Did you give him an API key with full privilege of a funded account? If so he should have been able to WD your coins no?
Yes. Although he didn't even ask which exchange it's from, which is kinda the point. API key is useless without the service. Bitcoin private key can be used regardless of any third party service.
CryptoSparks is trying to have it both ways here. He was claiming that if he gives an API key to the client (presumably from some account he created) - the client is "risk free" because the API key can act as a private key (see option 1
here - where he clearly says that he also has full e-mail etc access to the account). But if the client gives him an API key then it's also "risk free" if they key is enabled only for trading (option 2 in the above link).
Neither of these scenarios is risk free. I don't really care much about the rest of his word games.
1. Lender as service provider:
Lend us UP to 5BTC with 10% monthly payback + 5% monthly interest.
We can give API access + EMAIL +PASSWORD of the trading account managing the funds as collateral so you can always keep an eye on the funds.
This results in almost 30% risk free profit for the lender. 2 year of data shows the bot can easily handle the interest rate, please download and check for yourself.[/s]
He could have meant that the market risk is not placed on the lender in this situation.. This looks like a set repayment offer regardless of what the market does or how the bot performs it is guaranteed interest/profit..
In this scenario he could totally steal your coin by WDing it though so the risk here is of him scamming..
Wasn't very wise to ask for "UP to 5
BTC".. You made yourself a target with that Mr. CryptoSparks
2. Arakne as service provider:
Create and control your own account and let our bot manage it via API KEY enabled only for order creation. Pay us 30% of monthly net profit for the service and keep the 70% as pure profits.
with this option their is no risk of him scamming, WDing your coins, but you are at risk of market p/l and bot performance p/l..
"Risk Free" were stupid words to use..
I think that all of these options offer a nice balance between risk/profit for both parties.
I don't think the risk/profit balance is that great really given that he wants to socialize 30% of the profits but none of any possible losses..
2 is a way for him to not lose any money if the bot looses but make 30% of the profits when it wins.. Not real fair but IMO it's up to the lender/invester to negotiate or accept any deal or not..
CryptoSparks - you did a piss poor job of representing your product here, made yourself a target by asking for "UP to" too large of sums to start off with, and made poorly worded statements about "risk free" and how "api keys act as private keys" thereby opening yourself up to much criticism and suspicion even if you do have a real product that you do honestly believe in..
I am not absolutely convinced that his is surely a scammer but if his intentions were good he surely did fail due to his poor language performance and offensiveness.
Maybe he is a scammer though.. It is a possibility..
the fact that he is so stubborn about certain aspects is suspicious to me.
his behavior overlaps that of scammers to a certain degree.
Agree..
Perhaps I'd consider withdrawing my support after more evidence of his legitimacy has come to light.
You probably know more about APIs and exchange bots than me so I trust your judgement..
The only "evidence of his legitimacy" I may have brought to the table here is that I know FruitsBasket knows an elite coder friend of mine, who I do trust, that has been working on trading bots for a long time, and I have a hunch this bot could be legit due to that association..
It's not "cryptosparks" though and I don't want to drag their name into this mess..
Me and Fruits worked together a bit with some of the most elite coders I have ever met and afaik he did a good job so a vouch from Fruits on this lends it some credibility
to me..
Good debate guys..
You guys do a good job of protecting the community here even though you might rush to judgement a bit too fast sometimes, though it is far from completely unfounded so I understand where you are coming from..
Maybe you guys saved someone from a scam here or maybe it is unfortunate that CryptoSparks handled this so poorly..