SPT Market Bot On Hive-Engine (Watch As I Jack The Price Of SPT)


You:

"Rentmoney, what the hell are you talking about?"


Rentmoney:

"There's (multiple) bots likely owned by the same person on the Hive-Engine exchange that has massive SPT buy/sell orders."


You:

"So, what's the problem?"


Rentmoney:

"The buy order is for over 250,000 SPT and it looks like there's a sell order for over 100,000 SPT."


You:

"But why is this bad?"


Rentmoney:

"I never said it was. I'm just bringing attention to it."


I haven't done any digging into who has the buy/sell order bot(s) as the who doesn't matter. I'm only bringing attention to the fact its happening. If both bots are owned by the same user (very likely) What this specific user is (very succesfully) doing is creating a massive buy order wall for SPT and then creating a sell order wall while taking the profits inbetween. The bots are designed to stop relisting the orders once the buy and sell orders come close to each other. Anytime someone undercuts either wall the market bot removes the initial orders and replaces them back up so they become the first order sellers/purchasers of SPT sell or buy into.

Now without digging any deeper then what I mention here there's a chance that the buy order bot and the sell order bot are owned by different people but I doubt it. Below you will see a screenshot of the Buy/Sell orders for SPT before I start placing my SPT buy orders. Below the first screenshot you will see the new price for SPT after I jack the price of SPT. My orders never fill because the bot always relists their orders for slightly higher then mine (up to the point where its no longer profitable for the bot to do so).


SPT Buy/Sell Orders Before I Jack The Price

image.png


SPT Buy/Sell Orders After I Jack The Price

image.png


My Buy Orders

  • 0.00925
  • 0.00975
  • 0.01025

Market Bot Buy Orders

  • First Screen shot: 0.00900
  • Second Screen shot 0.01025

Both the 8,000 SPT and the 251,730 SPT buy orders are marketbots. I been watching the SPT market very closely the last few days and noticed these bots have taken control of the SPT market. Yesterday the 8,000 SPT buy order was 4,000. I could easily push the SPT price closer to the sell orders like I did in previous days but I think the above clearly shows what is going on so no need for me to do so. I just tested the Sell order and the 104,000 SPT sell order does the same thing (immediately undercuts my order). Make of this what you will. I thought it an interesting topic to post and notifiy others about so I did. What is your opinion on these market bots?


What Is SPT?

SPT is the token awarded on the Hive frontend known as Splintertalk. The Splintertalk frontend is specifically for content related to the Hive blockchain game known as Splinterlands.


What is Splinterlands

Splinterlands is an online blockchain game built on the Hive Network. It utilizes NFT's for game play. These NFT's and other in game assets are tradable and have real monetary value. Click here to play or to invest in Splinterlands. Play for free or pay $10 USD and start earning today!


What Is Hive-Engine

Hive-Engine is an exchange built on the Hive-Network. It host many second layer Hive tokens such as SPT / LEO and Proofofbrain to name a few. Visit Hive-Engine today--> https://hive-engine.com/

Posted Using LeoFinance Beta



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Interesting. Someone was just saying in the Starbits Discord that they thought a bot was buying every order they tried to buy. Likely the same person.

Does this happen on other exchanges too or is it just small exchanges?

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They all have them. Coinbase/binance/bittrex etc all have API's for this sort of thing just like hive engine and splinterlands and even many stock brokerage firms. Usually they add much needed liquidity to the market but in this case they end up just being a nuisance the way they are programmed.

If you log into a major like coinbase pro and watch btc trade, that's 99% bots trading and something like 90% of all stock trading is also bots. The good ones even monitor the news which is why every time china bans crypto every single coin falls off a cliff still all at once.

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The good ones even monitor the news which is why every time china bans crypto every single coin falls off a cliff still all at once.

I'd wondered why that was. Now I know. 😁

!PIZZA

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I think it is useful to have a market as liquid as possible.

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(Edited)

Even if it means one person is taking the profits? At the moment there's 0 chance for anyone else to set a order that will actual buy or sell unless its at very thin margins in which the marketbot won't touch (for good reasons).

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It is a free market and the bot runs the risk of a sell-off. A liquid market will always be better than an illiquid market in which you keep an asset of value 0 since you cannot sell it.

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I agree with this in principal but the way it actually works adds very little liquidity because they undercut you by the smallest fraction possible, which in crypto can be .00000000001 on a $50 coin. So they can keep undercutting you and not move the price enough to even register in the way it displays. Meanwhile there's a 100% wide gap between the buy and sell price.

I have no problem with these bots in principle and would even like to design my own one day but the way they are now are super annoying and the liquidity benefit they add in this case is microscopic.

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before some days i try to buy 5+5 HBD tokens in hive, because need buy 2 certificates for one blockchain game ocean planet, 1 book is for i can sell farm items in game and second book (i dont get second) is to withdrow crypto from game... But my problem is with HBD, on that day HBD cost 0.9 USD, but when i try to buy 1 HBD cost 2 USD in hive because someone trolling hard, and always put bigger price from mine, so on end i put only to buy 5 HBD for 10 hive and i left that, and i get HBD in few days... So probably someone who is rich try BUY-SELL on manilipation way... I read you post and that looks same... Mabey is not same person but i think they have a lot money to make SELF price for token so if you dont watch can lose a lot... I notice price in USD on hive engine is not same like in trade view, always need watch transaction before last one...

