[UPDATES TO THE ToS WILL BE PROVIDED IN THE COMMENTS. PLEASE MAKE SURE TO CHECK THEM ON A REGULAR BASIS]
Bid.Bot (or @bid.bot, as will be used in this document) is a service on the Steem blockchain that allows Steem users to participate in STEEM/SBD based bids, in exchange for an upvote or to trigger a flag on posts.
The @bid.bot services are only meant to be used for promotional activities or for mitigating abuse of rewards by low quality content on the Steem blockchain.
By using @bid.bot, you agree to the terms and conditions mentioned herein. Any inappropriate use of @bid.bot services that is not explicitly covered in this ToS document will result in a permanent ban from our services.
Bidding
In order to upvote/downvote a post, one must make a transfer to @bid.bot of no less than 5 STEEM/SBD and adhere to a maximum of 150 STEEM/SBD (and 25 STEEM/SBD for flagging). Sending the transfer will immediately allow the user to participate in the bidding process. Invalid bids will be refunded, except in the cases stated below.
- BlackList
An account that is present in either of the following blacklists:
Steemit Blacklist
Custom @bid.bot blacklist
- Flag Alerts
Refunds will be exempted for posts flagged by any of the following Steem accounts: @spaminator, @cheetah, @steemcleaners, @mack-bot or @utopian-io.
Upvoting
Upvoting is meant to be used for promotional purposes only. Abusing the upvoting system will result in a permanent and arbitrary ban.
Flagging
Flagging is meant only to mitigate the impact of low quality content on the Steem blockchain. Abuse of the flagging feature will result in a permanent and arbitrary ban.
Opposed Bids
You understand @Bid.Bot allows for opposed bids. A negative bid may be sent against a post you are promoting during the same voting round, possibly decreasing the payout without a predictable limit. If an opposite negative bid is sent, which is higher than your positive bid, the upvote may be also turned into a downvote.
Bid.Bot Credits
Bid.Bot credits are sent to your wallet every time you bid for a flag, or on a daily basis if you have delegated your Steem Power to @bid.bot.
Bid.Bot Credits can only be used to boost a post and never to trigger flags.
Value of Bid.Bot Credits
Bid.Bot Credits are virtual STEEM and SBD tokens sent in the form of unencrypted memos to your wallet. The value of these credits is completely dependent on the value of STEEM and SBD on the market as well as the value of the total amount of Steem Power delegated to @bid.bot and the number of bidders participating to the voting round.
By using @bid.bot, you understand that delegation can be taken away or added by its owners, at any time, without @bid.bot's consent, thus decreasing/increasing the actual value of your Bid.Bot Credits, without any set limits.
Ownership of Bid.Bot Credits
Bid.Bot Credits are non-transferrable and locked to your account. You may lose your Bit.Bot Credits in any of the following cases:
BlackList
A blacklisted account loses access to all its Bid.Bot Credits and their value and utility.Lost Account Credentials
As Bid.Bot Credits are non-transferrable, losing access to your Steem account automatically results in the loss of all the Bid.Bot Credits held in it, as well as their value and utility.Service ShutDown
In the case of service failure or shutdown, you understand that you will lose access to all of your account's Bid.Bot Credits and their associated value and utility.
Delegation
By delegating your Steem Power to @bid.bot, you will receive 95% of the total profits generated, in the form of daily incentives, which are dedicated to delegators. The incentives are calculated proportionately, based on the amount Steem Power that you have delegated, and they are derived from the daily liquid incomes of @bid.bot received from STEEM/SBD bids.
Delegating does not give you any rights to redeem your incentives in case of system failure or service shutdown.
Delegation is risk-free and can be returned to your Steem account at anytime.
Mining Bid.Bot Credits via delegation
Based on your daily returns, new Bid.Bot Credits will be generated and sent to your wallet together with your share of the liquid STEEM/SBD incentives.
Bid.Bot Credits are generated on a fixed percentage, that is currently set at 10% of your daily profits.
You understand that this percentage is completely arbitrary and may change at anytime, without limits.
Get in touch
For any questions you may have, do not hestitate to get in touch with us on Discord
ALL INFORMATION PROVIDED FROM OR THROUGH THE USE OF @BID.BOT AND ANY OF ITS SERVICES DOES NOT CONSTITUTE INVESTMENT ADVICE OR ANY FINANCIAL RECOMMENDATION. NO FINANCIAL DECISIONS, OR ANY OTHER TYPES OF DECISIONS, SHOULD BE MADE BEFORE USERS SEEK OUT PROFESSIONAL ADVICE OR UNDERTAKE THEIR OWN DUE DILIGENCE.