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Update posted. The market had a nasty dip but bot has recovered now and back into the swing of things. I have a guinea pig investor lined up who I am going to test larger amounts with next week and if prices drop this could get really interesting. Working out the kinks on that part now.
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Well profits appear to be ok with the bot, but it looks like we are on a slow downward spiral now so this should be interesting to see if it can keep up. The lower the overall average price, the easier it is to maneuver the trades.
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IPO Mining Operation BOTMINER https://www.litecoinglobal.com/security?s=BOTMINERGot our first card in, hashing away toward our first dividend. Second card is in the works already.  Ticker BOTMINER Shares Issued 2050000 Issuer mtgoxtraderbot < mtgoxtraderbot@gmail.com> Issuer Detail MtGoxTraderbot Port Charlotte FL 3054178216 mtgoxtraderbot@gmail.comThis is a Large mining facility in Florida, there is no overhead cost as the electricity is already written off under another company. All equipment purchased with the bonds will be added toward the total hash of our operation and all profits generated will go toward repurchasing bonds and dividends until all bonds are bought back. Each bond represents a minimum of 1 kH/s ongoing LTC (Litecoin) hashing. All bonds sold will be maintenance free. All power, internet connectivity, hardware maintenance, and LTC to BTC conversions will be managed by mtgoxtraderbot. Each bond will pay 100% of earnings every 30 days. The bond will not expire. I reserve the option to repurchase bonds at 105% of the highest traded price over the last 14 days. This bond will cover a large upgrade to the equipment already available at the mining facility, and will increase overall dividends. I reserve the option to increase the hashing value of each bond should there be a significant shift in the market. (eg, much as ASICS have done to BTC) |
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1 Week complete of trading, good profits overall of 4.3 BTC, I am going to remove the 4.3 from the account and start this week back up with 50 again to keep my math going easier for the coming weeks tracking.
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If you can get enough people using it then I could see the benefit of the program, I agree huge.
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Thats what I mentioned in the other thread, the EMA wont work very well if you are not selling at opposite ends of the swings. From what I have seen the bots everyone running are doing they are doing .01 whenever the price swings either way and damn the fees.
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I will make a version to check it against depth and test it out to see how it goes.
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The fee is not to tough to manage, just have a set amount you want to trade at depending on the fee. But the swings in the market with the new bots out there are making it tough since they are doing .01 at a time the bot is reading a never ending line of trades.
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One thing is for sure, your better off losing a bunch of btc testing the API on your own, mtgox never understands the questions I ask about the API. I get back things like, we dont understand. Huh? Whats an API? Why do I work in mtgox r&d? But I think I have it figured out now. Basically the bot needs to only do 1 order at a time, if there are any open orders showing then it wont continue trading. That is why the EMA wont really work (for now) sometimes I have to change the settings for it to take a small loss to get back in the mix. But the new bots on the market make it difficult since they are trading back and forth against each other .01 at a time so it looks like the trades are coming and going at the speed of light. I am attempting to get an algo going that will take this into account after x amount of time and take a loss of up to x amount and buy in or sell to get to that range instead.
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If you happen to have developed a bot in the past and can think of algorithm that would possibly assist with filtering mtgox's API. This seems to be the usual issue as I cannot seem to get the API to recognize individual identifiers on each trade so I am having to resort to using the trade amount, which is difficult since mtgox rounds off sometimes. Any ideas on that?
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Taking a page from the volatility bot (beat me to the name darn you), I have been testing this for a couple months on my own java bot for mtgox. But wanted to document the findings so far, I began with about 45 btc, only made about 50btc so far (5btc profit). But based on my findings so far I would estimate I could turn around a decent profit over time. I have not been able to figure an algorithm that would be able to work in the EMA and calculating spreads to make a profit so I have come to the conclusion that it requires a person watching at all times just in case a sudden dip or rally in pricing comes around. These bots do perform better under volatility as the other thread pointed out. I have some slightly different views on how the trades should be performed though and until I get my nominal trade fee down another tier I dont think I will make big profits on it. But so far got it down to the .46%, I am looking into setting up a security on glbse also in imitation. Now that I have my trade fee down some though I will keep toying with it for another week in hopes that I wont need to open up a security. I have visited the forums for information many many times and gotten lots of great information, so hoping this will help other bot builders in their future endeavors. I will not be using multiple markets, my goal is not to arbitrage in any way, I only plan to use the market to move the btc back and forth without any sort of emotion involved since I wont freak out when the pricing goes up or down and FUD panic sell/buy in desperation. And to quote the other thread: Bot is very secure, never makes a loss, makes money on volatility. The bigger the market volatility, the bigger the returns. But according to my calculations ROI is pretty low. On a high volatile market (like the one this week and last week), it would yield up to 0.6-0.8% per week (I already substracted 10% management fees from that), but usually less than 0.5%. Profits should improve if there's bigger trade volume, currently bot pays 0.6% fee per trade as the trade volume is less than 100 BTC. For trade volume > 100 BTC, MtGox charges only 0.55% etc.
Bot is working on EUR/BTC market and has orders in the range between 3 EUR/BTC to 10 EUR/BTC (current price is around 7 EUR/BTC). If the price is swinging in this range bot is making money. If the price will go upwards of 10 EUR/BTC that shouldn't be a problem because all the profit is always on the BTC side (bot is always buying first if there's available EUR balance) and each order is valued at the EUR price, so I can move the range upwards without losing money. If price will go downwards of 3 EUR/BTC there will be a decision to make if to move the range downwards and lose some profit or close down the operation and return the money.
MtGox account will of course be protected by 2-factor authentication and withdrawals through API will be blocked.
I will setup this as a company with voting rights. I plan to issue 1000 2000 shares at 0.1 BTC, total 100 200 BTC, for starters.
Everything I have read up on his thread is correct ROI is low, but I think it can be increased by drawing lower profits on the trades until the fee is dropped down. This will be my goal, to break even on each trade until I have my fee down to less than 0.4%. Bots funds: Going to start with 50Btc to have a nice round number to begin with. Bot MtGox USD Approximate value of funds: 50btc Current Trade Fee: 0.46% Bots performance: Week Start End Profit Fee (10%) Dividend per share ROI/week (So far)
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1 9/16/12 9/22/12 4.3 N/A(glbse isnt open yet so fee/share wont be here) ~8.6%
1 9/23/12 9/29/12 2.7 N/A(glbse isnt open yet so fee/share wont be here) ~5.4%
This week has been going not quite so good, the bot got stuck on the wrong side of the trend and had to wait for the market to rise back up to continue trades. |
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They will probably see the losses and fold the operation if thats the case I think.
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With all that cash to throw around I wonder why they used bootstrap for their site, why not design something unique.
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Call him Lunch.
So when the dollar collapses you wont think twice.
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Still, thats a lot of cheddar. Or the most expensive confidence scam I have seen in a while.
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He has a good point, if you want to not stress about chargebacks like paypal helps people pull, then btc is the only way to go.
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If you are solo mining, I would use a no fee pool to keep the fees.
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Kinda feel bad for the owner, all that pay out to just lose all the users when he has a scripting error. Should have used a better coder I guess.
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Mining operations are usually a safe bet.
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