Anyone use btcrobot.com?

[tbly13]

Today marks my first month on using BTC Robot (GOLD), Here is my take:

- It's not a scam, You get a product, and it makes trades...

- Easy to set up

- Customer Service is OK, They don't take too long to respond. If you have multiple questions make sure you spell it out for them. I have sent multiple questions a few times and only received a response to one of my questions.

- Was skeptical at first (obviously), as the robot did not trade for the first week. I thought it was broken, and there was nothing in my interface telling me otherwise. They recently added a message saying that the robot is "monitoring the markets", but sometimes I wonder...

- The graphs are not very helpful, right now mine wont even show up. The BTC prices seem to stay up to date pretty decently, though.

- I have been trading on MEDIUM setting, but it always changes to custom settings after awhile. BTC Robot Rep's tell me that this is happening because they changed the settings. This is OK with me I suppose as long as it is helping my cause (they should know best right?).

- It has now made a decent amount of trades, but for these trades there is only a time shown. And this time does not match up with my time zone. SUGGESTION: It would be GREAT if I could change my time settings on my robot so that I know what time the trade was actually made, ALSO adding the date of the trade would be helpful. EVEN if BTC robot could just add THEIR Local Time on the robot somewhere.....I am smart enough to figure out what time it is from there.

- I don't really believe the profit calculation on the robot. When I deposited my bitcoin, it said my profit was the amount of my deposit... Kind of annoying because obviously that isn't profit... As for the Weekly profit; Either it is not right, or it isn't calculating the way it should be.  I believe that it is just going day by day instead of week by week. So it is always just the last seven days instead of the last WHOLE week (Mon-Sun). This needs to be updated.

- PROFIT: I originally invested ~$430 worth of bitcoin at around ~$100/btc. My robot claims total funds to be $519.00 as of this second. The BTC price is at ~125$ now. So take my 4.3 BTC x ~$25 profit/BTC = 107.5. SO 430 + 107.5 = $537.5.

 That is a great profit for a month indeed! But if you took the $537.5 minus my $519.00 total funds, that would mean that the robot's trading has actually lost around $18.5 of potential profit, which is not too much considering some of the previous prices I stated may be off a bit. But I am positive that in my first month the robot has caused me to break even at best, because most if not all of the profit is simply because I bought the bitcoin at a lower price than it is now. BUT, I can also say I would not have purchased the Bitcoin in the first place if I had not found the robot to invest the Bitcoin in!

On a side note:  BTC Robot claims their program will benefit the most when the price of BTC fluctuates. This month in particular, the price of bitcoin has done nothing but essentially move to the upside. It will be interesting to see how it performs when the BTC/USD comes under pressure.




So my final take on it is, It is not a scam. It in fact makes trades. The system is still very flawed I can tell, and not very user friendly; but it is rather new. It needs a boat load of updates, and I hope that the BTC Robot Devs are working on these issues as we speak!


Disclaimer: This is just an experiment for me, I wanted to see how this robot worked if at all (hence the rather small investment). I have years of trading experience. Not only in Bitcoin, but also the NYSE and other global markets. This is only my personal experience, your results may vary

Sorry for the long post but this is my experience so far. I will probably add more as I go. If you have any questions feel free to ask.

[eurobitcoin]

Thank you for your bitcoin robot review!

, I can also say I would not have purchased the Bitcoin in the first place if I had not found the robot to invest the Bitcoin in!

True but here we need to understand that BTC price won't be always growing. The fact it grew during that time is amazing but of course like you fairly mentioned it did not show the full potential of the robot because you could simply sit on your BTC instead of trading. However if the price goes down, that is where the power of BTC trading is. The robot will anticipate such moves and will try to sell BTC into USD to save the portfolio from the downfalls.

I don't really believe the profit calculation on the robot. When I deposited my bitcoin, it said my profit was the amount of my deposit...

This is the limitation of the API we are using from BTC-e , the robot (via API) cant recognize if extra deposits are made by trading or by manual deposits. To avoid that we always recommend opening a fresh BTC-e account, deposit first and only after that activate robot and start trading. If you wish, I contacted you in PM to reset the robot.

[tbly13]

Thank you for your bitcoin robot review!

, I can also say I would not have purchased the Bitcoin in the first place if I had not found the robot to invest the Bitcoin in!

True but here we need to understand that BTC price won't be always growing. The fact it grew during that time is amazing but of course like you fairly mentioned it did not show the full potential of the robot because you could simply sit on your BTC instead of trading. However if the price goes down, that is where the power of BTC trading is. The robot will anticipate such moves and will try to sell BTC into USD to save the portfolio from the downfalls.

