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Author Topic: the first automated bitcoin trading tool - legit stuff ?  (Read 10320 times)
f41lover
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January 10, 2012, 05:11:53 AM
 #1

We are proud to launch http://bitscalper.com, the first Automated High Frequency Bitcoin Trading Platform. Check it out, we would love to have your feedback!
-------
Spotted on reddit at http://www.reddit.com/r/Bitcoin/comments/o9fbr/rbtcspeculation/c3fnoqi

legit stuff ?

Trust no one.
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farfiman
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January 10, 2012, 08:24:52 AM
 #2

The questions will be many I'm sure..

Just to start:

1) Why should it be trusted?
2) what do they make (fee) from this.?  edit.. ===>>>We charge a small fee for every withdrawal you request, the fee is 1.75%

"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
Martin Armstrong
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January 10, 2012, 07:46:40 PM
 #3

When you say high frequency what do you mean by this? Do you have execution guarantees? Do you provide timing data?
BrightAnarchist
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January 10, 2012, 11:14:28 PM
 #4

I'm not interesting in using your strategy, however, I would be very interested in your base platform as a way to write, execute, and backtest my own strategies.

Let me know
nmat
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January 10, 2012, 11:44:37 PM
 #5

I'll wait for more reports, but there are obvious things to point out:
- like you said, if they make 5% a day why publish it? 5% a day compounded is 400% a month, which means that they can turn $2000 into $37000 within 2 months.
- the fact the website is anonymous also makes it easy to disappear with everyone's money
- if this is true, there won't be enough arbitrage opportunities to make 5% a day for long

This post on reddit might be related: http://www.reddit.com/r/Bitcoin/comments/o3ebm/dear_community_this_is_a_poll_regarding_the/
bitscalper
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January 11, 2012, 01:23:27 AM
 #6

The system can make at most 5% daily but it will obviously fluctuate. It's no license to print money but a smart way to "scalp" some small profits on the volume. As for now we don't have large sums of cash and thought about this experiment. Regarding the Reddit post you linked, it's not related to us. I've also noticed today the launch of another automated trading platform on this board, so it might just be a trending topic with Bitcoin.
We will not run away with the money, we are just looking to protect ourselves. At the moment the country we are living in is VERY strict about money transfers/laundering, and we can't really expose our names nor register a company without going through the hassle of gettin' a license, which is unlikely to happen with Bitcoin. We look forward to register an entity in a offshore country or something like that.
The arbitraging opportunities are lasting since quite a long now, the trick is catching the right time window.
bitscalper
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January 11, 2012, 01:44:55 AM
 #7

When you say high frequency what do you mean by this? Do you have execution guarantees? Do you provide timing data?

With high frequency we intend execution times below 100ms in perfect conditions. We do have a working set of bots trading on the markets on behalf of the users of bitscalper.com. Those bots perform low latency arbitraging operations and conventional trading combined.
nmat
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January 11, 2012, 01:50:03 AM
 #8

This is btc-only, right? If there is a considerable price drop, will the users lose money?
bitscalper
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January 11, 2012, 02:01:36 AM
 #9

This is btc-only, right? If there is a considerable price drop, will the users lose money?

Well internally it actually also sells Bitcoin for other fiat currencies. Huge price drops represent a risk but we have mechanisms in place to react to such events properly. This and the remote risks related to crashing of fiat currencies (not really remote these times) are the things we keep an eye on constantly.
toffoo
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January 11, 2012, 03:38:35 AM
 #10

Okay, signed up to check this out, read the FAQ, but apart from being able to deposit Bitcoins and request a withdrawal I don't see what this site actually does.  What can I actually DO with this site?  Just deposit some Bitcoins, cross my fingers, and hope your blackbox will trade them well for me?  (As opposed to running away with them.)

Has anyone actually started using this site and can comment on how it works, etc?  Is this "bitscalper" fellow anyone known in the community?

farfiman
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January 11, 2012, 10:25:23 AM
 #11

I tried it out of curiosity with a small sum, they processed my withdrawal quickly. made a mere 2.5%. remain to be seen what happens if i ask back my deposit..

"mere" 2.5%  in 1 day? 2 days ?  thats not mere

btw the site says:" It makes a maximum of 5% daily on the money you deposit and it's totally automatic."

Thats not a promise of 5% a day...   even 1% a day is amazing if it works.

"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
Martin Armstrong
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January 11, 2012, 11:28:01 PM
 #12

We wish to say thanks to our early users, Bitscalper is working very well and generating good profits as for now.
We encourage users who already withdrew successfully to let people know on this thread.
phorensic
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January 11, 2012, 11:55:45 PM
 #13

I'm giving this a try and will report if it works/is legit.  Hard trusting a 5 post newbie, but can't hurt too much with just a few BTC.
Dan The Man
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January 12, 2012, 12:05:53 AM
 #14

Yeah, I see no reason to trust an anonymous website with my money.

Nachtwind
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January 12, 2012, 12:29:11 AM
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Will also try and report.
Deposit started at 1:30am 12.01.2012 (CET)... will report back in about 24hrs...
Dan The Man
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January 12, 2012, 12:44:34 AM
 #16

The "testers" are operating under the assumption that a simple scam will be obvious after a one day deposit, when the really obvious scam would would be to trickle out returns to everyone for a month or two or longer, and once enough capital is netted, just steal it all. This scam guarantees that early "test" reports will be positive, so what is the point of even making these test reports at all? When the theft happens, it will be a single event taking everyone's money, and then your report will be too late to matter.

phorensic
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January 12, 2012, 01:04:57 AM
 #17

So cash out in a month?
bitscalper
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January 12, 2012, 01:25:51 AM
 #18

We understand the paranoia, but not everybody turns out to be a scammer. About 24 hours after the launch we have already around 1000 Bitcoin deposited into the system. Thanks to all the users for trusting us.  
grue
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January 12, 2012, 01:48:54 AM
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We understand the paranoia, but not everybody turns out to be a scammer. About 24 hours after the launch we have already around 1000 Bitcoin deposited into the system. Thanks to all the users for trusting us. 
that doesn't prove you're not a scammer, only that a lot of people fell for it. if you said 1000 bitcoins were successfully withdrawn, that would make you look more legit.

It is pitch black. You are likely to be eaten by a grue.

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bitscalper
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January 12, 2012, 02:04:20 AM
 #20

We understand the paranoia, but not everybody turns out to be a scammer. About 24 hours after the launch we have already around 1000 Bitcoin deposited into the system. Thanks to all the users for trusting us. 
that doesn't prove you're not a scammer, only that a lot of people fell for it. if you said 1000 bitcoins were successfully withdrawn, that would make you look more legit.

Well alright, just watch this thread for developments and you will realize this is no scam. I guess you will be able to judge more appropriately with the time going.
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