Topic: Trade Tweets with your trusted Broker (Read 351 times)

Hey, so good point... I agree with you and personally I have minimised my exposure on CEX's, however, there are people that still trade on CEX's such as Binance, Kraken etc. If you trade too, then you can use Napcat... Alternatively, you might have to wait for a few months till we launch a DEX service which is on the current roadmap...

That is, assuming that you want to test and use our service ofcourse xD 

To me is the last tools I will ever use the rate at which we have received lots of complaint about exchange most especially what happened FTX collapse is still on a shock to people which are yet to receive their lost. Now how do you think people would trust your service after what they said of not keeping our funds on cex.

Dear Emitdana, thank you for expressing your concerns.

Our platform aims to enable users to follow influential figures such as CEOs (such as Elon Musk, Tim Cook), politicians (including Trump, Biden, etc.), and artists (like Snoop Dogg and Eminem). The tweets from such accounts can significantly impact the market, making it quite volatile. Our goal is to take advantage of these market movements and exit positions with a profit. However, as with any trading, there are risks involved, and we cannot guarantee any specific outcomes. To mitigate this risk, we will indicate the APRs for the accounts.

Regarding the security of API keys, we employ encryption to safeguard them, and we encourage users to use IP bonding when generating keys to provide the best possible protection for their accounts. This way, trades will only come from our server, ensuring their security. We also recommend that users only enable trading API keys and not allow withdrawals.

Although no service can provide 100% security, we have faith in our team and advisors.

We appreciate you raising your concerns and hope that our response addresses them adequately.

Just like others, I have some concerns about the practicality and safety of this solution.

First of all, relying solely on signals from Twitter to make trades is risky, as the information on Twitter can be unreliable and manipulated. The crypto market is volatile, and making decisions based on unverified information can lead to significant losses.

After that, connecting a third-party platform like Napcat with a trusted broker like Binance raises questions about data privacy and security. How will Napcat ensure that user data is protected from potential breaches or misuse? As a user, I would want to know how my data is being handled and protected.

Last but not the least, the use of automation platforms in trading can be both a blessing and a curse. We know that automation can streamline trading and reduce human error, but it can also lead to significant losses if not used correctly.

Hey Dave, thanks for sharing!

This certainly changes things, as Napcat we still aim at listening to the best tweets and API is the best way of doing this in order to convert the noise into trading signal.
We have already plans to subscribe in the paid service so from that perspective its not much that has changed on our end. This is also good for us as it means we will get better than standard rate limits which is important for our users.

Best
Denis

And so it begins....

https://twitter.com/TwitterDev/status/1621026986784337922


I guess Twitter really does not want people to use their service.
Slightly OT but how many projects came in existence because you could play around with the API for free and then turned into a real paid thing for the developers and a revenue stream for Twitter for the better API access.

Now, just to play around how many programmers are going to pay. My guess that unless it's a a paid project to develop things, not a lot.

-Dave

Thanks for the feedback - we thought it will be cool (web3 "revolution") so thats why we pixelized the faces, but we already received a few comments on it. Must say that you filled the glass so we will "undox" once we launch the public Beta.

Privacy policy along with terms will also be shared on the site ofc, so thanks for hinting on this too!

Appreciate the advertisment topic link, will post there too once Beta gets out, and apologies if this is not the right ANN topic!

Now this sounds interesting, if I have some time I'll try to find out what your tool can do.
Generally, why do you hide the faces of the developer team? If you want to remain anonymous, there is no need to show the photos while hiding the face.
Also, there is no disclaimer page if any hack occurs, etc., and there is no page for how to deal with customer data.

Finally, create an advertisement topic (ANN) here ----> https://bitcointalk.org/index.php?board=84.0 , given that your project is profitable and not open source.

Hey, sorry got what you mean now...

We are using AI for that, a combination of open source AI's to determine the sentiment of the tweet and the make a buy/sell decision accordigly... in that case the bot would sell so you would effectively sell on Spot (assuming you held BTC) or on Futures.

AI sentiment is an option that co-exists alongside manual --- you are right btw, this is the tricky of the business.

For AI we use OpenAI, have our own machine learning as well as are hooking other models. Thanks for challenging this btw it was a tough one for us to crack it too!



Thanks for sharing, and yes you are right the rate limits (were) an issue - for Twitter we could be a great client as they could charge us within the thousands of dollars per month just for hitting the API rate limits (its about 2.5k-12k a month based on their sales team and it can go even higher - depending how many users will have ofc..)

