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CMMPro
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November 11, 2013, 03:13:45 AM |
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Yeah...the hardest part is the time lag and fee's moving your money around.
By the time you sell and pay the fee's, transfer the money out to your bank and pay those fee's, wait a few days / weeks in some cases to get it, transfer it back to the exchange to buy, pay those fee's, then buy and pay even more fee's.....you lost your arb opportunity.
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"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
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bits4books
Sr. Member
 Offline
Activity: 854
Merit: 264
Crypto is not a religion but i like it
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November 11, 2013, 03:14:02 AM |
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But if I bought on BTC-E couldn't I just immediately send my BTC to Bitstamp and sell?
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CMMPro
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November 11, 2013, 03:16:45 AM |
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Then you have money on Bitstamp.....how do you get it out? Bank transfer? Wire? I hope you don't like using your money for a week or two.
Then you have several fee's for buying/selling and wire transfers....and the price of bitcoin has changed so much in those two weeks that you don't know if you will win or lose money in the process.
Everyone who trades has gone through this thought process a hundred times...if it was easy all the exchanges would have the exact same price all the time.
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bits4books
Sr. Member
Offline
Activity: 854
Merit: 264
Crypto is not a religion but i like it
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November 11, 2013, 03:19:18 AM |
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Then you have money on Bitstamp.....how do you get it out? Bank transfer? Wire? I hope you don't like using your money for a week or two.
Then you have several fee's for buying/selling and wire transfers....and the price of bitcoin has changed so much in those two weeks that you don't know if you will win or lose money in the process.
Would it really take that long? It's all money that would just be sitting around anyways. There's such a big disparity between them.. EDIT: Or just sell them in the exchange section. There's tons of people looking to buy @bitstamp rate or even bitstamp+ |
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CMMPro
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November 11, 2013, 03:23:28 AM |
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$25 per $300 is not a big arb opportunity.
The 2x wire transfers cost twice that amount...ask your bank what they charge for a wire these days.
If you live in the USA the banks are basically stopping all international wire transfers person to person due to reg changes in Oct.
You literally can't wire money overseas any more from some US banks.
You may make some money on localbitcoins.com.....there may be an arb opportunity there if you can deposit back to your "buying" exchange quickly.
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BitchicksHusband
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November 11, 2013, 03:23:42 AM |
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Up 17% in btc stash over this weekend.  Still puts me down since the large correction/"crash", like I assume most people. No, because we BOUGHT and HELD. |
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thezerg
Legendary
Offline
Activity: 1246
Merit: 1010
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November 11, 2013, 03:24:29 AM |
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But if I bought on BTC-E couldn't I just immediately send my BTC to Bitstamp and sell?
yes but by the time you've run your money around the block and earned 5%, Bitcoin has appreciated by 20% (or 100%). That is, your money spends 99% of its time in fiat form but Bitcoin is appreciating exponentially. Nobody puts 100% in BTC so why not arb with the money you hold in fiat, you ask? The problem is that the risk profile is not the same as your other fiat investments. Its likely more on a level with BTC itself because if the exchange crashes they'll likely take ALL your money not just the BTC. And the exchanges are not insured, in a foreign country, etc. Its like having USD on bitfinex... do you really think that if bitfinex gets cracked and loses ALL its BTC they'll return your USD before declaring bankruptcy? But sure some people are arbing which is why the prices are somewhat aligned... and that's how BTC flows to China... |
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BitchicksHusband
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November 11, 2013, 03:31:21 AM |
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btc-e going to hit 300 tonight by the looks of it (294 currently)
gox:332.5
stamp:314.5
bears: they don't justy shit in the woods they shit themselves everywhere.
where's the $1xx prices we were told about? huh bears?
I thought it was double digits. I said that would NEVER happen again (unless Bitcoin fails) and I still believe that. |
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NewLiberty
Legendary
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Activity: 1204
Merit: 1002
Gresham's Lawyer
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November 11, 2013, 03:32:42 AM |
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Then you have money on Bitstamp.....how do you get it out? Bank transfer? Wire? I hope you don't like using your money for a week or two.
Then you have several fee's for buying/selling and wire transfers....and the price of bitcoin has changed so much in those two weeks that you don't know if you will win or lose money in the process.
Would it really take that long? It's all money that would just be sitting around anyways. There's such a big disparity between them.. EDIT: Or just sell them in the exchange section. There's tons of people looking to buy @bitstamp rate or even bitstamp+ Or at US$500 per bitcoin? http://bitcoincharts.com/charts/localbtcUSD#rg60ztgSzm1g10zm2g25zv |
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BitchicksHusband
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November 11, 2013, 03:34:08 AM |
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$260 on Gox by Tuesday.
