Trading Bots :: Security Question | Bitcointalksearch.org

grendel25

legendary

Activity: 2296

Merit: 1031

Quote from: joinfree on October 26, 2017, 04:01:56 PM

It depends on the configuration that it will make on your API, but honestly man, why are you using a trading bot? is it because you dont know how to trade or just because you are so lazy? Trading is not a difficult task, you only have to pay attention to the markets and do your own decisions over it.
Came on, it is easy, probably that bot costed you around $600 or maybe more, that is a such amount of money and if you dont have time and patience you are not going to recover it quickly.

I want to spend my time doing other things. The logic involved seems pretty basic and something that should be easily automated in today's world. It's not that I'm lazy, it's that I have different values for how I spend my time.

Also, after further looking, the dev of the bot seems trustworthy and has some history and online presence. Not a perfect safety guarantee but I'm also not throwing my life savings at this.

It is interesting so far. It trades on cryptopia. Feel free to PM me if you want more info.

And yes, it is like squatz1 says, I have a 9-5 that keeps me busy and I'm just looking for something to put the meager amount of coins I earn to work. I don't like the idea of money sitting idle if there are some decent investment opportunities about.

Thanks all for your inputs.

squatz1

legendary

Activity: 1666

Merit: 1285

Flying Hellfish is a Commie

Quote from: joinfree on October 26, 2017, 04:01:56 PM

It depends on the configuration that it will make on your API, but honestly man, why are you using a trading bot? is it because you dont know how to trade or just because you are so lazy? Trading is not a difficult task, you only have to pay attention to the markets and do your own decisions over it.
Came on, it is easy, probably that bot costed you around $600 or maybe more, that is a such amount of money and if you dont have time and patience you are not going to recover it quickly.

I wouldn't think that the reason is that trading is hard or something along those lines, I'd think that this person has a normal job and wouldn't be able to dedicate their lives to trading so a bot, if created well and managed well by the person when they can, would be able to make some side money.

But the big thing with the bot is on the permissions that you give it if you're allowing it to withdraw that's a big fucking red flag as all it should be doing is TRADING. So check on that and then come back to us.

What bot are you using as well

joinfree

sr. member

Activity: 1274

Merit: 260

1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

It depends on the configuration that it will make on your API, but honestly man, why are you using a trading bot? is it because you dont know how to trade or just because you are so lazy? Trading is not a difficult task, you only have to pay attention to the markets and do your own decisions over it.
Came on, it is easy, probably that bot costed you around $600 or maybe more, that is a such amount of money and if you dont have time and patience you are not going to recover it quickly.

no0dlepunk

sr. member

Activity: 490

Merit: 258

Quote from: grendel25 on October 26, 2017, 01:51:17 AM

So I found this bot and it takes a commission every time it sells. So, if it can take a commission of some arbitrary amount, what is to stop it from just selling all of the coins and transferring 100% commission to some hacker?

Well, as long as your API does not allow your bot to withdraw your bitcoins, there won't be any security issues. BOTS should only do an algorithm that has been set for him to do, while the exchange platform is the one that you have to secure by not generating an API key with withdraw-enable.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Are you sure that whatever commissions they are taking doesn't represent the exchange fees? Usually, the bots such as C.A.T and Gunbot etc. let you link your account by setting up the API key from your exchange account (e.g Poloniex or Bittrex) and you can set whatever permissions you want while creating the API so withdrawing is not possible through the application. If the bot you're using doesn't let you any of that and they actually make you deposit inside the BOT then It's possible they have control over everything.

grendel25

legendary

Activity: 2296

Merit: 1031

So I found this bot and it takes a commission every time it sells. So, if it can take a commission of some arbitrary amount, what is to stop it from just selling all of the coins and transferring 100% commission to some hacker?

Topic: Trading Bots :: Security Question (Read 256 times)