Topic: [XMR] BuyMonero.net - BTC cost averaging (Read 3787 times)

its been low on the totem pole of fluffy's todo list unfortunately

So, what happened after the hosting mishap? Did the site never go back up?

Hello everyone!

I'm sorry to inform you that there was a hosting mishap. We haven't lost any data and we expect to be back up within a couple of days as we move to new infrastructure.

Thanks for the suggestion, and its a good one -

we had some discussions about how many features to add etc... we ultimately decided to follow the KISS concept (keep it simple, stupid). But we could have a more complex schema for different levels of users with different fee levels.

Just a suggestion, and I know it kinda defeat the purpose of cost-average.

But it would be a nice feature to be able to set a max price cap. Like if I don't want to accumulate at prices over 400K, then I could set that as my max price there and the bot will only bid up to that price.

PMd

The bot doesn't seem to be buying for me. I've got 5XMR in my buymonero account and 0.01BTC on Poloniex, but there don't appear to be any orders created. Does Poloniex keep a record of orders created but not filled? Just wondering if that's what's happening each time.

Unless my bot already made the daily purchase - in that case, it wouldn't buy.

Thanks Ginger, So your saying that I should raise my sell price at 1:00:37 GMT everyday just for you?

J/K none to sell ATM.

And here's the screenshot of the graph, in case you don't wanna head to the op.


Its not the best example of getting the best deal, but we're not hiding anything. The bot does what its supposed to do. Buys monero. Daily.

Excellent.

Yeop, which is why we added that option. See OP.

For cost averaging to work correctly it should be a fixed amount of XBT worth of XMR when buying XMR rather than a fixed amount of XMR. The idea with cost averaging is that one buys more XMR when the price is low and less XMR when the price is high; hence the fixed amount of XBT.

Not yet, I am still monitoring the market before purchasing and have not decided whether to use this or not when I do. But a generic live graph on the main page of the default settings would give a good idea of what the difference would be for like a weekly timeframe. It should be a decent selling point as long as it's consistently in the middle of the road.

Without data I probably won't try it to be truthful.

Do you have an account? There is a graph. It shows where your purchase was made, and you can see the high and low of the day from the graph. I will put a screenshot in the OP when I get home today.

You know what would be cool?
A live graph showing the price you would have received your xmr vs the high and the low of the day.

Sorry, there are no promotions at this time. Please watch for new replies to this thread - it is where promotions are announced.


And FYI, the "free monero" was just additional monero for your buymonero.net account - you don't actually receive extra monero for your holdings. Promotions just temporarily decrease the price of our service.

I've lost the occasion to get some free monero.
I joined the website today.
Are in program another promo for early user?

thank you for your service

Tired of riding the monero wave? Tired of second-guessing your buying decisions? Get a bot to do it for you!!

Set up a new poloniex account, get an API key, set up a buymonero.net account, and let your bot accumulate your monero for you!!

you love data, do you
looking forward to see your results..

but: if your results are too close to what i am really doing i will change the rate-discovery slightly.

btw. the easiest way would be to just open multiple accounts and buying huuuge amounts (huge is always better i'd say)

have a nice day and thanks for your interest

Nice to hear, why don't you post what points your bot purchased at in a few days. I'd be interested to see the results.

Watching with interest to see the adoption of this... I'm by not means a programmer but taught myself enough python to get a quite sophisticated bot up and running on Poloniex. So always good to see what the competition is doing! 

Well, here we border on disclosing too much and risking exploit (onemorexmr can elaborate more if he feels it won't disclose too much), but whats important for the switch to the "higher buy order" behavior is mostly the 24 hour clock.

In the future I think we will implement a feature to optionally disable the "higher buy order" behavior. This will cause you to potentially not accumulate XMR in a given day, but it will allow you to avoid daily price spikes.

But again, the point is that regardless of daily price spikes, you will still, on average, accumulate XMR more cheaply (especially using the "spend this amount of BTC per day).

That is unless, of course, you gobbled up a lot of XMR during the end of 2014.

Honestly, it may be better to just keep it simple. As long as users are provided with information so that they can understand the constraints, like what you and GingerAle have provided, I think it's good.

I would be curious to know more technically how it handles daily price spikes, regarding what GingerAle said:

are there any specific options you'd like to make?

atm its only possible to configure if you want to buy a specific xmr amount or just buy as many xmr as possible with a defined btc amount.

you can't define the time when the bot will act. due to poloniex limits i need to spread all requests somewhat equally through the day.

i plan to make this possible soon *tm* though - together with switching to an interval you like (eg 1xmr/1h or 1xmr/6h or something like that).

a small trick: if your buymonero account is unfunded, you may just go to polo and make a new apikey. if you use this to create a new to our site you will get a new time randomly.
if you do this: please disable your old api key on polo.