Worths mentioning that we plan to register as an institution and ofc accept and "play" with all of Twitter's TOS.

I think you did not understand what I mean. In the example above, and assuming that Musk has an effect on the price, his tweets such as “I will buy #Bitcoin only for $1” are a sell signal, not a buy signal. Therefore, if the bot understands the buy signal using keywords, it will not be able to determine whether it is an order. Sell or buy.

The same thing happened when Tesla stopped accepting bitcoin, the tweet had the keyword bitcoin.

So, without a simple AI integration this bot will give wrong results.

OTOH anything that is using the twitter API can be shut down with no warning and no reason given:

https://techcrunch.com/2023/01/16/twitters-third-party-client-issue-is-seemingly-a-deliberate-suspension/

So projects like this are now always going to be 1 Elon is having a bad day away of being shut down if they or anything they access relies on any form of API from Twitter.
Keep that in mind, you may have to have a way to do this without ever touching any of their back end calls.

Not saying it will happed just that it can, and if you are going to be charging for the service it's going to be a nightmare as others are finding out now.

-Dave

Yeah probably you are right on this --- Twitter pump group lead by Mars man! xD

Considering that so many millions literally depend on being on Twitter all the time and waiting for their digital leader to tweet, I guess your service makes sense - even though millions of users have already moved away from that social network and don't want to participate in any experiments led by Mr. Mars.

It would be interesting if he finds out about this bot of yours and plays a little with the tweets

Hi @hugeblack!

To quote your example, the exact process would be the following:

a) Assuming Elon musk tweets "I will buy Bitcoin for 1$" ->

b) For your bot to be activated, you need to enable a "Musk Bot" by following Elon Musk, and at it add the keyword "Bitcoin". This will trigger a buy order at your Binance account...

A good example would be to follow Musk and trigger buy orders with 2 keywords, Bitcoin and Doge...

 - Will the decision-making be based on keywords, for example, Elon, bitcoin, buying?
Yes, to begin with.
 - Or will artificial intelligence decide?
Yes, in the near future we will give this option, at the moment we use AI to understand images (for example Musk sharing a BTC image). We also use ChatGPT for additional help.
 - Or will the algorithm monitor the market and from which the decision will be taken.
Also yes in the near future, at the moment we are too small to be doing big steps though so we are first focusing on perfecting the basics.
 - Or will the influential people control the execution of orders?
In a way yes, people with big influential groups have the power to move the market and we know for a fact that there are tons of institutions trading based on tweets (Alameda Research for example was also trading Musk's tweets).

How do you take profit:
A simple Take profit parameter that you will need to enter (otherwise you will never exit the position in the first place)

What more:
There is going to be an option for full sentiment trading based on the tweets, however at this stage we are simply going to perfect the basics...

That being said, we would greatly appreciate any feedback on the product, feel free to contact us if any through Twitter or Discord!

Thank you for your questions!

What is the decision-making mechanism? Will keywords be used? Artificial intelligence? market movement? Or what.

Suppose, for example, that Elon Musk mentioned this tweet: I will buy #Bitcoin for $1.

 - Will the decision-making be based on keywords, for example, Elon, bitcoin, buying?
 - Or will artificial intelligence decide?
 - Or will the algorithm monitor the market and from which the decision will be taken.
 - Or will the influential people control the execution of orders?

Personally, I see that even the influencers depend on the herd policy, and therefore they will not create the market trend, but rather contribute to amplifying it.

Was not going for negative more along the lines of what to expect here on this forum.
There are people out there that probably will like and use your service. But, here it's going to be a much tougher sell.

You might get more people if you post in the altcoin parts of the forum. There are people who spend a lot of time trading, you will get people who are looking for every possible edge.
Here you are probably only going to get BTC users who sometimes dabble in BTC trading but, for the most part don't spend the time that people who live in the alts do.

And we are a lot more paranoid then others.

Also, as I said with all the security issues and exchanges imploding & closing lately I see it as a tougher sell in general.

You MIGHT get a better response if you set it up that people could run their own server / local application with the code that then makes the trades based on API calls to your sever.
This way the keys never leave their control. the other side of that is then it becomes the users responsibility to maintain a safe environment.

