Voting power is not reduced, just too many people bid in one round and vote is split between.
upme give bonuses because of the steemit round bug so sometimes you bid 1.5 and get 7.5 some time if has to many bids you will get 3.5 i.e 0.5 percent.
I advice you to check tracker before put your bids.
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Thank you for this info. @suggeelson i upvote you as witness.