Arbitrageur claims 5% profit after fees on every BTC-e --> MtGox arbitrage

[Zangelbert Bingledack]

http://www.reddit.com/r/Bitcoin/comments/1b1clt/all_you_mtgox_traders_out_there/c92r23t

[vokain]

I can make more just holding

[Zangelbert Bingledack]

Same here. Fuck risking my position in this raging bull for a few percent extra. But the more arbitrage the better, and some may be interested.

[🏰 TradeFortress 🏰]

Surprised more people aren't doing it.

[drawingthesun]

If they automate this and run it constantly they will increase their holding relative to the Bitcoin price rather quickly. I would be interested if all the services they are using have a API, if so it might be quite easy to implement.

[OnlyGoodVibes]

I was making 60%-80% doing arbitrage on eBay. Until the chargebacks came in, luckily I managed to break even after it all. Do.not.bother.

[drawingthesun]

I was making 60%-80% doing arbitrage on eBay. Until the chargebacks came in, luckily I managed to break even after it all. Do.not.bother.

Whats a chargeback? The customer saying you didn't deliver or something and getting their money back?

[piramida]

That's a claim from an amateur, any substantial volume (> 100 BTC) would move btc-e in line with gox prices immediately and you already are losing money because getting usd to btc-e is costly. So no, you can't endlessly increase your funds this way Small opportunities of 100 BTC with single digit profits now and then, possible.

[OnlyGoodVibes]

I was making 60%-80% doing arbitrage on eBay. Until the chargebacks came in, luckily I managed to break even after it all. Do.not.bother.

Whats a chargeback? The customer saying you didn't deliver or something and getting their money back?

Yeah. This wasn't technically a chargeback (where you make a complaint to your credit card provider/bank and claim a transaction was fraudulent and they reverse the payment). It was a Paypal payment reversal where you claim that your item never arrived and Paypal refund you without question and zero fucks given to their fee paying seller.

[drawingthesun]

I was making 60%-80% doing arbitrage on eBay. Until the chargebacks came in, luckily I managed to break even after it all. Do.not.bother.

Whats a chargeback? The customer saying you didn't deliver or something and getting their money back?

Yeah. This wasn't technically a chargeback (where you make a complaint to your credit card provider/bank and claim a transaction was fraudulent and they reverse the payment). It was a Paypal payment reversal where you claim that your item never arrived and Paypal refund you without question and zero fucks given to their fee paying seller.

Ahh, thus revealing one of the best use cases for Bitcoin. If someone sets up a ebay for normal real world items using only Bitcoin that might help make Bitcoin more popular.

Actually I wonder how hard it would be to set up a ebay for Bitcoins?

EDIT: This exists, http://www.bitmit.net/en/bestseller

[thezerg]

I was making 60%-80% doing arbitrage on eBay. Until the chargebacks came in, luckily I managed to break even after it all. Do.not.bother.

Whats a chargeback? The customer saying you didn't deliver or something and getting their money back?

Yeah. This wasn't technically a chargeback (where you make a complaint to your credit card provider/bank and claim a transaction was fraudulent and they reverse the payment). It was a Paypal payment reversal where you claim that your item never arrived and Paypal refund you without question and zero fucks given to their fee paying seller.

Ahh, thus revealing one of the best use cases for Bitcoin. If someone sets up a ebay for normal real world items using only Bitcoin that might help make Bitcoin more popular.

Actually I wonder how hard it would be to set up a ebay for Bitcoins?

EDIT: This exists, http://www.bitmit.net/en/bestseller

But yes, marketplaces for virtual goods like game items or music have a lot of fraud because a product does not need to be sent to an address and arrived instantly.  So if you steal a CC and buy this kind of stuff its very easy to walk away with the goods.  If I remember correctly, this was a major reason why ebay stopped allowing these items to be sold.  But Bitcoin is the perfect currency for this market.

[epetroel]

That's a claim from an amateur, any substantial volume (> 100 BTC) would move btc-e in line with gox prices immediately and you already are losing money because getting usd to btc-e is costly. So no, you can't endlessly increase your funds this way Small opportunities of 100 BTC with single digit profits now and then, possible.

Exactly.  Having done this for about two years now between Gox, CampBX, Bitfloor, CryptoXChange, ExchB (remember them) and Tradehill, a consistent 5% return is impossible with any kind of volume.  Especially when you consider the fees & time involved for getting money in and out of BTC-e (which is why I don't even bother trading there).  A typical return for me after fees is about 1/10th of that (0.5%)