a couple that I lost on. It is tricky to be consistently profitable on this. But I could see where a crafty programmer could create a script to time the bids based on the profit and auto bid the best amount and time. hmmm. Again, this would be capped in our current state, but not a nice thought.
I plan on using these bots from time to time. I had a whale follower gift me a $40 bidbot upvote which cost him $40 and made be $43. That seems to be a nice use of the tech.
Discussion is good. We will figure this all out as we move toward Steemit-perfection.
Talk about abuse, I saw a musician with a 80$ post with >200 upvotes. When I looked at the upvoters there was easily 100 of them were exactly the same time from similar names with exactly the same % upvote. 100!!! Scam????
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i think im gonna start writing posts about bid bot abuse
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That would be good. The more we talk about these things the more likely we will find solutions to the issues.
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@originalworks
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The @OriginalWorks bot has determined this post by @buckydurddle to be original material and upvoted(1.5%) it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
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This post received a 20% vote by @msp-canada courtesy of @buckydurddle from the Minnow Support Project ( @minnowsupport ). Join us in Discord.
Upvoting this comment will help support @minnowsupport.
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by buckydurddle from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
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