BTC Robot - Worlds First Bitcoin Robot

[eurobitcoin]

We checked and your robot is perfectly fine.

It does not trade every 2-3 hours as you expect by some reason. The price on the bottom chart only updates when it trades not in real time.  There are flat periods with SEVERAL DAYS which is totally normal. Please let it work and dont turn on/off all the time. It does not require any manual attention if it is activated and set ON. Check once in a few weeks, not every 2-3 hours. Everything is ok.

[eurobitcoin]

Take a look on our public ac

you can see there are periods of several days with no active trades when the  market is flat and it's totally normal

[strannik]

I have been using the BTC Robot since week one.  When you sign up, one of the items received is a book which explains which algorithms the btc robot uses.  They look pretty standard, nothing too esoteric, and any forex trader who knows his stuff would be familiar with them.  If the robot is using these, then two ideas are true: one that btcrobot is not necessarily a scam and two, that it is not going to do anything terribly miraculous.  Now that btc-e will soon have metatrader access, there is no reason that you will not be able to script your own version using your own algorithms (except for any really special programing in the robot of course!).

But there is FUD to be waded through, and for that I have to look no further than what the robot is claiming. Here is what is printed on the top of my (silver level, self-hosted) robot:

Funds: 2.31 BTC, 1.02 USD, 288.46 USD total
Weekly profit: $6.11, total profit: $191.20

If you just read that, you would think that the robot is doing great, but here is the truth of the matter:

I initially deposited $100 worth of BTC.  I quickly had one losing trade, and I was afraid that the robot would not continue to trade without the minimum in the account.  It took a while for my BTC purchases to go through, and when I finally had coin, I deposited it into my btc-e account for btcrobot to play with.  When all of the transactions went through, my balance went from around 1 coin to 2.35 coins.  The Btcrobot immediately listed this a profit, and has continued to do so, despite the fact that it was merely a deposit with no trading taking place.  Between then and now a series of trades have taken place.  In each case, the robot bought for slightly higher than it sold....ooops!  But the robot continued to show miraculous profits, how can this be?  It is because the fact that the robot not only credits deposits as "profit", but also any gains made by the rising price of BTC, despite the fact that there were no trades or only losing trades.  The FUD from the robot states that I have made all of this profit, but the truth is, I would have made more profit by merely parking all of those bitcoins in a wallet somewhere.

I have talked to some other folks also using the silver robot, with basically the same results.

I expect my next big windfall from the btcrobot to be when I ask for my refund.

[marcotheminer]

Personally, I find this suspicious.. Think about if everyone did this, how would they make money... Everybody would become instant bitcoinillaires!
Its too good to be true, dont risk it guys!

[nahtnam]

Let me clear this up... SCAM

[OracionSeis]

Interesting project i have an eye on it

[eurobitcoin]

Let me clear this up... SCAM

Every week someone comes up with this scam stuff... I am little bit tired of going in cycles. We developed software and we sell it. We don't scam anyone. If you don't like it, dont buy. We also have full guarantee.

If you come just to troll me, please get a life. If you are interested in the robot, please see the full discussion here https://bitcointalk.org/index.php?topic=268533.0 8 pages.. Otherwise it's not constructive.

Personally, I find this suspicious.. Think about if everyone did this, how would they make money... Everybody would become instant bitcoinillaires!
Its too good to be true, dont risk it guys!

This does not make any sense. Then any trading system must be suspicious? You are saying there is no place in the world for commercial trading systems.

 No, it's not a crystal ball making you bitcoinillaires.

 It makes a conservative stable returns and protects your portfolio.

credits deposits as "profit"

hi John ,  we discussed that many times. It is very important to understand that BTC-e's API does not let the robot separate your manual money transactions (such as manual trades, extra deposits, etc.) from the real trading. So, it's best not to mess with the bot's operations and avoid any manual activity on the BTC-e account that you have allocated to the robot. We suggest that you open a new, fresh BTC-e account, deposit once and let the robot trade. Do not make extra deposits or manual trades or other things to confuse the bot. Just set & forget; let the robot work and do its own thing! You will be glad to see its eventual results and profits.

