Let's talk a little more about how a bitbot works so that you guys are spending the correct amount of money and getting more money back than what you put in.
The max post reward every 36 min is 80 cents. That's based on USDs.
The minimum bid is 0.01SBD. For the purpose of this, let's assume that an SBD is worth 2 cents.
Ok, so, here's what happens you're betting 2 cents and hoping to win 80 cents. If you get this you win 40x your bid/bet! That's pretty awesome!!! You shouldn't bid more than 80 cents because it's a losing bid every time (unless you want to support this little bot or other minnows who use it).
Easy split pot example
If someone else comes along and bids 2 cents as well, then you're going to split the pot and each of you will get 40 cents in post rewards. That's 20x your return. That's still pretty crazy!
uneven split bids
You bid a little and they bid a lot.
Let's say they bid .18 sbd and you bid 0.02. The pot will be split so that bigboy gets 90% of the rewards and you only get 10% of the rewards. So, with 0.18sbd they will get 70ish cents. You'll get sevenish. Still a return, but you can see as more people are bidding or some people are putting in bigger bets it's not as good of a deal.
Perfect timing
The perfect time to bid is when no one else has bid anything. Drop 0.01SBD and you'll get 70-80 cents back. That's perfect. Maybe put in a friend's URL instead of your own :)
Bad timing
Check the wallet. If you see a lot of people putting in small bids. Or one guy putting in a large bid then don't bid then. You might not get a return.
Terrible/friendly bids
The max reward is 80 cents. Don't bid on anything near 0.5 SBD or more because after that there isn't enough pot rewards from this to pay for your bet/bid. So, if you bid higher than 0.5SBD you either like me/this bot and want it to help other minnows or you don't understand math and have made a bad judgement call.
It's meant to be fun and helpful
Keep your bids small. Check the wallet on lovejuice to see if anyone else is bidding. You may want to wait a bit and come back. But about 50 times a day you can put in 0.01SBD and get 70-80 cents back.
Be friendly
Want to make a friend? This is a pretty simple way beyond just upvoting their post to perform a nice gesture for someone else. It doesn't cost more than a penny and it's thoughtful. Consider putting the vote on another person. I mean with HF19 you only get so many upvotes a day before power drains. Here's a way you can put an 80cent vote on something without using one of your minnow votes, make a friend, and help other minnows by supporting this bot. The bot will leave a comment saying the vote came from you, so they'll know if they check their replies.
You might catch a follower. You might make a friend. You could get resteems. You could catch upvotes. You may find your posts get some friendly lovejuice too. This platform amplifies kindness. My guess is that if you start using this on other people it'll get repaid many times over.
how to bid
Send a transfer of 0.01sbd or more to @lovejuice. In the memo copy/paste the post url you are interested in using. Do, a few for your own posts, but again I suggest doing it as a gift to others to make friends and be a nice person.
Sounds fun! I'll have to check this out. I especially like your idea on using it to make connections with others, like sending someone a small but surprising gift. Thanks!
made a few bids and did not get anything back
Minimum is 0.01sbd. Has to be sbd. Also has it been 40 min yet?
yes it is over an hour here is a screenshot
as you can see all is according to what is said on the your post
I made 3 transfers
Looks like it crashed. It's back up. I'll vote you with @aggroed.
Sounds a little bit suspicious to me. You seem to be making more than we minnows are.
Is this a tip you learn as you advance up the scale?
I am really wondering as I am just here for the community and yet these Steemit making posts come along so often it is hard to resist trying them.
Can real community people respond here?
What is going on?
An attempt to get us to invest more in steem?
So who benefits?
I have talked to @aggroed a bit now and he is really just super helpful.
These faucets seem to be genuinely set up to help people grow their channels faster and it makes sense when you study steemit and see the potential.
See it's in all of the whales best interest to grow steemit. (unless ofcoarse its a planted whale by another social network to slow down steemit - these Will eventually come along if they are not here already - as multi billion dollar companies like facebook are not going to go down without a fight and the cheaper option to trying to match steemit is to slow it down or stop it.)
Once steemit really starts competing with reddit and facebook the millionaire whales here turn into 100 millionaires and eventually billionaires if steemit is run right...
So basically the goal of the whale and dolphin are to spread as much influence and money as they can to people that are also invested and genuinely want to see steemit grow and have the visions to make that possible.
