Bitcoin Forum

Here is a job worth 7BTC:
http://bittask.com/topic.php?id=638

You don't appear to have a clear idea of what you want done. The first paragraph talks about arbitrage between exchanges but .... as you know, its been done to death, and doesn't even tend to work because of fiat, slow transfers etc. The second idea is "buy low and sell high" bot ... that's not a description of a service, just a goal that everyone wants to achieve, a fantasy if you will.

By what methods will you "buy low and sell high"?

Until you have a clear idea what you want programmed, I would put the 7 BTC back in your pocket.

Sorrry to come across as "blunt", I don't mean to, but even projects with a "tight design" come across many obstacles. The project as currrently defined is ... not yet defined.

You do realize wangxinxi is the site owner, right? He's not the person who offered the job.

I think, I already have quite some code to do this...

https://i.imgur.com/OoP0aNo.jpg

Well, you mentioned the problem. While automated buying and selling of BTC is no problem, transfering fiat is. And no exchange supports fiat transfer via API. So all you could do is something like "buy BTC, if exchange X price < exchange Y price".

I thought it might be feasable to use services like okpay (or a similar service) and automate those transfers? Or you could just monitor rates and transfer coins back and forth.

Its the frequency that you need to automate the fiat transfers that kill this sort of idea. Okpay or any of the other MSB thats work with bitcoin take days.  You are looking for actions taken in seconds with this type of plan. The only way you can work around this is by having a large usd balance on each exchange, and even then, you will probably loose all profit if you run into a hickup.

I only did btc-e => gox to try it. It took about 1 hr and worked so far. In theory the usd could return to btc-e, when the rates are closer (even with a small loss).

But I agree, that arb on 1 exchange is a lot easier. That's why I focussed on btc-e alone mainly so far.

Give up now, once the exchanges come back to normality the opportunity will be gone.
If you take account of exchange fees andtransfer fees the margins is small. Plus there is the stress of transfering large quanities of money around just to make a percent or two.

And risk of having money at multiple unregulated exchanges.

This.

What exactly is that?

I was scared to click it

Lol hey relax... this is not darknet or /r/spacedicks..

Just a screenshot of my bot at work...it won't take over your computer, or so...