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Author Topic: bitstamp arbitrages  (Read 2926 times)
crazy_rabbit
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April 10, 2013, 07:13:07 AM
 #21


1. Go here or here https://www.bitinstant.com/ https://www.aurumxchange.com/
2. Choose Mtgox -> Bitstamp
3. Enter usd amount
4. Enter destination account
5. Proceed, make needed mtgox code
6. Enter it to bitinstant/auruxchange
7. Get your USD into bitstamp
8. Buy cheap coins
6. Send them directly to your mtgox deposit address
10. Sell at gox

This process called arbitrage. Oftenly processed by bots.

11. Pay MtGox commission
12. Pay Bitstamp commission
13. Pay bitinstant/auruxchange commission
14. Wait several days for USD to transfer
15. That 0.01BTC sitting at 227 ask looks good, but prepare to pay 3% more to buy any sizable amount


Yep. This is also why major exchanges don't want to add Alt-cryptocurrencies like litecoin. You would see money shifting ceaselessly.

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keatonatron
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Jack of oh so many trades.


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April 10, 2013, 07:36:40 AM
 #22

If it were really that good of a deal, the exchanges would be balanced out already. There are more than enough people on arbitrage watch to jump on any opportunity, but it's not really there. The Gox > Bitstamp option has been missing from bitinstant for a few weeks now (or at least every time I go there...)

The gap between prices needs to be a certain % of the total price to make it worth your while with the fees. Now that prices are going up, the gap is going up as well. A $10 gap sounds appealing (and used to be) but it really isn't that great since the total price will be so high.

I have done a few arbitrage movements over the past few weeks, but I usually only make around $2 per transaction  Undecided

I think my total profit so far is around 12 dollars. Grin Not really worth it for a month's work...

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endlessdark
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April 10, 2013, 08:17:20 AM
 #23

How much time does this whole operation cost? Is there any delay?
desper
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April 10, 2013, 08:17:55 AM
 #24

The way arbitrage can work is if you want to change one currency into another. Just choose the pair of exchanges so that you buy coins cheaply and sell them for the other currency expensively. You can get a better exchange rate, or leave your profit as some bitcoins.
dg2010
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April 10, 2013, 08:53:31 AM
 #25

Moving FIAT around makes no sense when it comes to arbing. Just keep a balance in two exchanges and trade from that. If you see a price difference just execute a sell at one and a buy at another. It won't always be in the same direction so if you have enough of a buffer you won't need to bother balancing the accounts.


San1ty
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April 10, 2013, 09:17:07 AM
 #26

It's a bit worrying to me that MTGOX has such a high % of the market. I would prefer at least 4 players with each 25%. People should keep this in mind... The MTGOX singularity is something we do not want...

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Digikeys
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April 10, 2013, 09:31:32 AM
 #27

Actually to add; I was running arb bot for a while (when we were in 5$ period) but I shut it off because of not much movements happed back then and also because Bitstamp has a bug and has been silently stealing via fees for over a year now and it was killing my arb profit. I talked about it with Nejc (one of two guys who run this exchange) - it was said its gonna get fixed but why fix money making bug eh? Yeah still there, but even less apparent with the Bitcoin price rise.

Quote
idioterna: bitstamp guy;




Feel like sharing anymore details about the bug?
Pteppic
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April 10, 2013, 09:36:40 AM
 #28

Moving FIAT around makes no sense when it comes to arbing. Just keep a balance in two exchanges and trade from that. If you see a price difference just execute a sell at one and a buy at another. It won't always be in the same direction so if you have enough of a buffer you won't need to bother balancing the accounts.

My bot is out of fiat ammo on bitstamp  Sad. It is all well and good saying you just need enough of a buffer, but if there is a big enough change in the balance between buyers and sellers, then everyone's buffer can be exhausted.

"Remember too on every occasion which leads you to vexation to apply this principle: not that this is a misfortune, but that to bear it nobly is good fortune." - Marcus Aurelius
endlessdark
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April 10, 2013, 09:42:47 AM
 #29

This thread has made many people try that, and bitstamp has a huge delay accepting USD from MtGox -> All of them are losing money (including me, i'm stupid)
endlessdark
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April 10, 2013, 09:49:09 AM
 #30

245 and my money still frozen between mtgox and bitstamp.
Don't try to do this process today.
dg2010
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April 10, 2013, 10:36:28 AM
 #31

My bot is out of fiat ammo on bitstamp  Sad. It is all well and good saying you just need enough of a buffer, but if there is a big enough change in the balance between buyers and sellers, then everyone's buffer can be exhausted.

In which case, you are shit out of luck.

The lag, fees and risk involved in converting to FIAT simply make a single arb makes it a waste of time IMO, as others have found out.

When your buffer is out fill up or wait until the tide runs the other way. Don't chase the arb by cashing out and hoping to cash back in. With the volatility you can lose out more than the value of the arb.


mmortal03
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April 10, 2013, 11:01:19 AM
 #32

According to the following thread, you won't be able to do this anymore later today, or am I reading this wrong?
https://bitcointalk.org/index.php?topic=151081.0;all
essem
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April 10, 2013, 11:48:24 AM
 #33

Let's hope aurum pull their fingers out and get this sorted asap. I tried some earlier, luckily they only $200 of bitstamp available
keatonatron
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Jack of oh so many trades.


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April 10, 2013, 12:30:53 PM
 #34

My bot is out of fiat ammo on bitstamp  Sad.

Same here. I don't want to have too much fiat or else I'll be losing out on the rising BTC price (Making $20 off arb isn't so great when you could have just kept that cash as btc and cashed out when they are each worth $20 more). Mt. Gox and Bitstamp need to swing back and forth to create an optimal system, but Gox has been constantly charging ahead lately...

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Pteppic
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April 10, 2013, 12:50:17 PM
 #35

My bot is out of fiat ammo on bitstamp  Sad.

Same here. I don't want to have too much fiat or else I'll be losing out on the rising BTC price (Making $20 off arb isn't so great when you could have just kept that cash as btc and cashed out when they are each worth $20 more). Mt. Gox and Bitstamp need to swing back and forth to create an optimal system, but Gox has been constantly charging ahead lately...

Yeah, I used to tell my bot to have half in fiat and half in BTC but as the price kept going up (this is from about $6 to $12 last year) I just saw the number of BTC I held going down. That was getting depressing so I changed to having a target BTC holding instead. I'm glad I made that change.

"Remember too on every occasion which leads you to vexation to apply this principle: not that this is a misfortune, but that to bear it nobly is good fortune." - Marcus Aurelius
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