Redditors Attempt to Fool Bitcoin Sentiment Bots

Redditors, in a humorous attempt to push up bitcoin prices, are trying to fool trading bots that scrape the forum for sentiment.

"Bots use Reddit data as a factor in buying and selling, they've ruled this bear market. Let's try being positive here dumps or pumps doesn't matter. Post hot words in posts with positive comments."

The thread elicited more than 350 comments in 24 hours, with comments such as "Time to get a second mortgage and go all in!", and "Here we go! Buying 20 BTC this is going to the moon. HODL, moon, lambos."

One of these methods includes using software to aggregate information from social media, such as Reddit and Twitter, and check what the 'sentiment' of what people write.

If there's a lot of positive vernacular then the bot signals that sentiment if positive and gives the trader a 'buy' signal.

As one can see from the chart, the bot would give a buy signal when sentiment was outside of the average range and a sell signal when it was below the average range.

By collectively pumping out positive keywords which the bot is looking for, it could possibly fool one of these bots into buying when it normally wouldn't.

These positivity posts have become a recurring theme on Reddit r/bitcoin and r/btc, two sub-forums dedicated to bitcoin.

Some of the more humorous keywords indicating "Strong sentiment": HODL, Lambo, institutional investors, moving in, pump, to the moon, buy the dip, bottom confirmed, leveraged long, and more.

Bitcoin is extremely volatile, and deciphering whether these positivity posts have an impact on price is probably futile.