Bitcoin Forum

I was checking my Bittrex and see how Safe Exchange Coin (SEC) is doing and decided to sell some of what I have since its already in a level where I have profits but after a few minutes of observation I noticed the there is a buyer who keeps on buying at 1,000 units. If someone placed an Ask order, it will buy at 1,000 and keeps buying and buying until the next price on queue

https://i.imgur.com/g28NRvI.jpg

These are the trading bots that traders use to fool people. What they do is they keep on buying little by little to attract users towards it. When people see that the price is rising they also get in the queue and buy the coins. When many users start buying those coins at a higher price that is when the trader dumps a lot of coins on them and makes his profit. We have to be careful and we should know the right time to sell the coins. We can a make a profit from it before the dump.

No wonders. If you keep following yobit, you may find this type of pumping more frequently. Buying same amount of coins or buying less than 10k satoshi (this is the common min there for rest of people and not for bots and paid manipulators) are scenarios I do come across many times.

Yeah I tried out a yobit account out of curiosity and saw almost the entire activity board fill out with that type of order. To be fair, it does have a significant volume for Eth and Waves post ICO craze.

I think the one who is running that trading bot is not monitoring his trading activity manually and that bot might be buying SEC to dump later on in same way or in bulk for just some % profit. This can be seen in any of the trading platform where they provide API access.

Yes exactly this is to fool people by making artificial volüme of transactions and pump. Unfortunately some unexperienced one will be tricked, it's so tricky to keep buying at the same price continuously.

could also mean that he will anounce a pump in a pump group soon and will sell all those sec at high pump price.

You could watch it and report back, if within ~1 week a pump happens :)

I guess bots will work this way. But I did see some bots will be having options to buy at what ever market prices also. Setting up bots to make trades unlimited must be dangerous always. Even bot is into action, manual supervision will be always recommended.

Well party is over and made some profits with this bot  ;D The bot runs for 7 hours and I think the owner of the bot knows whats happening because at one point the bot changed the number of units to buy, from 1,000 units of SEC to 3,000 units. Funny thing is that price reached 309 Sats per unit but still someone will offer a lower price pushing the price down. Bot started working when price of SEC is at 220 per unit then it slowly climb it way to 309 Sats.

If you continue to follow yobit, you may often pump this type. Purchase the same amount of coins or buy less than 10k satoshi