Beware of Voting Bot Delegation Scams.
Many people are requesting delegation to fund their voting bots. Advertising to get delegation in itself is not bad. In fact, it is a great way to make earnings on Steemit for both the investor and the entrepreneur. You may argue that voting bots are bad, but that is not the warning I have.
The problem is that people are promising ROI of 50% 90% or even 100%. Don't be fooled by those claims. ROI is an acronym for "Return on Investment". In this case, the Investment is your SP. The Return should be a percentage that you get with respect to your investment. For instance, you have 100SP and a 10% average ROI would mean that you get equivalent to 10 STEEM in a period of a year. A year is the assumption if no time period is defined. When people advertise crazy high ROI they could be scammers. They are not going to give you a percentage return based on your investment. Instead they are going to give you a percentage of the bot earnings. For instance someone that advertises that they will give you 50% of the bot earnings and the other 50% goes pay the developer and the maintenance of the bot is not giving you 50% ROI. A percentage of the bot earnings is NOT ROI. In fact, this is much less than ROI, yet the scammers will try to make you believe that the bot earnings will be huge. The returns are based on the voting bot usage, so they will vary. Even when they vary, bot returns are not that profitable.
I've done some test delegations to verify myself with some very prominent users. One person was advertising 90+% ROI. Actually, I got an average of 12.23% ROI. You might argue that it is not a scam if you are at least getting a return. I feel that they are being deceitful if they advertise ROI and they really mean a percentage of the bot earnings. They are not the same. There are good deals out there. If you want to get good returns by delegating your voting power, I recommend one of the two.
- Find a good deal on MinnowBooster
OR
- Find someone on Steemit that will pay you a flat rate to delegate your votes to them.
It is just that simple. You don't need to know how to delegate. It is up to the person that wants the delegation to provide you with the instructions.
Please remember to VOTE and ReSteem
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For a breakdown of how Steemit Rewards system works:
https://steemit.com/steemit/@socky/steemit-rewards-breakdown-a-simplified-explanation-with-illustrations
For a breakdown of Steemit Keys:
https://steemit.com/life/@socky/do-you-understand-your-steemit-keys
I have been thinking exactly the same thing the other day. How can 90% ROI be possible? Is that were true wouldn’t everyone rush in to grown their money for practically no effort? Thank you for this post! Now it makes more sense to me. Upvoted and resteemed!
Thinks for the advice
Thanks for sharing this important news, i appreciate this contest.
upvote and resteemit done.
very useful information, before I did not know the abbreviation of ROI, I membaxa and keep reading from you, it turns out ROI not influence with% they give to us, thank you for this valuable info..
I just stick to Minnow booster every other huge ROI promises is not for me
Friend. his information is very valuable, especially for some Venezuelans who, in the midst of our needs, allow themselves to be tricked by swindlers.
That is not my case, in fact I have a delegated sp but it is because I help many Venezuelans who need it, Example daily to 15 I vote 0.01 and on Saturdays I post the best of the week and although I do not have much SBD, I tranfiero 0.001 that the change for us helps us a lot
the change is 0.01 SBD are 32525.00 Venezuelan Bolivares
Please this information should reach many in the Spanish language, I request your permission to do the translation
Yes, you have my permission.
Thank you for the valuable information!
BTW, I used a voting bot in Minnow booster on one of my posts spending 0.01 SBD for a test right before writing this comment, it returned to me a 0.02 worth of upvote.
Looks cool.