I can barely understand what Cryptosparks is being accused of doing since I don't understand exactly what's being offered in the thread TMAN linked to. That's because of my own tech-ignorance, and I admit that.
I would be happy to merit someone who could explain to me in a dumbed-down fashion what the API key thing is, what kind of bot Cryptosparks is offering (I assume it's a trading bot), and whether it even could be legit. Promising a fixed return like he seems to be doing sets off all sorts of alarms in my head, simply because that's a hallmark of Ponzi schemes. The merit offer is valid to anyone except OP and Cryptosparks just to keep it fair.
An application programming interface key (API key) is a unique string of alphanumeric characters transmitted as part of an API request that authenticate the source of the API request. API keys can be of two types: Public API key and Private API key.
The API key often acts as both a unique identifier and a secret token for authentication, and will generally have a set of access rights on the API associated with it.
WIKIPEDIAIn very simple words, an
API key identifies you on the service platform that generated the key. (instead of using email and password uses the key to log in)
An API key can be anything and do anything, simply because it depends on what kind of
API generated it, but usually is used for remote access and data tracking.
Likewise crypto wallets, there are public and private API keys with the difference that API keys are more like
tools that adapt based on your needs.
For example, if you want to give access at others to selected data/privileges, you simply need to create a Public API Key which authenticates them to access your account and do nothing more than what you allowed. On the contrary, if you want to give full privileges and access to all data , you would create a Private API Key, which of course should be for your use only.
Another important difference is that API KEYS can be disabled and enabled at will, which is something very handy.
API KEYS IN TRADING:API Keys are very handy when trading, even if you are still trading in
frontend, and know nothing about programming, you should always have a private key enabled and stored securely offline, just in case anything bad happens to the frontend of the exchange and you urgently need to entry/exit a trade or even worst you locked yourself out(2FA rekt)... having the API Key allows you to have a way back in the account via terminal.
Usually exchanges offer the following privileges settings for API Keys:
-
Order ( you can create and cancel orders via key)
-
Cancel (you can
only cancel orders via key)
-
ReadOnly ( you can only read unencrypted data, such as balance/trade history/orders/markets data via key but you can't interact with any)
-
Withdraw ( you can send a withdrawal request which still needs to be confirmed via email)
-
CIDR (useful for ip filtering , read more
here)
API KEYS are also commonly used by big Brokers, Hedge Funds and Quant Shops to safely manage their clients' capitals without having direct access to the funds.
I don't offer guaranteed returns, that's another lie. Trading is all about risk management over long period of time, profits are direct consequences.
My service is simple, people create their own bitmex account and share me an api key with only Order privileges. I connect the bot to that their account via the api key, and the bot is only able to create and cancel trading orders.
That's it.
Now please explain me why i should be a scammer and how i could scam when i dont have
- user bitmex email
- user bitmex password
- withdraw privileges via api key
I get paid 30% of whatever net profit the bot generates after 30 days. So i have all interest in protecting users' funds.
In my thread there are 2 years of backtest data ( the graphs i'm being accused of ) and also live trading since september 2019 with 91 wins in a row, 0 loss, and +40%.
You can verify this very easily!
ACCESS THE LIVE OPEN ACCOUNT VIA THE FOLLOWING API KEY:
ID:SECRET:V8AU7GvMLSry4mpKnKD1Bu8PBuYpLZx88dfn40Nkq1Dm59GE
Simply create account at
https://www.coinmarketman.comand link the above api key to see all trade and balance history
you ignoring this?