In case you want it to see it right, just reinstall the robot and activate again.

despite the fact that there were no trades or only losing trades.

It's very important to understand that the purpose of Bitcoin Robot is not merely about trading for the sake of trading. The real purpose is to GROW the value of your trading account which includes BTC and USD. When the market is flat, obviously the robot activity is lower. When the market is volatile, that's when the maximum profit is generated!

Depending on where the Bitcoin price is going, the robot optimally spreads the balance between BTC and USD to make sure it makes the maximum profit possible. This is much more effective (2.5x times more profitable and 3 times less risky) than just "buy and hold forever" strategy. Why? Because the price of bitcoin may go up or may not, but the beauty of the robot is that it does not care about the growth of bitcoin! It remains profitable even when the price goes down! The robot made over 60% of profit on our acc in the last 2 months, irrespective of whether the price of bitcoin grew or not.

The robot is designed to be a complete no-brainer, fully automated solution. It does not require you to babysit, triple-check every trade or force extra trades. Just sit back, relax and let it do its magic. No need to check the robot more often than once a month when you wish to withdraw your profits.

[Droganson]

Hmmmm. Not sure what to make of this. From all of the customer reviews, it looks like this robot is not the way to go! I'll be keeping my eye on this regardless, though.

[eurobitcoin]

Hmmmm. Not sure what to make of this. From all of the customer reviews, it looks like this robot is not the way to go! I'll be keeping my eye on this regardless, though.

Here is the long term performance



We also publish public account on site. You can follow there to see where it is going.

[drinkmorecoffee]

Ah, man. I thought it was a real robot that ran off bitcoins. Oh well 

Same.  I was picturing a RaspPi with an LCD screen, a couple wheels and a bit Bitcoin logo on it. 

THAT, I would probably pay for.   

[dha]

Ah, man. I thought it was a real robot that ran off bitcoins. Oh well 

Same.  I was picturing a RaspPi with an LCD screen, a couple wheels and a bit Bitcoin logo on it. 

THAT, I would probably pay for.   

same here 

apart from that, in my personal newbie view trading bots only make sense if the actual trading had to be done faster than you could possibly do it yourself.
with some forex knowledge and a few weeks of reading (and sufficient starting capital) you can figure out how to turn the odds i your favor. Its not miracles its just applied game theory.

The three things a bot might save you from are greed, fear, and slumpiness (hope that word exists) as these are the number one reasons for gamblers ruin...

But it also takes out the fun...

[2048-bit]

In the Newbie forum? I'm pretty sure this is a scam.

[RodeoX]

Ah, man. I thought it was a real robot that ran off bitcoins. Oh well 

Same.  I was picturing a RaspPi with an LCD screen, a couple wheels and a bit Bitcoin logo on it. 

THAT, I would probably pay for.   

same here  ...

Me 2  I want a robot that smashes stuff for bitcoin!

[strannik]

credits deposits as "profit"

hi John ,  we discussed that many times. It is very important to understand that BTC-e's API does not let the robot separate your manual money transactions (such as manual trades, extra deposits, etc.) from the real trading. So, it's best not to mess with the bot's operations and avoid any manual activity on the BTC-e account that you have allocated to the robot. We suggest that you open a new, fresh BTC-e account, deposit once and let the robot trade. Do not make extra deposits or manual trades or other things to confuse the bot. Just set & forget; let the robot work and do its own thing! You will be glad to see its eventual results and profits.

In case you want it to see it right, just reinstall the robot and activate again.

despite the fact that there were no trades or only losing trades.

It's very important to understand that the purpose of Bitcoin Robot is not merely about trading for the sake of trading. The real purpose is to GROW the value of your trading account which includes BTC and USD. When the market is flat, obviously the robot activity is lower. When the market is volatile, that's when the maximum profit is generated!