I think most of the whales would actually prefer to give out alot more $ and SP and have faster redistribution. As 10% of a watermellon is alot more then 100% of a grape - especially a sour one :P
The problem is so many people would instantly withdrawl and then if you do have enemy whales they could be in waiting to really dump the price of steem which creates fear and uncertainty in steemit and slows down network growth substantially.
Thanks for your helpful response. I'll consider it.
It's actually theoretically better for me from an individualistic perspective if you don't use it as im starting to get the system down and you would just be another person competing agaist me.
Unless ofcoarse like above you are making awesome original content thats bringing more people to grow steemit. ;)
After reading the posts, not sure I can agree with your first sentence. Minnows will earn more from the vote than what they contribute. On the flipside, a user like @aggroed can bid a higher amount to grab a majority of the award, but as he said he's putting in an amount that is higher than the return he is actually receiving. Thus, he is adding to the lovejuice pool.
Also his suggestion to bid for other's post helps people create a sense of community helping one another.
Nice to read and nice to meet you.
Please follow me @patricksanlin and upvote. Thanks
I will follow this post. Thanks for this @aggroed. Hopefully this will help me ! :)
It's interesting your post, thanks for sharing
Good information and very useful and potentially profitable. Will apply immediately. Thnx.
@aggroed This is a GREAT idea!!! I think it will help minnows especially. And encourage people to vote on others posts and hopefully make meaningful comments.. Great job!
Thanks for clearing up how that works @aggroed. Makes a lot more sense now. Definitely something fun to play with.
Like you said yesterday, I'm gonna wait for everyone to stop bidding big amounts and then play around :)
Interesting and affordable concept for young minnows. This has the Gmuxx seal of approval
I was thinking the same thing...Great post for people just getting started on steemit.
Absolutely @gmuxx! It also gets a beard of approval!
This is a great i dea, think i'm just gonna check it out
Thank you aggroed, please explain how to do a bid? Never done it before.
post edited
Great post!
Resteemed this is pure gold, thanks for sharing!
Im following you !
I played around with LoveJuice yesterday for one of my posts - Should have probably read this first though. It answers a few questions I had. Not too sure if it's something I will use in the future, yet good idea.
yeah, its small. try as a gift.
Very interesting concept. Thanks for sharing.
great post @aggroed
Is this another randowhale? or something different? thanks
Kinda like a randominnow
Hola @aggroed, I just tried to transfer .01 sbd to @lovejuice, and the transfer obligated me to send 1 sbd. It would not allow me to but in the decimal point. I guess I did it wrong, or maybe i did it right, or better. Anyways, here is the post, I think that you might like it: https://steemit.com/steemit/@organiccacao/don-t-forget. Nonetheless, "don't forget..."
thank you for your review.
that's too much. You may have not put a 0 in front of the number or you may have done 0.001 instead of 0.01. It accepts 0.01 from many people, so I'm betting you just didn't use a 0 in front.
LOL! I just made the discovery in my wallet when i tried to do it again. Yes, duh! I have to put the 0.01. Live and learn. Most likely it will end up in my favor, hopefully.
It seems that i have to work for days to make just 1 SBD, and i have been saving to get 2 SBD so that I can invest with randowhale. Lovejuice might be more in my budget. For now I've ' lived and learned 'and on two different posts, invested 1 SBD each. Thanks for holding my hand on this one.
@aggroed I'm still giggling from the bot name "lovejuice" - epic. Keep up the good work on these initiatives man!
Good posting. thanks
Nicely understood everything about @lovejuice Thank you @aggroed
Wow @aggroed, ANOTHER amazing addition to the community. You should run for minnow Mayor or something. You'd definitely have my vote. Gonna upvote and resteem, I can only hope that my upvotes help to fund these projects at least a little ;D
Wonderful work @aggroed!
I love this idea, but what about the curation reward of 25% that goes back to the voter. So is this the win win situation or a lose one?
Spend 1-2 cents and get back 80 cents. Plenty of room for a curation loss.
Cool! Great idea!
This post has received a sweet gift of Dank Amps in the flavor of 1.28 % upvote from @lovejuice thanks to: @sacred-agent. Vote for Aggroed!
The nice thing about this concept is the idea of using it for the purpose as showing someone a little extra attention,
If VP is low, this can be used as a kinky alternative.
This bot is so clever! It is like a penny slot machine but what penny slot machine pays out everytime! Its good for a few spins if you ask me!
try
but you can't put a note in with the URL....?