Our team is developing a solution for users to automatically trade the signal by connecting Twitter with trusted brokers such as Binance and more.
Great. So now the broker knows what the traders will do, and is
definitely not going to share it with other institutions (including the Twitter accounts). Genius. Disclosing the trader's options is definitely not a red flag for trading. But, who am I kidding. We're talking about retail trading here. No sense required.
Could you please elaborate a little more about the service? What's your privacy policy? How do you make money out of this? And perhaps answer these teasing questions above.
Our goal is to listen to tweets that happen... whether we want it or not, influential people such as Elon Musk have the power to move the market, and institutional traders already listen to such tweets.
At the moment our product is still in private phase for friends and family, we slowly plan to release a public Beta version and we will add a Privacy Policy as well as terms ofc --- we do not collect data besides the necessities of creating an account (email).
The API keys are hashed and encrypted too.
Influential people?
What type of influencers are we talking about here?
As far as I know, Social media platforms like YouTube and Twitter are a cesspool for wannabe influencers and pseudo - crypto billionaires whose only work is to shill shitcoins for cut just because they have a huge number of followers on their profiles. Most even do not know how to actually make a good trade.
What is madness this automated trading with bots? So I should invest my money because some overgrown big boy wakes up one day and tweets that doge coin is the currency of the future? Oh cool so in the meantime he who had already bought with discounts after his tweet will find himself pumping and selling without too much difficulty. Thanks we were missing this.
I initially thought it was a project to connect the social media accounts of top cryptocurrency analysts by getting important reliable analysis and signals based on technical analysis.
But when I checked your site, I found that this is what you mean:
- Elon Musk tweeted that Tesla merch can be bought with DOGE coin, which moved Doge by about 15% within minutes 🚀
- Apple share rose 1.2% to $448.04 in February, after Douglass Klass’s post that Apple might announce a stock split
- Jeff Gundlach’s tweet in April “Gourmet burrito is an oxymoron” resulted in a 2% dip in the restaurant’s stock
- Bitcoin’s value jumped more than 20% to $38,566 after Elon Musk changed his personal Twitter bio to #bitcoin
- Fashion critic Nina Garcia sent JC Penney shares up when she posted favourably about the prototype
- +15% Dogecoin Price rise, 5 minutes after Elon Musk tweeted about Doge on April 2022.
- Audience, saw a 25 percent drop in its stock price after a false report surfaced on Twitter that the company was being investigated for fraud
https://napcat.medium.com/follow-influential-people-through-social-media-and-automatically-trade-their-news-signals-with-67171af1c467Getting trading signals from people who have nothing to do with trading in the first place!!! Are these the influential people you are talking about?
Hey @yhiaali3 @JeromeTash & @mendace - the concept is to listen various tweets and trigger based on their news & keywords...Being "first" when such a tweet happens has a massive potential.... They are influential people as news medias will talk about their actoins and this will lead to a storm of actions that will be reflected on the market.... Some of them aare pseudoinfluencers its true, that certainly pocess no real value in terms of growth, but the market moves based on such people (they are influencers not "teachers" after all).
Here for example the growth was massive -
https://ibb.co/YfCQWTBOn other tweets Musk moved the DOGE coin 26% within minutes... I certainly wouldn't want to miss on this....
From our perspective, news have the power to move markets -- and news are made by people.
Twitter happens to be a platform for such people to tweet their thoughts....
So after all the discussions about not your keys not your coins you are introducing a service that
1) Makes people leave coins on an exchange while
2) Is making trades based on tweets from a platform that has had a massive hack / data leak:
https://bitcointalk.org/index.php?topic=54318223) Is leaving API keys in someone elses control:
https://bitcointalk.org/index.php?topic=54322064) All with a site that gives no owner or contact information / no physical address.
Don't think you are going to get a real positive response here.
-Dave
Hi Dave, thanks a lot for your reply actually, you went quite in depth there and althrough it feels as negative feedback, at the same time it is a quite genuine one too...
I will try to reply as best as I can and add more context in the hope of challenging your thoughts in this discussion.
1) Fortunatelly or unfortunatelly, the CEX part of the business is not going away - at least any time soon (there are traditional industry brokers as well).... As Napcat, our main goal was to build all the service by connecting to DEX's, but we feel its easier to start as a CEX and then slowly slowly expand, in order to also do things right and not risk any potential hacks.
2) We are mainly listening to tweets from influential people, the time will come however that the influential people will leave Twitter for a decentrilized solution, until that happens thought, there is a market fit.
3) We are actually taking an approach of storing minimal data and the one that we do is hashed and encrypted - there are plenty of services that do just like that and are entirely secure.
4) The site was just constructed, we have not yet incorporated nor released a public Beta. We are not asking for funds, we just want to validate an idea.
