People have contemplated using peter Schiff’s Twitter activity as a Bitcoin price indicator for some time now. Every time Schiff claims Bitcoin is collapsing, its price seems to rebound. With the help of IFTTL, things are bound to get rather interesting.
The Purpose of IFTTL
Anyone familiar with internet services will know the IFTTT platform. It allows users to perform specific tasks if something happens. For example, if you post on Twitter, IFTTT can automatically make a similar post for Facebook if your account is connected. It is a free and relatively powerful service.
In the cryptocurrency space, there is now IFTTL (If This Then Long). This new service has a lot of potential for those actively looking at individuals like Peter Schiff as a trading signal. More specifically, users can create logins and shorts on Bitcoin automatically if someone sends a Tweet.
As an example, the service suggests creating a Bitcoin long position whenever Peter Schiff Tweets about Bitcoin. As his comments are usually negative, that concept makes sense. Moreover, every time Schiff mentions Bitcoin, its price tends to go up relatively soon. It is an unusual correlation but a pretty intriguing one.
You can apply the IFTTL service to any Twitter account. Some people have a bit more “pull” in this industry than others. Many enthusiasts closely watch Elon Musk’s account for any Bitcoin mentions as well. Musk isn’t as strong of a trading signal as Peter Schiff, but it can still prove worthwhile to experiment.
Built on the Lightning Network
What makes IFTTL even more intriguing is how it is built on the Lightning Network. If a user opens a long or short position, they will receive the payment within 1 hour. All positions close automatically, courtesy of using the LN Markets API service.
Those who want to become proficient at using Peter Schiff as a trading indicator can leverage their position up to 50x. It may not be advisable to do so, but the option is on the table. All of this makes for an exciting addition to trading Bitcoin. More importantly, it may bring more users to the Lightning Network, a change everyone can get behind.
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