Automated Bitcoin Trading Robots - The Myth
It is important to point out that people do not invest in automated crypto trading robots, they cannot be invested in or with. What happens is that people use the idea of an autotrading robot to lure people into financial products that they do not understand so as to legally defraud them. Crytpo trading robots are a fairy story! A trading platform is an interface that allows you to make trades, it is not a magic money box that makes you rich while you sleep.
You see the thing is, if you sign a paper saying that you understand the risks you are taking, it no longer matters whether you understood or no, you have legally confirmed the immunity of the other party against any further action. The broker/trader/agent has, in the eyes of the law, done as much as can be expected to protect you from your own actions by providing you with a contract that you have presumably read and subsequently signed.
So Whats the Problem?
Well the problem is that the website that lured you in to this awful scam promised untold wealth using computer designed artificial intelligent algorithms that win almost every time and that you make money while you sleep. You see the initial contact that is made blinds you to the truth, that you are signing a contract with an, at best, extremely dodgy offshore unregulated broker, and a t worst a fraudulent criminal.
So What's The Truth?
Well the truth is pretty obvious to anyone who has ever bothered to think about it for a few minutes. If money was made easily on a computer with zero experience or intelligence then money would be worthless! Money is not easy to make, that is why people kill each other for it. Trading on a computer is certainly easy, and if you have the time to wait and some capital to invest, investing in stocks and shares will make you money if you invest sensibly. If you invest stupidly you will lose money. It is that simple. Now there are all sorts of complicated ways of spreadbetting on stocks and shares or buying complex contracts such as CFDs, but if you are a novice then you are likely going to lose. It is no different to a bookies, if you do not know the likely outcome, you will lose more than you win. It is no place for a novice to be investing real money without reading up on markets regularly.
Where Does The Idea Of These Robots Originate?
It originates amongst the affiliates of the boiler room scammers and MT4 and MT5 trading. It purports to be similar to products like Forex Fury that are supposed to automatically trade pairs in ForEx markets. If you can persuade someone to fill in a contact details form and press the yes I want to be screwed by scammers button then you make hundreds of dollars. This created an environment where, with the right disclaimer at the bottom of your page, you could say anything the hell you like and get away with it. After all, you are just an affiliate, you didn't realise that the person would be scammed out of their savings and go on to commit suicide.
So what is the most absurd lie that you could make up to pretend that these vulnerable web users are about to become rich without any experience or intelligence? Easy, there is a magic computer robot that always wins money on the stockmarket and all you have to do is deposit money and you will win.
How Has The Idea Evolved?
Well the idea has been optimised over time. They have associated these algorithm based artificially intelligent robots with quantum computing and various other technologies. They have claimed that the profits also come from cryptocurrency, oil, advertising, internet traffic, big data, energy and space. They will claim anything that is different from the others as it may bring them a flurry of vulnerable, unsuspecting people. If successfully defrauded by the affiliates' partners, then the affiliate can expect significant reward as long as their conscience does not intervene.
Many of the
How Can I Avoid These Scams?
Look at the website. If they mention any of the following then leave the website immediately:
- $250 or $350 to get started
- Autotrading, Autotrader or Trading Robot
- Artificially intelligent trading platform
- Quantum Computing
- Work 10 minutes a day
- 99.4% Winning Record of Trades
- Limited Time Remaining
- Limited Copies Available
- The central banks will soon close this idea down
- Anything mentioning Tesler App
- Photos of Elon Musk
- Photos of Richard Branson
- Photos of Bill Gates
- Videos of people visiting peoples homes to help with their investments
- Videos of anyone arriving in a supercar
- Articles claiming anyone has been on a talk show with an app
- Pictures of people on a yacht
- Pictures of private planes
- Pictures of people around a pool
- Pictures of bank notes
- Bitcoins with a big gold B in the middle
- Videos of the financial news
- Pictures of Phillip Schofield
- Pictures of Holly Willoughby
- Pictures of celebrities next to each other but in separate photos
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