Email bitcoin robot Back in August, weird ads began appearing for something called the Bitcoin Robot that purported to earn massive profits by making hundreds of small transactions a day in the virtual currency, a version of the lucrative high-frequency trading done on Wall Street. The Bitcoin Robot claimed to have a waiting list of 20, even though the promo video through which it debuted has fewer than views.
The currency is getting increasing recognition from governments, starting with the US Treasury Department. But in a funny way, the rise of lowest-common-denominator scams tangibly demonstrates how the virtual currency increasingly resembles a real-world currency. The Nigerian prince-level scams that propagate across forums, warning that Bitcoin is about to be "illegalized" and owners should send their Bitcoins to a specific address to protect them, are easy to ignore.
But what about GrowCoins. It's just moving over to Bitcoin now," says Jeff Garzik, an early Bitcoin developer who works for robot earn bitcoins payments processor Bitpay.
However, a lot of that economic action is just speculation.
Gox, the largest of several Bitcoin exchanges. The most legendary Bitcoin profits accrued to early adopters who bought low or at zero and sold high.
Since that initial gold rush, speculators have had to get creative. Committed traders who understand the currency could bet directly in dedicated chat roomswhile others who had the programming knowledge could write scripts to arbitrage between the exchanges. That combination makes it very tempting for opportunists looking to flip the currency for an easy profit.
Earn Bitcoin With Robot
Of course, profit is never guaranteed. One reason why a pitch like Bitcoin Robot sounds bogus is that purchases still take a long time to process. High-frequency trading in the Bitcoin world is on the order of 30 minutes per transaction.
It's just moving over to Bitcoin now. The scam, which promised 7 percent returns, was so egregious that even the Bitcoin Foundation publicly condemned it.
The fact that the scam was conducted in Bitcoin did not protect the thief. Shavers was charged with operating a Ponzi scheme by the Securities and Exchange Commission, the first time robot earn bitcoins government had prosecuted someone for stealing Bitcoins.
However the Bitcoin Robot, which has at different times purported to be based in Austria, Russia, and Hong Kong, may be outside its robot earn bitcoins — either way, caveat emptor. In This Stream.
- Where to make money a day
- Invest bitcoin robot
- ‘Get rich quick’ scams hit Bitcoin - The Verge
- Install The smash-hit idle clicker where you mine virtual bitcoins to amass a simulated fortune!
- The AP news staff was not involved in its creation.
- Trading for a beginner