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Very true, one needs to keep an eye on the market when placing orders as fortunes can change in a blink of an eye.

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Couldt it be deployed another bot or bots who target this kind of behavior? Like a bot that constantly looks for people doing this and thus placing orders to counter their efforts?! I don't know if what I said makes sense, but basically blocking the guy to manipulate the market. Would it be too costly?!

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Sure it can be done. It would then be a bot war between the ones that own them. The likely outcome would be the sell/buy orders so close that the profits for trading would be minimal. Just like most other things, it comes with risks like the other bot owner dumping the token on your head.

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So, there isn't an obvious solution, is it? That's a bummer 😔

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Well I think it's fine for tribe tokens as it adds liquidity. Unless we move directly to a AMM model, I don't see any way this will change. It gives people a chance to get out without impacting the actual price. This will suck for people who want to get a better price but I don't see much we can do about it.

One thing to note is that it might negatively affect things like INDEX since buying from the actual account lets it buy more underlying tokens. But besides this, I don't see much of an issue.

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Bots have really been popping up heavily in so any of these markets. The DEC and LTC markets I use quite often will sometimes have 5 or 6 bots on each side so you're absolutely buried every time. I think there are several owners because some bots are immediate and some seem to check the market every minute or two to see if they are first. I don't know how they seem to work together so they don't undercut each other all the way to their programed floor in quick succession but they don't.

While I find it all annoying, especially when you have a small order and they bury you with huge orders, there are some of these bots that only work one side and push price around.

I posted on one of those about a month ago that would undercut larger orders in the middle of the field with about 2.5 million dec so the order would need to keep beating it but the order would always disappear if it got to close to becoming the best price.

https://leofinance.io/@imno/how-to-manipulate-the-dec-market-101

At the time they were pushing around millions of dollar in value with $10k and a bot that never bought or sold anything. These markets desperately need liquidity and in one sense, these bots bring liquidity, but when programmed to just undercut by .00000001, they are more of a nuisance than anything.

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That's the reason why I use the swap now instead of placing the orders on the markets

  • I can get my token instantly
  • There is no big price gap between buy/sell orders

You can try it here https://tribaldex.com/dieselpools/

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Hi @rentmoney
Bots are there in many markets but they don't always serve a negative function.
Of course, sometimes they are annoying but if there are bots you can use them to your advantage: if you have to sell, you place small buy orders until the bot reaches its limit and then you sell and vice versa if you have to buy instead of selling.
Maybe you don't know and I hope in this case to be useful, you can see the accounts that sell and buy in a market from this link:
https://jjb777.github.io/hive-engine-classic/?p=market&t=SPT

image.png

!BEER
!PIZZA

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Yes, if one wanted to sell SPT tokens now would be a good time. The bot would make sure one could get top price in todays market. I did know about github, thanks for sharing the link.

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(Edited)

PIZZA! PIZZA! PIZZA! PIZZA! PIZZA!
PIZZA Holders sent $PIZZA tips in this post's comments:
libertycrypto27 tipped rentmoney (x1)
gillianpearce tipped rentmoney (x1)
@rentmoney(1/10) tipped @eii (x1)
gillianpearce tipped imno (x1)
eii tipped rentmoney (x1)
Learn more at https://hive.pizza.

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Hey Rent, what the heck is up with splintertalk.io, is the site down. Seems like i cant get it to load.

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Splintertalk and other outpost frontends are down at the moment. As far as I know the person who take care of them has a life event going on and is temporarily unable to fix whatever issue that is causing them to be down.

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Dam, no shit. Seemed strange and didnt see too many others post about it. Hope dude is ok.

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They are, its a positive event not a negative one.

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Trading bots have been a common occurrence in all markets for a while. Doesn't matter if you're into crypto, stocks, soybeans or anything else. I've surprised that they haven't been on Hive-engine long before this, but I guess there wasn't much to get excited about there until the recent run-up in Splinterlands tokens. I guess it's a sign that we have arrived, someone has taken the time to make a bot to trade with us.

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(Edited)

I noticed them around before this but this one is holding nothing back with its 250,000 wall. Whoever it is they are making sure no-one else trades. His bot is keeping the price higher then it would be. Good news for holders, bad news for buyers.

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Very good news for sellers. With prices of SPS and DEC going through the roof this morning. This guy picking up all the SPT he can is a smart move.

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I'm very tempted to sell my liquid SPT (100,000) into his buy order to get more SPS for purchasing boosters. I suspect SPS to go up over $1 very soon. I already put my all liquid HIVE in SPS and am currently selling my HBD to do the same.

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I think you are correct. Looks like everyone (including me) is trying to load up on SPS at the last moment. Voucher madness has arrived, let the mayhem commence!

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I believe it's @cryptomancer that runs the bot service - you can subscribe to it, but it costs a fortune.

Personally I find them annoying, but I'm rarely in a rush to buy or sell anything on Hive-Engine so TBH they probably end up doing me a favour.

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Isn't cryptomancer part of the splinterlands dev team?

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