-Dave

Our goal is to listen to tweets that happen... whether we want it or not, influential people such as Elon Musk have the power to move the market, and institutional traders already listen to such tweets.
At the moment our product is still in private phase for friends and family, we slowly plan to release a public Beta version and we will add a Privacy Policy as well as terms ofc --- we do not collect data besides the necessities of creating an account (email).

The API keys are hashed and encrypted too.










Hey @yhiaali3 @JeromeTash & @mendace - the concept is to listen various tweets and trigger based on their news & keywords...Being "first" when such a tweet happens has a massive potential....  They are influential people as news medias will talk about their actoins and this will lead to a storm of actions that will be reflected on the market.... Some of them aare pseudoinfluencers its true, that certainly pocess no real value in terms of growth, but the market moves based on such people (they are influencers not "teachers" after all).

Here for example the growth was massive - https://ibb.co/YfCQWTB
On other tweets Musk moved the DOGE coin 26% within minutes... I certainly wouldn't want to miss on this....

From our perspective, news have the power to move markets -- and news are made by people.
Twitter happens to be a platform for such people to tweet their thoughts....



Hi Dave, thanks a lot for your reply actually, you went quite in depth there and althrough it feels as negative feedback, at the same time it is a quite genuine one too...
I will try to reply as best as I can and add more context in the hope of challenging your thoughts in this discussion.


1) Fortunatelly or unfortunatelly, the CEX part of the business is not going away - at least any time soon (there are traditional industry brokers as well).... As Napcat, our main goal was to build all the service by connecting to DEX's, but we feel its easier to start as a CEX and then slowly slowly expand, in order to also do things right and not risk any potential hacks.

2) We are mainly listening to tweets from influential people, the time will come however that the influential people will leave Twitter for a decentrilized solution, until that happens thought, there is a market fit.

3) We are actually taking an approach of storing minimal data and the one that we do is hashed and encrypted - there are plenty of services that do just like that and are entirely secure.

4) The site was just constructed, we have not yet incorporated nor released a public Beta. We are not asking for funds, we just want to validate an idea.

I initially thought it was a project to connect the social media accounts of top cryptocurrency analysts by getting important reliable analysis and signals based on technical analysis.
But when I checked your site, I found that this is what you mean:

https://napcat.medium.com/follow-influential-people-through-social-media-and-automatically-trade-their-news-signals-with-67171af1c467

Getting trading signals from people who have nothing to do with trading in the first place!!! Are these the influential people you are talking about?

What is madness this automated trading with bots?  So I should invest my money because some overgrown big boy wakes up one day and tweets that doge coin is the currency of the future?  Oh cool so in the meantime he who had already bought with discounts after his tweet will find himself pumping and selling without too much difficulty.  Thanks we were missing this.

Influential people?

What type of influencers are we talking about here?

As far as I know, Social media platforms like YouTube and Twitter are a cesspool for wannabe influencers and pseudo - crypto billionaires whose only work is to shill shitcoins for cut just because they have a huge number of followers on their profiles. Most even do not know how to actually make a good trade.

Great. So now the broker knows what the traders will do, and is definitely not going to share it with other institutions (including the Twitter accounts). Genius. Disclosing the trader's options is definitely not a red flag for trading. But, who am I kidding. We're talking about retail trading here. No sense required.  

Could you please elaborate a little more about the service? What's your privacy policy? How do you make money out of this? And perhaps answer these teasing questions above.

So after all the discussions about not your keys not your coins you are introducing a service that

1) Makes people leave coins on an exchange while

2) Is making trades based on tweets from a platform that has had a massive hack / data leak: https://bitcointalksearch.org/topic/400m-twitter-users-data-is-reportedly-on-sale-in-the-black-market-5431822

3) Is leaving API keys in someone elses control: https://bitcointalksearch.org/topic/warning-3commas-api-keys-leaked-5432206

4) All with a site that gives no owner or contact information / no physical address.

Don't think you are going to get a real positive response here.

-Dave

Hi all

Our team is developing a solution for users to automatically trade the signal by connecting Twitter with trusted brokers such as Binance and more.

**Napcat** is an automation platform.  https://napcat.io/#utm_source=bitcointalk

We are in a private Beta phase and are soon going to release a public Beta. We are trying to challenge our concpet and would appreciate everyone's feedback and thoughts <3

Read more on our Medium Blog:
https://napcat.medium.com/follow-influential-people-through-social-media-and-automatically-trade-their-news-signals-with-67171af1c467