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/biz/ - Business & Finance

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File: 2 KB, 310x163, binancepls.png [View same] [iqdb] [saucenao] [google]
8208676 No.8208676 [Reply] [Original]

Why do bots on binance place their order, then delete it one second after, and repeat.
Are they trying to force market orders?

>> No.8209009

>>8208676
I dont know if they do it on binance, but i know bots on stock do this weird thing stockbrokers hate. let me explain.

You have put an order to sell10 BTCP for 150usd each. A bot sees this and puts out 2 buy orders for 5 BTCP at 150 each. Your side accepts and sends request to get both, the bot registers this but before you're request is accepted they cancle one of them and imediatly sends out a buy order for 5 BTCP at 149.5usd each. You have already sent your sell order so you cant cancle and have to accept loss of 0.5usd x5. (exagerated, except BTCP will be worth 1000usd once it gets on exchanges).

Im pretty sure this is how bots do trading.

source: i have big bags of BTCP and im a bot (fuck u captcha)

>> No.8209306
File: 70 KB, 1170x742, brainlet.jpg [View same] [iqdb] [saucenao] [google]
8209306

>>8209009
>market orders

>> No.8209359

>>8208676
the people who use this bots are too lazy to code their own so everyone uses the same retarded bot that's going to force them to buy VIAcoin again pretty soon

>> No.8209650

>>8209009
Ah, but does this work on binance?