Crypto-bridge is often the first exchange that many coins, especially MN coins, will trade on and therefore are very vulnerable to trade bots that can easily tank the price of a coin. These trade bots generally put up large walls that are very hard to sell or buy through and then do small spot buys in between those walls, gaining 15 to 30% for each swap. They rely mostly on people who want to get into the market quickly that do spot buys and people who are desperate to dump back into BTC to make money and they make a lot of it each day. You can always check the Bridge to see the accounts that are buying and selling. Two of the accounts that perpetrate this the most are gaut01 and Kalder56. If you see their orders, do not fill them and just hang onto your coins.
Tag: bots
How to find and slay self-trading Whale-bots in Crypto
There are several coins on the smaller exchanges where 80 or 90% of the coins are held by a few wallets. The holders of these wallets many times engage in unscrupulous market manipulation to trick new speculators out of money. They generally create two or three accounts and then self trade among the bots to trigger buy or sell avalanches. The actions of these bots are made to get people to panic buy or panic sell and lose money and 90% of people fall for these tricks and lose out in day trading. However, if you spot these bots at work, you can make solid profit by slaying the whales bit by bit if you have the patience and discipline.
First, look for wallet distributions among high-volume coins on small exchanges. If 80 or 90% of the coins are held by a few whales, that signals that there are several enormous whales in play. Second, are the buy and sell orders constantly changing by minute? Small amounts of bitcoins per order and most of the filled orders are only small fractions of a bitcoin. If there are tons and tons of small transactions with huge volume and coins gathered in a few wallets, that could mean the whales are using bots to self-trade among themselves. Third, look at the coin and if it does not follow bitcoin’s pattern and stays consistent with its ratio to bitcoin regardless if the Bitcoin price goes up or down, then that is also evidence of whale bot activity. For many of these coins, 75% of the trading action will happen between two price bands and if you buy in at the lower end of the band and sell out at the higher end of the band, you can consistently make profits. Sometimes the bots will make the coin dip or rise, but you should stay consistent with your buying/selling pattern and doing so will allow you to earn good solid profit. The bot actions are designed to make people follow their moves so when you sudden buy or sudden sell, they make money off unsuspecting newbies. However if you stick to your buy/sell prices and don’t panic, you can solidly slay the whales.
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