Topic: Flag - "CryptoSparks" - page 7. (Read 1779 times)

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.

Those looks like technically correct statements to me with analogies in red.. Analogies that you may not agree with but not vastly incorrect..
API keys do pretty much work like private keys but for your account at a service and not on the actual blockchain, only on their internal centralized ledger..


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?


Don't hate me for being the devils advocate here, maybe I am wrong and will learn something..

He most definitely was, multiple times.



I realize that he just painted himself into a corner and is not going to back down no matter what, but when you're taking someone's money I think lying about the risks is not cool.

At some point he started asking me to send him $100, can't find it now. I think it was when I gave him my API keys and told him to help himself to my bitcoins since the API key "can act" as a Bitcoin private key...

Well shit..

I've read these threads in the OP and based on just this I don't think I would support this flag.. I'll need to read the whole thread in meta too (I have ignored it)..

Also, I know FruitsBasket from outside this forum, and where I know FruitsBasket from their were extremely talented coders, software engineers, computer scientists, exchange devs, and yes, people who have been working on trading bots for years now.. Elite coders in the crypto space..
Therefore, I wouldn't say it is out of the question that this is a legit trading bot and wouldn't doubt that I know some of the people that have worked on it.. Lends it a bit of credibility from my perspective..


While I don't see this happening on such a large high volume market like Bitmex, it certainly could be true on a small market if you had enough liquidity to move the market yourself.. Whale the market around..


"risk free" isn't the way Id put it but I what he was talking about is their ability to outright make off your your coin..
If you set up the exchange account yourself, and give them your API with no withdraw permission, they will not be able to WD your funds but only place trades..

Their would still be risks including..
Bitmex scamming..
Poor trade bot performance or even malicious trade bot performance (on a smaller market you could trade a "hacked" account into your own hands on another account and make off with their coin value but I don't think so on such a huge market)
But they couldn't just WD your funds..

As far as the other option, them using your money on their account with their bot but they give you a copy of the API keys with WD permission, the API keys would kinda "work like private keys" in a way allowing you to WD from it at any time.. It would work more like username and password access to the account than like a "private key" but I don't think he was trying to imply it would be like being in control of your own private keys which you obviously are not with any exchange but a DEX..


I absolutely agree that this guy is proposing a risky investment, and could do more to openly state the risks involved, but shouldn't investors (or lenders) be able to weigh the risk themselves?

Did he really?


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?
Over the term of the loan their would be "almost 30%" profit for the lender, right?
BTW 5% per month interest is not that high of interest for the lending section here.. Many loans are like 10% on a week or 2 loan which would be 20%-40% per month..


Maybe this guy is an asshole in his replies to criticism but I don't know if he is trying to outright scam..
Offering a risky proposition where it would be possible for him to scam, sure..

This proposition..
Looks pretty legit, very low risk of scam, and possible profits/losses depending on how well the bot works..


Lets take a look at this...


Suchmoon - While this is probably a bad way of explaining how API keys work "like private keys" probably isn't the best analogy, API keys do look a lot like private keys, and API keys can allow you to control the funds in the account, but the exchange does still have your real private keys just like manually operating an exchange account..

Vod - Speculation..

AdolfinWolf -    "Auto-Trading bots" utilizing margin trading always ends with people in tears." - While this may usually be the case "always" is not true..
"There is no such thing as a bot that can generate constant profits as promised by this user, or make "Intelligent trades"." - this is also not true, almost all of the serious wall street trading is done by AI bots and you bet they make huge money.. HFT (high frequency trading) AI bots and order que skipping bots (scalper bots?) that make massive amounts of money on the stock exchanged are most definitely a thing..
If you go watch the books even at https://pro.coinbase.com/trade/BTC-USD it is pretty obvious that probably something like 95% of the orders being placed and retracted there are done by bots, market maker bots (due to the fee structure), and I highly doubt they would be doing it if they weren't making money..

DireWokfM14- Where did he say that an API key gives you absolutely as much control over coin as does a true private key? If he said this exactly I'll support his flag and tag him myself but I'm pretty sure he said that API keys are like private keys to control your exchange account, which they are, and you can move your coin with them, which you can..

That's definately a better way to put it - API keys are private keys that let you control your exchange account, but the exchange still has the real private keys of the real coin..
As a matter of face API keys ARE infact private keys, they just aren't crypto private keys, but they are software private keys.. Aren't they?

nutildah - maybe this is what you suspect but it's not something you can prove..


This is a lot of reasonable doubt here IMO..

Damn i remember the CryptoSparks prick. He was all whinny in the Meta Board after getting exposed and then went on lament how useless this forum is and how he doesn't care about the feedback anymore.

Well basing on how he was interacting on the Meta thread, you could tell that he was one salty scammer.

I am going to support the flag because;
1. Since his service is asking for money from "customers". People should be aware that dealing with him will lead to loss of money.
2. Making stupid retaliatory feedback

I don't know anything about trading bots, but this looks pretty fishy to me and it does indeed look as though he's a scammer.  I'll support the flag in lieu of giving this guy a neg, which he already has a bunch of.

A promise of guaranteed returns is the hallmark of a Ponzi or some other scam, and since this isn't a Ponzi I'm just going to assume it's a lie made up to sell his bot.  Markets don't work this way, by the way.  If you had something (a bot) that could guarantee you profits, the more you distributed said bot, the less effective it would be--at least in theory.  He'd be stupid to sell a successful method of making money in the crypto markets.

I had many pages of discussion with him on his claim that an API key can act as a Bitcoin private key. I don't think he knows how Bitcoin works.

He sounds like a very young person who reads a paragraph on Wikipedia and thinks he's an expert on the subject. Normally I wouldn't support flags on idiots for being idiots but this one is asking for money.

It looks like @CryptoSparks, never tired of making trouble in this forum, problems, problems, problems that he can make.

@CryptoSparks, stop making mischief in this Forum, try to do good at least for yourself.

I will provide flag support this time to @CryptoSparks for his actions, I hope he can change in the future.

I was in discussions with that user because we were looking for an Italian translator and he asked for upfront payment - thats not unusual actually and most of the times, I do so, too. Something just didnt feel right though and we decided to skip this...

This is just for your info and I dont mean to harm his rep, he didnt do anything wrong...

User has already made fraudulent claims about his returns. Claiming that they are verifiable, while in reality, they're non-existing, made up.

Not to mention that his bot is of course a complete farce, but, we've seen it before, people think these things are actually real and working, and will just mindlessly throw their BTC at it.
(Referring to ReggieBOT which was the exact same thing. - all users got liquidated a month or so later.)

Flag supported.

CryptoSparks offered a "service" where he promised guaranteed returns with his "AI trading bot". [1]
After this didn't work out for him, he started a "lending request or partnership up to 5BTC" without any collateral. [2]

His faulty logic is clearly misleading. Especially for newbies:




Anyone engaging in this is very likely going to lose his money. Therefore a Type1 flag is appropriate.


Support/Oppose the flag here: https://bitcointalk.org/index.php?action=trust;flag=752



[1] 10 FREE SPOTS for BITMEX TRADING BOT ARMY - 🔥 JULY 2019 🔥   (archived)
and 10 FREE SPOTS for BITMEX TRADING BOT ARMY - 🔥 JUNE 2019 🔥 *CLOSED*   (archived)

[2] Lending request or Partnership for FULLY Documentated Market Maker BOT   (archived)