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]
This looks like a promise to repay a loan principle 10% per month + 5% monthly interest no matter if the bot works or not, no?
This is not a loan per-se , it's more like an investment, simply because the only way CryptoSparks is going to repay the loan back to the lender is
IF the bot works , if the bot does not work there will be no money left to repay the loan, CryptoSparks then will have one of two options
1-Run away and disappear
2-Borrow more money from other investors/lenders in order to repay the the previous interest, and then if the bot fails again , he will need to borrow more money again and again until he gets to the point of no going back and then he simply run away with whatever money left.
I have been day trading Forex and Crypto for long enough and I can tell you for sure that , anyone who has a working bot , especially a bot that has a similar success rate to the alleged results presented by CryptoSparks would not be looking to promote it on this forum, if he is so certain that the bot works he would sell his wife and kids and trade with 100x leverage for 2-4 weeks and become instantly rich.
CryptoSparks might not be attempting to scam, but he sure is willing to risk people's money without showing them the complete risks and consequences of using a trading bot especially on Bitmex, so this can also be considered unethical and probably illegal in many places.
In the best case scenario CryptoSparks is simply asking for 5
BTC loan that has 50/50 chance of repaying, which is risky enough to be flagged for, some of those feedback are not appropriate , but the flag is more right than wrong.
Again, do you have any evidence of malpractice or just more speculation and suspicion?
"bob123 alleges: Due largely to the factors mentioned in this topic, I believe that anyone dealing with CryptoSparks is at a high risk of losing money, and guests would be well-advised to avoid doing so.
The flag requires "concrete red flags", I.E. evidence, not just suspicion. This is not a valid flag.