A newbie minnow talks about BID BOTS
Yeah, I know: "Minnow, stay in your lane!" Yeah, but there are no lanes in an ocean full of Steem...
So in the past few days I've been getting into @penguinpablo's Daily Steem Stats Reports, and the latest ones I've looked at are Wednesday and today.
I've been following @penguinpablo for about a week on these reports, and I've learned a lot.
I see why there need to be #spud days to counterbalance a lot of powering down ... kind of hard to build the power of Steem when so much power is taken out. Yet at the same time, I understand there was a big bump in value in Steem in 2018, and perhaps folks are just profit-taking, which one sees across all financial markets. As much as we hate that, it is normal financial behavior.
I see that engagement with the posts that are here is trending upward -- perhaps the Steem community is small, and its growth has slowed over the past year, but those here seem to be increasing in commitment to what is happening around here. This is a good sign.
And then I saw the numbers about who and WHAT upvotes on Steemit, and the proportions -- including the paid bid bot votes that I have read so many people passionately writing against. The tone seems to be that bid bots are destroying the authenticity of Steemit, and thus of Steem.
Now, what I am about to say here is newbie talk. I've only been here since March. Newbies are stupid, because newbies are NEW.
However, this newbie can read data.
According to the stats given yesterday, there were 540,106 votes cast on Tuesday, June 25. Of those, 2,490 were cast by paid bid bots. That's 0.46 percent of all votes cast.
According to the stats out today, there were 566,125 votes cast on Wednesday, June 26. Of those, 2,479 were cast by paid bid bots. That's 0.44 percent of all votes cast.
Both reports have a chart showing votes cast and then bid bot votes cast within that over time. The latter are a near-flat-line in red, averaging around 0.44 percent of all votes cast.
Not 44 percent. Not 4.4 percent. Not even 1 percent. Bid bots account for an average of 44 hundredth parts of one percent of all votes cast on Steemit.
I am a newbie to Steemit, but not to reading data. I am also comfortable with the idea that sometimes data leads to more questions than answers.
Here is another piece of data: It is amazing how much conversation about the future of Steem and Steemit revolves around the presence of bid bots. Even some side discussions around HF 21 revolve around whether the percentage of bid bot use will increase or decrease with the new hard fork.
Here is another piece of data: although bid bots and the whales presumed to be able to afford them are often decried together, I've finally run into some bid bots and what it costs to get one to work for you. I know now what the top 10 bid bots are. Not one of them that I have encountered is beyond the usage reach of an enterprising minnow who pulls in maybe 4 or 5 SBD/Steem a week and wanted to invest that way.
For transparency: I am not a bid bot user, nor am I considering their use at this time. Many people I respect are passionately against bid bots. Also I prefer organic growth in every platform I work with, and I am, by the grace of God, both prolific and patient. But, I COULD afford it, even with the little I bring in during an average week. One bid bot advertises, in fact, to folks with reputation of 60 or higher. I'll be there by mid or late July if I keep my present pace. So, it isn't just a whale possibility.
So: what does this all mean?
I don't know. Logic suggests three possibilities:
The opposition to bid bots is on strong principle, because they deny the process of content being rewarded based on community recognition of merit.
The bid bot vote, though minuscule in proportion to votes cast, is outsized in terms of rewards granted -- given that the bots are certainly well-funded, that does present itself as a possibility.
Both of the above.
I don't have any answers. I'm sure there are plenty of passionate opinions, and I welcome them. I would also appreciate some data to back those opinions, unless the objection is on principle only -- in which case, lay out the principles!
I wonder if I should just put the #drama tag in the tag box, in advance...
Bid bots are a problem for sure and while the $ value on the post looks great it doesn't mean they actually making that, you have to spend and yes you get a little ROI but it's not near enough to run home with.
Bid bot bids are also just redistributed to people delegating to them so it still helps the cycle of money for a short term promotion of your content. I know its not a perfect system but I feel it can be better solved with UI
If posts simply stated how much of the votes are bought and how much are organic people can quickly devise for themselves if its something they would be keen on and out a lot of people for shameless promotion
I don't really see bid bots as a problem, just the behaviour of people who use them to mine steem without really contributing and those are very small
Bid botting can also be great to raise the profile of a post you want traction on and we should allow that if someone wants to promote their work
Thank you for your response, @chekohler. I have had a look at some bid bot offers and it does look like the ROI is spread out and fairly low, Steem for Steem , but the initial investment is enough to shut out those who might most need the early promotion, so I can see why even 44 hundredths of one percent of votes cast by bid bots upsets the idea of meritorious growth and reward.
I agree with you that it would be of value to see on each post what is organic and what is bid bot driven -- bad content which is not likely to be rewarded but somehow makes big money would be easily distinguished from good content that would be undervalued owing to low discovery rates but is getting bid bot support and thus providing some reward to the poster.
I think that one of the issues around bid bots is that the community has not had a chance to make choices about legitimate uses for such things -- the perception is that the rich are using them to get richer without putting in valid labor, at the expense of those who are honestly producing good content and increasing the value of Steem. What surprised me about the data is that the bid bot votes are so low for all the heat and light they get, but I think that their mere presence is an issue because of the lack of transparency about them.