Just to clarify, the early adopter promotion is now over. Thanks all that joined during this early phase!

as soon as your next timewindow is reached the bot will take the new setting to buy the changed amount.

How long does it take to switch from buying a constant amount of XMR to spending a constant amount of BTC? In other words, after updating on the buymonero.net website, how long before the order is changed on Poloniex?

To award early adopters, we are offering a 3 for 1 promotion! (Buy one, get 3!) This is also to draw attention to our improved functionality (option to spend a certain amount of BTC per day).

What does that mean?

That means we will triple the amount of XMR deposited in your buymonero.net account. So if you deposit 1 XMR, we will add 2 XMR to it for a total of 3 XMR of bot buying power!!!! If you deposit 10 XMR, we will add 20 XMR to it!



How do you get this promotion?

1. create a new account using the following link:

BuyMonero.net/promo

For detailed instructions on buymonero.net function and how to setup account, please see BuyMonero.net
NOTE: you must deposit monero in your buymonero.net account in order to receive the promotion. This is part of setting up the account.

2. Copy the unique PROMO code.

3. Paste the following into your signature:

4. Post the unique promo code on this thread. This will verify that you have added the above to your signature.
NOTE: This must remain in your signature for at least 3 weeks. If it is removed before then, we can deduct the promotional amount.

5. We will add the additional amount to your buymonero.net account. (This might take a while, but we will add it within 12 hours)
NOTE: At no point can you withdraw from your buymonero.net account


We are not tripling the amount of XMR that a given amount of BTC can buy. We are tripling the bot functioning time that a given amount of XMR can buy. The bot fee is reduced from 1% to 0.333%

Fine print:

We will add a maximum of 20 XMR. If you deposit 5 XMR, you get 10 XMR for a total of 15 XMR. If you deposit 10 XMR, you get a total of 30 XMR. If you deposit 20 XMR, you get a total of 40 XMR. If you deposit 50 XMR, you get a total of 70 XMR.

Promotional offer ends 4/12/2015 at midnight US eastern or until supplies last.

You MUST copy the unique promo code! Please don't forget this!!!

All existing customers are receiving this promotion. Thanks for signing up so early!

No sock puppets! Limited 1 per bitcointalk signature. If your bitcointalk account was made after 7 AM US eastern 4/10/2015, we will not honor promo code.

I feel like I'm channeling my inner Billy Mays

Onemorexmr is making an "advanced mode" that will allow a lot of stuff.

Currently, the bot places a buy order below market price. So just like if you were on polo and the highest buy price was 0.0042 and it looked pretty stable there but you wanted to see if you could get a deal, you'd be like "eh, I'm gonna place a buy order at 0.0039" So thats what the bot does.

So that buy order will sit there, until someone sells you some monero for that price!

However, if that order isn't filled (say, for instance, the market is very bullish that day - it keeps going up.. so the highest buy price is now 0.0049 and your order is still 0.0039), the bot will check and go "holy crap, I haven't bought any XMR in the past 24 hours. I should buy some". The bot will cancel its order at 0.0039, and then place a new buy order, right around the highest buy price. This way someone is sure to sell to the bot, so your bot will have succeeded in buying some XMR in that day.

After that order is complete, the cycle repeats.

So that 24 hour mark is where the bot goes "did I buy something in the past 24 hours?" This 24 hour counter is chosen randomly

Great! That helps. What time of day does it buy? Can this be configured?

Brilliant idea.



added to OP as well.

This logic is user programmable? Can you show some screenshots?

To award early adopters, we are offering a 3 for 1 promotion! (Buy one, get 3!) This is also to draw attention to our improved functionality (option to spend a certain amount of BTC per day).

What does that mean?

That means we will triple the amount of XMR deposited in your buymonero.net account. So if you deposit 1 XMR, we will add 2 XMR to it for a total of 3 XMR of bot buying power!!!! If you deposit 10 XMR, we will add 20 XMR to it!



How do you get this promotion?

1. create a new account using the following link:

BuyMonero.net/promo

For detailed instructions on buymonero.net function and how to setup account, please see BuyMonero.net
NOTE: you must deposit monero in your buymonero.net account in order to receive the promotion. This is part of setting up the account.

2. Copy the unique PROMO code.

3. Paste the following into your signature:

4. Post the unique promo code on this thread. This will verify that you have added the above to your signature.
NOTE: This must remain in your signature for at least 3 weeks. If it is removed before then, we can deduct the promotional amount.

