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Title: USD-->BTC-e-->your wallet-->MtGox-->????--->>PROFIT Post by: Lgetty17 on April 25, 2013, 01:37:17 AM Would this work? as opposed to using bitinstant for arbitrage between btc-e and MtGox, why not just use your wallet to transfer BTC?
Title: Re: USD-->BTC-e-->your wallet-->MtGox-->????--->>PROFIT Post by: BookofNick on April 25, 2013, 01:48:26 AM And how do most people easily get money into BTCe?
Title: Re: USD-->BTC-e-->your wallet-->MtGox-->????--->>PROFIT Post by: johnblaze on April 25, 2013, 01:52:19 AM And how do most people easily get money into BTCe? exactly Title: Re: USD-->BTC-e-->your wallet-->MtGox-->????--->>PROFIT Post by: birkoff2 on April 25, 2013, 02:07:29 AM The problem with this approach is that bitcoin is an extremely volatile currency.
Your approach may look good on paper, but it's very difficult to time the market to make any profit. MtGox DDOS attacks are also not helping. Plus getting USD into btc-e will cost you at least 2% of your principal. Not to mention plethora of other fees. Title: Re: USD-->BTC-e-->your wallet-->MtGox-->????--->>PROFIT Post by: BookofNick on April 25, 2013, 08:47:39 AM The problem with this approach is that bitcoin is an extremely volatile currency. Your approach may look good on paper, but it's very difficult to time the market to make any profit. MtGox DDOS attacks are also not helping. Plus getting USD into btc-e will cost you at least 2% of your principal. Not to mention plethora of other fees. Actually, the volatility is not the problem. BTCe stays consistently $5-15 under Mt. Gox spot. Why? Easy. It's hard to get USD into BTCe. The price reflects that. If it were as easy as getting dollars into Mt. Gox, there wouldn't be a spread, due to those taking advantage of arbitrage. Most people who have USD in BTCe have it because of a trade out of a cryptocurrency into dollars. They can arbitrage all they want, but they most likely (not always) lost money while getting into that USD position. If it were easy to move cash into BTCe, there wouldn't be a spread, because the free market would arbitrage to the point where the amount of the spread is negligible. Title: Re: USD-->BTC-e-->your wallet-->MtGox-->????--->>PROFIT Post by: nwbitcoin on April 25, 2013, 08:52:11 AM I found a way to do something similar, but the problem is always how you take your fiat, and convert it back to bitcoins cheaply so you can start again.
I sold all my bitcoins yesterday and am now in transfer hell of waiting for fiat to clear to by more bitcoins- I am going to lose out on making some good money! However, this is the way we learn and push for change - the time issue is a big one! |