Depending on where the Bitcoin price is going, the robot optimally spreads the balance between BTC and USD to make sure it makes the maximum profit possible. This is much more effective (2.5x times more profitable and 3 times less risky) than just "buy and hold forever" strategy. Why? Because the price of bitcoin may go up or may not, but the beauty of the robot is that it does not care about the growth of bitcoin! It remains profitable even when the price goes down! The robot made over 60% of profit on our acc in the last 2 months, irrespective of whether the price of bitcoin grew or not.

The robot is designed to be a complete no-brainer, fully automated solution. It does not require you to babysit, triple-check every trade or force extra trades. Just sit back, relax and let it do its magic. No need to check the robot more often than once a month when you wish to withdraw your profits.

I understand that the robot cannot differentiate between deposits and profits. What I object to is that you are using the FUD from this fact and the FUD from the rise in the price of bitcoin to imply that it is the BTCROBOT that is making all of these fantastic profits in your marketing communications, when it is clear that the profits have nothing to do with the BTCROBOT.  I don't expect all trades to be profitable or no trades to be losing.  I did expect to have at least one winning trade in the last month given the market activity, but all trades were losing. It is true that the robot is conservative, and for that reason my losses are very small. I would not be complaining except that: the BTCROBOT has generated ONLY losing trades so far and: your email communications appear to imply otherwise. Perhaps I will be the loser by not staying with the robot for any possible future winning trades, but I think that I have seen enough to know that simply parking my coins in a wallet will do better, or implementing a better system in metatrader.

I have received other emails from other btcrobot users that confirm my results.  They do not match what is stated in btcrobot emails.  I am a satisfied customer in that my refund was delivered promptly.

[strannik]

Here is a section from one email about the btcrobot received from a friend who started using the btcrobot at the very beginning:

"During that time I have seen sporadic trading, sometimes nothing
for a few days. I have also changed settings to see if it would
make any difference.

Fact is, my account has not made any profit. Right now it is down
around $45 in value when stated in bitcoins, which is not much of
course. However, the company has been touting continuing gains
in their promotional emails and I have contacted them on a number
of occasions to question this.

Why? Because if everyone is using the same robot, then gains or
losses, expressed as a percentage, should be similar across most
accounts - although one would expect some potential differences
due to account size.

But this is not the case.

I have heard from a couple of people who have had the same
experience as myself, plus from a good friend whose account is
down a similar amount."

[forzendiablo]

seems
BTC robot is scam and thats it.

[eurobitcoin]

seems
BTC robot is scam and thats it.

Here we go again...

[tysat]

seems
BTC robot is scam and thats it.

Here we go again...

I think you just need to say in big letters that the robot is not designed to grow your BTC, because that's what almost everyone on these forums will be looking for.

[almightyruler]

credits deposits as "profit"

hi John ,  we discussed that many times. It is very important to understand that BTC-e's API does not let the robot separate your manual money transactions (such as manual trades, extra deposits, etc.) from the real trading. So, it's best not to mess with the bot's operations and avoid any manual activity on the BTC-e account that you have allocated to the robot. We suggest that you open a new, fresh BTC-e account, deposit once and let the robot trade. Do not make extra deposits or manual trades or other things to confuse the bot. Just set & forget; let the robot work and do its own thing! You will be glad to see its eventual results and profits.

I just had a quick look at the API and I don't understand why your software cannot differentiate between its own trades, and "unexpected" transactions such as deposits.

1. Query and save balances the first time the program is run (and optionally at a later point, if the user wants to reset everything.)
2. Keep track of each order ID submitted. These orders are tied solely to your bot.
3. Query trade history, ignoring any orders that you did not generate. This should create a chain of trades that can be simulated locally, starting from the initial balance, to give you a final balance for each currency.

[eurobitcoin]

Very good suggestion almightyruler, much appreciated! We will look into that in the next update!