After what happened with VIA in Binance, is it safe to trade with automated bot?

[bobjoemega 1088]

     It was a big disaster, when one of the best bot was hacked by some pirate, and take the price of VIA to a high level, Traders lose a lot of money this day, Binance that day claims that the platform has nothing to do with this case because the hack was in bots,

I think the better way to trade, is to be there, watching and taking decision in the time you are there, so what about you?

Bots or Human 

[Bills 583]

The bots will always be necessary when they can do arbitration procedures and tasks similar to those of high frequency trading, because they are things that escape the human being's abilities.

[seriousguywithfunnypants 266]

47 minutes ago, bobjoemega said:

     It was a big disaster, when one of the best bot was hacked by some pirate, and take the price of VIA to a high level, Traders lose a lot of money this day, Binance that day claims that the platform has nothing to do with this case because the hack was in bots,

I think the better way to trade, is to be there, watching and taking decision in the time you are there, so what about you?

Bots or Human 

Bots are increasing trading volumes and very beneficial for day trading as it provides lots of transactions (sell/buy order). 

[seriousguywithfunnypants 266]

3 minutes ago, bobXsingular said:

Yes, it brings liquidity. But the problem is when people use these bots to control the market and the price of Bitcoin.

And it goes with the tendency of the market, so if price is dropping they will help it drop more.

I prefer human users.

The trend is using AI bots and most of the serious financial portfolio management firms are using them to trade. It is an inevitable situation.

[Crypto123 0]

Frankly, I do not like these robots, they are comfortable and do the work for you and make decisions maybe better than you, but it is easy to hack it and thus you will lose everything. Therefore, it is best to trade manually on your own and stay safe from hacking.

[Apple 202]

On 10/19/2019 at 5:48 AM, bobjoemega said:

     It was a big disaster, when one of the best bot was hacked by some pirate, and take the price of VIA to a high level, Traders lose a lot of money this day, Binance that day claims that the platform has nothing to do with this case because the hack was in bots,

I think the better way to trade, is to be there, watching and taking decision in the time you are there, so what about you?

Bots or Human 

You should read the final update. The bot is only a speculation. That is a human job. No traders have suffered because Binance blocks the withdrawal.

[Shaza Ahmad 1682]

On 10/18/2019 at 6:48 PM, bobjoemega said:

Bots or Human 

I don’t like trading bots, I prefer human trading, and I don’t give my decision to bots to take it for me. That incident was unfortunate, and I hope it will not happen again.

[bliznec 22268]

I have no idea what happened to the Binance exchange. I don’t use bots, maybe in the future, but not today.

[Syedbesharat 5423]

On 10/19/2019 at 3:48 AM, bobjoemega said:

     It was a big disaster, when one of the best bot was hacked by some pirate, and take the price of VIA to a high level, Traders lose a lot of money this day, Binance that day claims that the platform has nothing to do with this case because the hack was in bots,

I think the better way to trade, is to be there, watching and taking decision in the time you are there, so what about you?

Bots or Human 

I only use my own analysis  not bot for trading.This is risky and i don't want to loss my funds from any bot hacking.

[Razan alikac 1899]

From this painful incident means that robots are unsafe, risky and bring money loss, we just have to rely on ourselves.

[Jhadhasan 872]

You cannot put your money at Robort's disposal. He is at any time vulnerable to attacking pirates. Control yourself with money that you don't put in danger.

[Sasaki 171]

I really don't recommend using bot when trading, well of course bot is only program to do a specific task and it cannot fully inclined with cryptocurrency volatility, and yes one of that weakness is that it might hacked by someone so don't just use bots and be patient on what you have because in the end it is the best to make a decision on our own.

[Opinder 1310]

Although bots are good to perform quick and more trading activities but I do not think we should depend on them because you do not have control on your funds while trading and they could be hacked any time.

[cryptousd20 141]

An automated robot is not secure on your account and it can manipulate your account how it wants it can make you lose big money in a short period if it is modified on a failed strategy and this is something that must be taken into account before dealing with it

[Alomgir0099 7]

You cannot put your capital at Robort's disposal. He is at any time vulnerable to attacking pirates. Control yourself with riches that you don't put in danger.
 

[bentayebsalah 2280]

I prefer manual trading because it is the safest thing in terms of everything and it is considered a risk that you use robots in trading because there may be mistakes that make you lose your money.

[Rickso 768]

On 10/19/2019 at 12:48 AM, bobjoemega said:

     It was a big disaster, when one of the best bot was hacked by some pirate, and take the price of VIA to a high level, Traders lose a lot of money this day, Binance that day claims that the platform has nothing to do with this case because the hack was in bots,

I think the better way to trade, is to be there, watching and taking decision in the time you are there, so what about you?

Bots or Human 

the VIA pump because of the hack was a 2018 news. and this happen only because people are dumb and it is not because people were using bots...

this happen because some people put their credentials on a phishing site so the hacker via the API keys bought all those VIA and the price pumped hard.

so your question makes no sense

[Yunusalemu 0]

Remember anything automated works base on data it recieves and recompute to make decisions, it wouldn't even notify you and would simply procced, this could be a desaster when it computes outdated info or make wrong analisis. 

[deepown 0]

Maybe the bot was hacked by the bot developer himself, better not trust them indeed.

[Yunusalemu 0]

I will definitely not advive any individual to involve him or her self in using automated trading bot for crypto currency trading world activities as this is very risky and can cost u a very great loss.

Edited March 26, 2020 by Yunusalemu

[jacker 1095]

I confess that I have an unfriendly view of the bot, I think it's not high, it's not safe, so I rarely choose to use it. but I think binnace is not affected because the problem is not caused by the platform.

[Thekingcallme 1975]

Certainly there is a possibility for some risks, but the use of bots in trading is necessary, especially for owners of large quantities of currencies, as well as banks, they use bots in trading

[lange_marck 40]

bots will always be necessary when they can do arbitration procedures and tasks similar to those of high frequency trading, because they are things that escape the human being's abilities...

[Abdalrazig 1865]

I don't know why people keep the enjoyable part for robots, as for me I love to do my trading by my own, even bots mess up sometimes so what the difference between us, is it the data within? I guess this isn't a problem by time I will have the same data and even more better.

Edited October 10, 2020 by Abdalrazig