Issue with investing in Bitcoin

poohbear5

AnotherJoe wrote: »

There is absolutely no point reporting this to anyone because if it's genuine dealing it's not illegal, and because people naive enough to invest in such operations don't look for or heed warnings before getting involved.you didn't did you. You didn't post here befure putting your money in, only afterwards.
It's obvious that these operators are going to lose money for all but a minority of players, even the honest ones, so to people who don't think it's obvious they won't look first anyway. You didn't.

I'm sorry but this is a really unhelpful comment. I asked if there was anywhere to report the website but you have just used it as an opportunity to berate me on my actions. There are many people currently losing money via this trading bot and the company behind it needs to be investigated by the appropriate regulatory authority. There is a route to file a complaint on cryptocurrencies and high frequency trading algorithms via the SEC in the US and the equivalent EU body.

AnotherJoe

poohbear5 wrote: »

I'm sorry but this is really unhelpful comment. I asked if there was anywhere to report the website but you have just used it as an opportunity to berate me on my actions. There are many people currently losing money via this trading bot and the company behind it need to be investigated by the appropriate regulatory authority. There is a route to file a complaint on cryptocurrencies and high frequency trading algorithms via the SEC in the US and the equivalent EU body.

Report them for what? From what you've posted they are doing nothing illegal and a quick look on the web seems to confirm that.

The fact people are losing money doesn't mean its illegal.Many people daytrade shares and lose money . Plenty of people gamble and lose money. None of those activities are illegal but i know there are lots of warnings about day trading, options trading, gambling and yes gambling with bitcoin.

The fact its apparently a near guaranteed way to make money should have raised massive warning flags, if you had a system that was so good it couldn't lose, would you sell it for a pittance and 15% cut, or trade yourself, take all the profits and leverage your winnings into an exponential gain?

Hermione_Granger

Change one word in the first sentence and the rest of the post isn't needed.

poohbear5 wrote: »

Over the past few months I began [STRIKE]investing[/STRIKE] gambling in Bitcoin.

Snow_Dog

Hermione_Granger wrote: »

Change one word in the first sentence and the rest of the post isn't needed.

Harsh - but true:T

Snow_Dog

Out of curiosity does anybody know if there was a reason for the 30% drop a few weeks back or was it just collateral from everything else dropping?


Just interested to see if some of the crypto rises and falls are following other markets.


Also, have you noticed how the value is back to pretty much where it was when it went stratospheric about this time last year. About as volatile as a pyromaniac with a box of matches and a can of gasoline

System

poohbear5 wrote: »

I'm sorry but this is a really unhelpful comment. I asked if there was anywhere to report the website but you have just used it as an opportunity to berate me on my actions. There are many people currently losing money via this trading bot and the company behind it needs to be investigated by the appropriate regulatory authority. There is a route to file a complaint on cryptocurrencies and high frequency trading algorithms via the SEC in the US and the equivalent EU body.

They're losing money because Bitcoin is sinking faster than the Titanic. It has sank from over $6300 at the beginning of November to just below $4000 by the end of the month. If you were investing over the last few months you'll have had your pants pulled down.

My advice to you is to never invest in anything other than a savings account with a bank as quite clearly you do not bother reading any of the warnings given on the sites you use.

stephenadarglas

Greed - that's what drives people to be less than cautious.

Reed_Richards

poohbear5 wrote: »

There are many people currently losing money via this trading bot

If lots of people are performing the same automatic actions then this can be exploited so that they lose money and somebody else wins. I don't know the first thing about bitcoin trading but suppose you have a running stop loss that automatically sells if the value of your bitcoin/share drops by more than 10% on the day. A large sale forces down the price and triggers the stop losses which forces down the price still further. At this point the original seller buys back-in, the price rises again and all the stop-loss traders are under water having sold at below the final trading price.

Rickster1978

Could someone post me in the direction of the correct authority to report Skybet to please? I ‘invested’ £50 in a dead cert yesterday and it fell at the first.

Reluctantpensioner

"In any deal, if you don't know who's being screwed - it's you".