Yes of course, this is something that I meant to mention but forgot. I will add it

[Corelianer]

eurobitcoin do you plan to add Bitstamp support or 2-Factor authentication?

[eurobitcoin]

eurobitcoin do you plan to add Bitstamp support

yes, we are researching the Bitstamp as one of the alternatives. I will keep you posted!

[eurobitcoin]

Finally first real metal bitcoins arrived I ordered from casascius service

[giszmo]

Hey! you were featured on The Verge! Congratulations!

‘Get rich quick’ scams hit Bitcoin

[TheAndy500]

Of course, profit is never guaranteed. One reason why a pitch like Bitcoin Robot sounds bogus is that purchases still take a long time to process. High-frequency trading in the Bitcoin world is on the order of 30 minutes per transaction.

I feel like that's not true at all.  30 minutes?  What is this guy using?  Coinbase from two months ago?

[RobotUser]

My results in 3 weeks of using the robot :
Profit in USD : +3%
Increase in number of bitcoins : 0
Increase in bitcoin value : +3%
The robot made 7 trades but was never able to grow the number of bitcoins.
I think this robot is totally useless and does not grow your BTC.
I will wait for another month and if everything remains the same, will request a full refund.

[eurobitcoin]

Hey! you were featured on The Verge! Congratulations!

‘Get rich quick’ scams hit Bitcoin

I replied to them the following

Hello. I represent BTCrobot.com

I am not sure what this article is trying to say, but our robot has *nothing to do* with pyramid schemes mentioned in the article. Probably the authors should get into the topic more before making such false assumptions.  We provide a trading software that simply connects to your btc-e.com trading account *via API* keys and *trades it*. We don't accept any deposits whatsoever.

Yes, the software is easy to setup. If you choose platinum plan you can get a preinstalled web version. Nothing to install.

The long term performance of the robot is here http://btcrobot.com/images/longtermprofit.png
We are also publishing our public performance on the salespage. It will not get you right overnight but it provides a stable consistent profits and grows the portfolio (sum of BTC+USD on your trading acc)


If you have any questions, please send us the support ticket.

The robot made 7 trades but was never able to grow the number of bitcoins.

Again, the goal is grows the VALUE portfolio (sum of BTC+USD on your trading acc) not amount of btc.

[cyberom]

My results in 3 weeks of using the robot :
Profit in USD : +3%
Increase in number of bitcoins : 0
Increase in bitcoin value : +3%
The robot made 7 trades but was never able to grow the number of bitcoins.
I think this robot is totally useless and does not grow your BTC.
I will wait for another month and if everything remains the same, will request a full refund.

My results after 1 month: +4%
I requested a refund, i have better results with my forex trades.
i would like to diversify my portfolio, but this robot isn't enough profitable for me.
And they can't reduce the cpu usage in silver plan, so i'm not impressed by this one.

Time to move on 

[BombaUcigasa]

Hey! you were featured on The Verge! Congratulations!

‘Get rich quick’ scams hit Bitcoin

I replied to them the following

Hello. I represent BTCrobot.com

I am not sure what this article is trying to say, but our robot has *nothing to do* with pyramid schemes mentioned in the article. Probably the authors should get into the topic more before making such false assumptions.  We provide a trading software that simply connects to your btc-e.com trading account *via API* keys and *trades it*. We don't accept any deposits whatsoever.

Yes, the software is easy to setup. If you choose platinum plan you can get a preinstalled web version. Nothing to install.

The long term performance of the robot is here http://btcrobot.com/images/longtermprofit.png
We are also publishing our public performance on the salespage. It will not get you right overnight but it provides a stable consistent profits and grows the portfolio (sum of BTC+USD on your trading acc)


If you have any questions, please send us the support ticket.

The robot made 7 trades but was never able to grow the number of bitcoins.

Again, the goal is grows the VALUE portfolio (sum of BTC+USD on your trading acc) not amount of btc.

Everyone reading this topic, watch the video linked in The Verge account. The creators of BTC-ROBOT think that bitcoin is a fancy new thing that will fizzle out soon, as such it is set to sell your bitcoin for dollars as soon as possible, because any price is a good price. It is very timid in buying BTC, and only does so at really good price variations.

The "VALUE" portfolio is calculated in a certain way that makes this bot unprofitable against simple buy and hold trading. There is a chance that this bot will be super profitable if the price crashes and you need the USD. Good luck to everyone!

[eurobitcoin]

The "VALUE" portfolio is calculated in a certain way that makes this bot unprofitable against simple buy and hold trading. There is a chance that this bot will be super profitable if the price crashes and you need the USD. Good luck to everyone!

