Hello guys,
This is the method I use to get free money whenever I am going to sell BTC. I am posting it here incase it helps out someone. Please keep this post only on bitcointalk.org. It is a sort of modification of how trade bots try and profit from market gaps, but it works because it doesn’t require currency transfer back to BTC-e.
If you don’t like the idea of investing money to sell your coins, this isn’t for you. You have to spend an amount generally 10% lower than your expected revenue from BTC sale. You do get it all back almost instantly when you sell your BTC.
Requirements-BTC you want to sell. For the example we will use 16.73093 BTC.
-Some cash. For the example, we will use $2000. An amount equivalent to the BTC you want to sell (using BTC-e rate) is sufficient.
Example-BTC-e BTC price = $119.3
-MtGox BTC price = $137
-Price Difference: $17.7
1. Deposit $2,000 into BTC-e
2. Deposit the 16.73093 BTC to sell into MtGox.
3. Buy BTC at $119.3 from BTC-e = 16.73093 BTC at a cost of $2,000
4. Send the 16.73093 BTC to MtGox
5. Sell all your 33.46186 BTC on MtGox at $137 = $4,584
Result:
MtGox revenue without moves: ~$2292
MtGox revenue with moves: $4,584 - $2,000 = $2,584
That’s almost $300 more for free. Since this works on all the exchanges and does not require any fund conversions, fees should be low.
Enjoy your newly found free cash.