This bot bets up or down on bitcoin when Musk, Schiff or other famous names name it

Sandra Loyd

Do you think that celebrities, millionaires and big investors like Elon Musk, Peter Schiff, Michael Saylor or others have enough influence to affect the price of bitcoin (BTC)? If so, a recently created bot allows you to bet on the price movements of the cryptocurrency every time the person you choose mentions it on Twitter.

Created by developer pseudozach, @citlayik on Twitter , the bot is called IFTTL ( If this then long or “If this happens, bet up”). That is, is based on predicting a behavior every time something in particular happens . In this case, the tweets that the user chooses.

IFTTL gives the option of automating the opening of short or long positions for bitcoin based on some variables. You can choose a Twitter account and a particular message, such as mentioning the hashtag #Bitcoin. You can also set the amount of satoshis for your position and its duration. The position will be closed automatically in the time you determine , with the corresponding profit or loss. It will also be closed in the event of liquidation, with all losses.

Short or long positions are derivatives of an asset, in this case BTC. In short, they are bets on the price of an asset in a certain period of time and with a range of risk. A long position, for example, bets on the asset’s rise. If after opening that position, the price falls to a specific level (margin), that bet is settled and the trader loses the capital that he put at risk .

In the case of IFTTL, this bot operates on the Bitcoin Lightning network. Therefore, it allows the opening of positions with a low amount of satoshis (minimum unit of bitcoin). Each position can be opened with a minimum of 1,000 satoshis or 0.00001 BTC . And although this reduces the risk, it also reduces the potential profits.

This bot is based on the system of LNMarkets, a site that allows you to trade these derivatives directly using the Lightning Network.

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IFTTL allows you to automate short or long positions on the price of bitcoin. Source: screenshot.

Influence of personalities in the price of bitcoin and cryptocurrencies

The creation of this tool was born from a tweet. The businessman and bitcoiner Alistair Milne asked if no one had tried to open long positions every time Peter Schiff, a well-known critic of bitcoin, made a negative mention against the cryptocurrency through the social network.

Schiff it does not directly influence the price of bitcoin. However, on social networks there is a kind of campaign to remember his statements about an imminent fall of bitcoin and how the price of the currency created by Satoshi Nakamoto does nothing but constantly contradict his words .

In the era of social networks, however, the influence of personalities is more than palpable. The case of Elon Musk is a clear example. Just a few days ago, CriptoNoticias reported how a simple mention in its Twitter bio was taken as a turning point for an increase of up to 20% in bitcoin in question hours.

That same influence was more fully evident in the case of the altcoin dogecoin (DOGE). After a series of messages from Musk in favor of the cryptocurrency, DOGE broke its all-time high in price and was among the top 10 cryptocurrencies according to market capitalization, this Monday, February 8.

But the same logic applies not only to personalities, but to companies. IFTTL supports any Twitter account, so you can define positions based on what companies like Tesla, MicroStrategy or even mutual funds publish. The logic is simply to follow the possible impact of social networks on market behavior .

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