Post
Topic
Board Bitcoin Discussion
Re: Beware of exchanges using bots
by
RGBKey
on 04/09/2015, 02:52:17 UTC
Yes the Bitcoin Robot is a scam. I bought 10 bitcoins. I used the robot and it brought my bitcoin number down to 2.774 as it made more losing trades than winning trades. I turned it off when I realized what was happening.

This story is nothing but good news for Bitcoin Trading Exchanges. As the bot continues to trade on the open market, Bitcoin Exchanges will keep earning a commission. Bitcoin Exchanges collects a 0.2-0.5% fee on every trade.

Whether or not you decide to automate your trades, the basic rules apply: don’t trade more than you can afford to lose, and don’t go into any investment without at least a basic understanding of what you’re doing.
This thread seems to be more about bots run by other people, that trade with themselves to drive up the price, not bots you run yourself.