Did you mistype $360? |
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jojo69
Legendary
Offline
Activity: 3150
Merit: 4309
diamond-handed zealot
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November 11, 2013, 03:35:08 AM |
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If you live in the USA the banks are basically stopping all international wire transfers person to person due to reg changes in Oct.
You literally can't wire money overseas any more from some US banks.
can barely transfer between legitimate businesses I needed some parts from Belgium just a couple weeks ago, took them forever to figure out the new rules shit is seriously fucked up |
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macsga
Legendary
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Activity: 1484
Merit: 1002
Strange, yet attractive.
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November 11, 2013, 03:39:56 AM |
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How about Coinbase? I just found out that one in the EU can buy BTC with his/her Visa card (for a small fee) directly to his/her iphone wallet... Who needs a bank?  |
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BitchicksHusband
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November 11, 2013, 03:44:08 AM |
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If you live in the USA the banks are basically stopping all international wire transfers person to person due to reg changes in Oct.
You literally can't wire money overseas any more from some US banks.
can barely transfer between legitimate businesses I needed some parts from Belgium just a couple weeks ago, took them forever to figure out the new rules shit is seriously fucked up All the more reason why bitcoin will take off in the US. |
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bits4books
Sr. Member
Offline
Activity: 854
Merit: 264
Crypto is not a religion but i like it
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November 11, 2013, 03:51:34 AM |
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Well I bought about 20 btc in the $1xx to $2xx range to just buy and hold anyways. (which is so fucking hard to do)
Was just curious/educating myself now that I'm investing in bitcoin. Still keep some for use, but primarily investing now.
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Richy_T
Legendary
Offline
Activity: 2436
Merit: 2114
1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
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November 11, 2013, 03:53:35 AM |
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Yeah...the hardest part is the time lag and fee's moving your dirty fiat around.
FTFY. |
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jojo69
Legendary
Offline
Activity: 3150
Merit: 4309
diamond-handed zealot
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November 11, 2013, 04:00:42 AM |
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If you live in the USA the banks are basically stopping all international wire transfers person to person due to reg changes in Oct.
You literally can't wire money overseas any more from some US banks.
can barely transfer between legitimate businesses I needed some parts from Belgium just a couple weeks ago, took them forever to figure out the new rules shit is seriously fucked up All the more reason why bitcoin will take off in the US. yes, my point exactly, legacy, parasitic payment schemes are uncompetitive with a P2P solution |
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ChartBuddy
Legendary
Offline
Activity: 2170
Merit: 1759
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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November 11, 2013, 04:01:41 AM |
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bitwhizz
Legendary
Offline
Activity: 910
Merit: 1000
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November 11, 2013, 04:22:51 AM
Last edit: September 05, 2014, 10:07:09 AM by bitwhizz |
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rocks
Legendary
Offline
Activity: 1153
Merit: 1000
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November 11, 2013, 04:28:33 AM |
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If you live in the USA the banks are basically stopping all international wire transfers person to person due to reg changes in Oct.
You literally can't wire money overseas any more from some US banks.
can barely transfer between legitimate businesses I needed some parts from Belgium just a couple weeks ago, took them forever to figure out the new rules shit is seriously fucked up All the more reason why bitcoin will take off in the US. What is seriously f***ed up is these controls are just for the middle and working classes, the wealthy will still be able to move money around. The US now makes things illegal through red tape. Wire transfers are not illegal, if they said that then people would notice. Instead they effectively make wire transfers illegal through regulations and red tape. Freedom is becoming an illusion. Of course if you are wealthy and have private equity accounts, then processing said red tape is part of the service provided. Just screws the working class while the bankers and politicians are not effected. |
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adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
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November 11, 2013, 04:58:28 AM |
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This is why i am not buying now, Below is a google trends graph of the search term 'bitcoin' and ' bitcoins'. As we can see the search term bitcoin always increases during times in which the value of bitcoin has increased. This is a fairly obvious and logical observation. This means that at the moment the inflated price is due to bubble frenzy like buying (caused by baidu) etc. The value in bitcoin is only justified when their isn't a bug peak in interest as this means that their isn;t a bubble phase going on. Therefore i believe it is foolish to buy now.  lol what this is super bullish info, look at the spike in bitcoin interest the past few days. pretty soon everyone on earth have heard the word bitcoin, yet another mille stone |
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