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Author Topic: Interest in an automated bitcoin trading website? Survey and details inside.  (Read 1069 times)
iameric
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April 09, 2013, 03:45:56 PM
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A couple months ago a friend and I each began developing our own online trading service in order to compare and contrast the advantages of each implementation method, logic, and buy/sell criteria.

Now that enough time has passed we can confidently say we have both been successful in our ventures and are gaining a fair amount of returns having numerous buy/sells with double digit percentage returns (some over 25%).

We had initially not planned on publicly releasing our trading platforms but we wanted to put out a feeler to gauge interest in online traders in general.

I do realize that these traders are a dime a dozen and people are constantly proposing and promising their trading platforms, but the purpose of this is not to inquire about my trader in particular just online bitcoin trading platforms as a whole.

More specifically, I wanted to get a general overview of the bitcoin community's attitude, interest, expectations, and some general input of online bitcoin trading platforms.

Please note this survey is not specifically for any personal future endeavors but general expectations for automated trading services by this particular segment of the bitcoin community.

Automated bitcoin trading survey

If desired I would gladly post the results after removing any identifying information.

Thank you in advanced, I appreciate your time and your input.
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April 09, 2013, 04:54:48 PM
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When you think about it, when most users use this service, how will gains even occur?

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April 09, 2013, 05:19:34 PM
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Eh, why would you make money for us for free? That is obviously too good to be true and probably a scam.

BTW, how hard can it be to trade bitcoin when it only goes upwards anyways? Cheesy

@DanielJonss. On a long enough timeline, the survival rate for everyone drops to zero.
iameric
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April 09, 2013, 06:14:05 PM
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Eh, why would you make money for us for free? That is obviously too good to be true and probably a scam.

BTW, how hard can it be to trade bitcoin when it only goes upwards anyways? Cheesy
Who said anything about free?  Tongue

You're right about mid/long term holding so long as the price does continue to climb.  /crosses fingers

When you think about it, when most users use this service, how will gains even occur?
Gains would occur as the market price fluctuates but perhaps I am misunderstanding the question.
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April 09, 2013, 06:27:47 PM
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Eh, why would you make money for us for free? That is obviously too good to be true and probably a scam.

BTW, how hard can it be to trade bitcoin when it only goes upwards anyways? Cheesy
Who said anything about free?  Tongue

So, basically, you want people to deposit their money into your site, so you can use their money for the trading? For a fee. Nice way for you to earn money, and at the same time letting the "customers" take the whole risk.

@DanielJonss. On a long enough timeline, the survival rate for everyone drops to zero.
iameric
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April 09, 2013, 08:02:40 PM
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Eh, why would you make money for us for free? That is obviously too good to be true and probably a scam.

BTW, how hard can it be to trade bitcoin when it only goes upwards anyways? Cheesy
Who said anything about free?  Tongue

So, basically, you want people to deposit their money into your site, so you can use their money for the trading? For a fee. Nice way for you to earn money, and at the same time letting the "customers" take the whole risk.
You're on the right track; however, I wouldn't ever expect people to deposit money their money directly into a third party service.

What happens is MtGox allows their users to grant API access to their account, the trading bot would only require get_info and trade API access so nobody would ever have access to withdraw/transfer money from the account.  The API access would be limited trading between USD and BTC.

But in regards to the rest you are correct, let people who would like to automatically set their own trade criteria set the risk and take a small cut of any profit.
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April 09, 2013, 08:29:15 PM
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Well, rather than come in here and dump on your idea, I'll just say I'm interested. I've pondered setting up something similar but who has the time..
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April 09, 2013, 08:36:39 PM
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Well, rather than come in here and dump on your idea, I'll just say I'm interested. I've pondered setting up something similar but who has the time..
Nothing wrong at all with dumping on an idea, if it's really a good idea then it should be able to stand up to any potential criticism.

You're all more than welcome to ask any questions or bring up any points you feel valid.
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