Honestly I did not understand what you were saying. The USD value of the porfolio is simply a sum of the current value BTC+USD.

The point is to grow this value no matter if BTC price is rising or falling long term.  The long term performance is shown here http://btcrobot.com/images/longtermprofit.png

Thank you

[BombaUcigasa]

The "VALUE" portfolio is calculated in a certain way that makes this bot unprofitable against simple buy and hold trading. There is a chance that this bot will be super profitable if the price crashes and you need the USD. Good luck to everyone!

Honestly I did not understand what you were saying. The USD value of the porfolio is simply a sum of the current value BTC+USD.

The point is to grow this value no matter if BTC price is rising or falling long term.  The long term performance is shown here http://btcrobot.com/images/longtermprofit.png

Thank you

I am saying exactly what you said. The software focuses on growing the value biased towards the USD part and not the BTC part.

If you asked most users here, in a well described question, what they really wanted, you might find out they want BTC and not USD.

However, that doesn't mean your most profitable sales come from the BTC holders and may instead come from the USD holders, only you can say that.

[giszmo]

The "VALUE" portfolio is calculated in a certain way that makes this bot unprofitable against simple buy and hold trading. There is a chance that this bot will be super profitable if the price crashes and you need the USD. Good luck to everyone!

Honestly I did not understand what you were saying. The USD value of the porfolio is simply a sum of the current value BTC+USD.

The point is to grow this value no matter if BTC price is rising or falling long term.  The long term performance is shown here http://btcrobot.com/images/longtermprofit.png

Thank you

I am saying exactly what you said. The software focuses on growing the value biased towards the USD part and not the BTC part.

If you asked most users here, in a well described question, what they really wanted, you might find out they want BTC and not USD.

However, that doesn't mean your most profitable sales come from the BTC holders and may instead come from the USD holders, only you can say that.

How does that matter? It is supposed to grow usd + btc*usd_per_btc. Growing this is the same as growing "this * btc_per_usd". Problem is it fails either way to outperform a buy and hold strategy at least when you take license costs into account.

[eurobitcoin]

Problem is it fails either way to outperform a buy and hold strategy at least when you take license costs into account.

The problem with "buy and hold" is that it's only sexy while it grows. So while btc price is rising it's really does not show full potential of the bot. That's why i am always trying to show the long term picture to explain the potential http://btcrobot.com/images/longtermprofit.png

BTW, we are also researching other marketplaces.

[eurobitcoin]

I'm glad to mention that BTC robot presented on Bitcoin Europe Conference in Amsterdam few days ago. It was a pleasure to talk to all you guys! Hope to see you soon on the next big events!

[giszmo]

I'm glad to mention that BTC robot presented on Bitcoin Europe Conference in Amsterdam few days ago. It was a pleasure to talk to all you guys! Hope to see you soon on the next big events!

Reminds me of this thread. Where is the group picture?

Edit:
That was a reference to this:


Also I promis to stop posting here if any other speaker of that conference organizers posts here in a posititive way.

By the way, are you talking about the conference that also the bitcoin magazine mentioned or the one from your private blog?

[whydifficult]

Yep that conference in Amsterdam a couple of days ago. I was there and can confirm that btcrobot had a booth the whole 3 days (proof). I only saw one guy there though.

I talked to the one guy I saw there. After trying to explain that I am working on a open source trading bot (see my sig) the guy didn't understand me and gave me the general sales pitch. In the pitch where multiple incorrect details and I didn't get to see any running software.

EDIT: Besides the booth I didn't see any presentation (= conference talk) from btcrobot, also didn't see the guy being on one of the panels. But I don't know for sure since I was not able to attend the full conference.

[vanski]

My results in 3 weeks of using the robot :
Profit in USD : +3%
Increase in number of bitcoins : 0
Increase in bitcoin value : +3%
The robot made 7 trades but was never able to grow the number of bitcoins.
I think this robot is totally useless and does not grow your BTC.
I will wait for another month and if everything remains the same, will request a full refund.

My results after 1 month: +4%
I requested a refund, i have better results with my forex trades.
i would like to diversify my portfolio, but this robot isn't enough profitable for me.
And they can't reduce the cpu usage in silver plan, so i'm not impressed by this one.

Time to move on 

Yes, I can confirm the same problem with the ruby.exe being almost always on 25% CPU (i5 on 4300MHz with 16gig RAM, Win7 x64). Quite annoying really as this little detail was not in the advertisments. Guys, hurry up with the update please !!