5. We will add the additional amount to your buymonero.net account. (This might take a while, but we will add it within 12 hours)
NOTE: At no point can you withdraw from your buymonero.net account


We are not tripling the amount of XMR that a given amount of BTC can buy. We are tripling the bot functioning time that a given amount of XMR can buy. The bot fee is reduced from 1% to 0.333%

Fine print:

We will add a maximum of 20 XMR. If you deposit 5 XMR, you get 10 XMR for a total of 15 XMR. If you deposit 10 XMR, you get a total of 30 XMR. If you deposit 20 XMR, you get a total of 40 XMR. If you deposit 50 XMR, you get a total of 70 XMR.

Promotional offer ends 4/12/2015 at midnight US eastern or until supplies last.

You MUST copy the unique promo code! Please don't forget this!!!

All existing customers are receiving this promotion. Thanks for signing up so early!

No sock puppets! Limited 1 per bitcointalk signature. If your bitcointalk account was made after 7 AM US eastern 4/10/2015, we will not honor promo code.

I feel like I'm channeling my inner Billy Mays

Promotion sent! Thanks for adding the sig!! Any questions or feature requests, let us know!

Funded!

Thanks for adding us to your signature! due to your status, the signature cuts off, so you could change it to just the first part if you wanted. Up to you!

962068983

808264444

To award early adopters, we are offering a 3 for 1 promotion! (Buy one, get 3!) This is also to draw attention to our improved functionality (option to spend a certain amount of BTC per day).

What does that mean?

That means we will triple the amount of XMR deposited in your buymonero.net account. So if you deposit 1 XMR, we will add 2 XMR to it for a total of 3 XMR of bot buying power!!!! If you deposit 10 XMR, we will add 20 XMR to it!



How do you get this promotion?

1. create a new account using the following link:

BuyMonero.net/promo

For detailed instructions on buymonero.net function and how to setup account, please see BuyMonero.net
NOTE: you must deposit monero in your buymonero.net account in order to receive the promotion. This is part of setting up the account.

2. Copy the unique PROMO code.

3. Paste the following into your signature:

4. Post the unique promo code on this thread. This will verify that you have added the above to your signature.
NOTE: This must remain in your signature for at least 3 weeks. If it is removed before then, we can deduct the promotional amount.

5. We will add the additional amount to your buymonero.net account. (This might take a while, but we will add it within 12 hours)
NOTE: At no point can you withdraw from your buymonero.net account


We are not tripling the amount of XMR that a given amount of BTC can buy. We are tripling the bot functioning time that a given amount of XMR can buy. The bot fee goes from 1% to 0.333%

Fine print:

We will add a maximum of 20 XMR. If you deposit 5 XMR, you get 10 XMR for a total of 15 XMR. If you deposit 10 XMR, you get a total of 30 XMR. If you deposit 20 XMR, you get a total of 40 XMR. If you deposit 50 XMR, you get a total of 70 XMR.

Promotional offer ends 4/12/2015 at midnight US eastern or until supplies last.

You MUST copy the unique promo code! Please don't forget this!!!

All existing customers are receiving this promotion. Thanks for signing up so early!

No sock puppets! Limited 1 per bitcointalk signature. If your bitcointalk account was made after 7 AM US eastern 4/10/2015, we will not honor promo code.

I feel like I'm channeling my inner Billy Mays

Understood, thanks for answering so quickly.

due to poloniex rate limiting we dont request your balance that often (we have to do this requests once per customer).

we requested it once when you create your account (i guess you funded your poloniex account afterwards - which is perfectly fine).

as soon as your "time window" is reached our bot will check your balance a few seconds before he tries to buy and starts buying if there is enough btc available.


thank you for pointing that out.

Thanks, not seeing a poloniex BTC balance though 

Also, on the instructions I caught a typo: "Press register. The following instructions are also (cloated) on the "Status" page for your convenience"

i have received your mail and have set your promo code to the code mentioned in the quote above.

thank you for trying us and welcome!

edit: it was a kind of message but no mail

reloading the promo-registration page does not give you a new promo-code (only if you actually use that page for registering).

may i have the first three digits of your payment id (preferably in private - pm or mail ([email protected]) as you like)?

i will set the promo code from your post above (655906100) on your account manually

Cool. I deleted my quoted response to clear up potential confusion. We will use the new code you posted.

PROMO-Key: 655906100

Can't pass on free Monero.

*Had to change promo code--didn't associate/marry the account I created with the account info on promo page. Should be a valid account associated with the promo code now. 

To award early adopters, we are offering a 3 for 1 promotion! (Buy one, get 3!) This is also to draw attention to our improved functionality (option to spend a certain amount of BTC per day).

What does that mean?

That means we will triple the amount of XMR deposited in your buymonero.net account. So if you deposit 1 XMR, we will add 2 XMR to it for a total of 3 XMR of bot buying power!!!! If you deposit 10 XMR, we will add 20 XMR to it!



How do you get this promotion?

1. create a new account using the following link:

BuyMonero.net/promo

For detailed instructions on buymonero.net function and how to setup account, please see BuyMonero.net
NOTE: you must deposit monero in your buymonero.net account in order to receive the promotion. This is part of setting up the account.

2. Copy the unique PROMO code.

3. Paste the following into your signature:

4. Post the unique promo code on this thread. This will verify that you have added the above to your signature.
NOTE: This must remain in your signature for at least 3 weeks. If it is removed before then, we can deduct the promotional amount.

5. We will add the additional amount to your buymonero.net account. (This might take a while, but we will add it within 12 hours)
NOTE: At no point can you withdraw from your buymonero.net account


We are not tripling the amount of XMR that a given amount of BTC can buy. We are tripling the bot functioning time that a given amount of XMR can buy. The bot fee goes from 1% to 0.333%

Fine print:

We will add a maximum of 20 XMR. If you deposit 5 XMR, you get 10 XMR for a total of 15 XMR. If you deposit 10 XMR, you get a total of 30 XMR. If you deposit 20 XMR, you get a total of 40 XMR. If you deposit 50 XMR, you get a total of 70 XMR.

Promotional offer ends 4/12/2015 at midnight US eastern or until supplies last.

You MUST copy the unique promo code! Please don't forget this!!!

All existing customers are receiving this promotion. Thanks for signing up so early!

No sock puppets! Limited 1 per bitcointalk signature. If your bitcointalk account was made after 7 AM US eastern 4/10/2015, we will not honor promo code.

I feel like I'm channeling my inner Billy Mays

Response pulled from the Monero Speculation Thread


Thank you for the recommendation! We (well, that's the queenly we... onemorexmr is the one with the magic computer skills) is currently implementing this change.

Onward and upward!

you are welcome

Quoted from Monero ANN thread:

Ok, that makes sense, I was just curious

Congrats on the new service!

as usual poloniex keeps their fee.
we take our fee from the amount bought (not from your poloniex account ofc).

How are the Poloniex fees handled?

Excellent service! I've registered and looking forward to programmable bots 

not yet; version 2 is (but psssst.... it'll take a while for me to finish testing and implementing it)

Interesting! Is the bot user-programmable?

i confirm that i developed and host buymonero.net.
i am also the only one who sees api-keys from all users and has access to the wallet.

if you have any suggestions or ideas feel free to contact us!

happy trading!

Florian Werner
[email protected] (private)
[email protected] (official)

(as of 20160119, this service is currently suspended as we are looking for new hosting options. We apologize for the downtime)

Greetings!

Onemorexmr, fluffypony and I made a new service called BuyMonero.net. Essentially, this is a bot that buys Monero for you on the exchange (currently Poloniex) so you don’t have to constantly watch the markets to get Monero at a good price.

Instead, you can program the bot to buy a certain amount of XMR per day. Over the course of weeks or months, you will (theoretically) obtain your Monero at a lower cost than if you were to place large buy orders. This is known as the  cost average effect.

The service is designed to require no more trust than is already in the exchange system. The service works through the API of the exchange, meaning that you deposit your BTC to the exchange (Poloniex) in order to purchase Monero. Essentially, BuyMonero.net never has control of your bitcoin. Furthermore BuyMonero.net also can’t touch your Monero in your exchange account. Additionally, you login to buymonero.net using your Poloniex API key!

How it works: you fund your exchange account with bitcoin, and you fund your BuyMonero.net account with XMR (using a specific payment ID that is provided). The current fee for this service is 1% -  1 XMR per 100 XMR purchased.  For example, if you deposit 5 XMR in your BuyMonero.net account, your bot can purchase 500 XMR on the exchange (if you deposited enough BTC in your poloniex account!)

The total time to set up your BuyMonero.net bot is approximately 10-15 minutes (mostly waiting for the bitcoin to transfer), but you’ll essentially never have to deal with the Poloniex interface again! Once its set up, you can simply deposit more bitcoin in your Poloniex account and deposit more XMR in your BuyMonero.net account. The only time you’ll have to login to Poloniex is to withdraw your Monero!

If you are interested, please check out the website:  BuyMonero.net

Any questions, please feel free to ask. Also, new service suggestions welcome, glitches may be possible but will be fixed and fast. For general troubleshooting, please use the forums (as this will encourage community assistance). But do not post your payment IDs!

Screenshot of user adjustable bot settings: