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empoweoqwj
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June 21, 2013, 01:53:23 PM |
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You don't appear to have a clear idea of what you want done. The first paragraph talks about arbitrage between exchanges but .... as you know, its been done to death, and doesn't even tend to work because of fiat, slow transfers etc. The second idea is "buy low and sell high" bot ... that's not a description of a service, just a goal that everyone wants to achieve, a fantasy if you will.
By what methods will you "buy low and sell high"?
Until you have a clear idea what you want programmed, I would put the 7 BTC back in your pocket.
Sorrry to come across as "blunt", I don't mean to, but even projects with a "tight design" come across many obstacles. The project as currrently defined is ... not yet defined.
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grue
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Activity: 2058
Merit: 1462
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June 21, 2013, 03:42:18 PM |
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You don't appear to have a clear idea of what you want done. The first paragraph talks about arbitrage between exchanges but .... as you know, its been done to death, and doesn't even tend to work because of fiat, slow transfers etc. The second idea is "buy low and sell high" bot ... that's not a description of a service, just a goal that everyone wants to achieve, a fantasy if you will.
By what methods will you "buy low and sell high"?
Until you have a clear idea what you want programmed, I would put the 7 BTC back in your pocket.
Sorrry to come across as "blunt", I don't mean to, but even projects with a "tight design" come across many obstacles. The project as currrently defined is ... not yet defined.
You do realize wangxinxi is the site owner, right? He's not the person who offered the job. |
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dexX7
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Activity: 1106
Merit: 1026
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June 22, 2013, 03:59:25 PM |
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Well, you mentioned the problem. While automated buying and selling of BTC is no problem, transfering fiat is. And no exchange supports fiat transfer via API. So all you could do is something like "buy BTC, if exchange X price < exchange Y price".
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daybyter
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Activity: 965
Merit: 1000
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June 22, 2013, 04:46:14 PM |
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I thought it might be feasable to use services like okpay (or a similar service) and automate those transfers? Or you could just monitor rates and transfer coins back and forth.
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RedRobin2442
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June 22, 2013, 05:44:33 PM |
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I thought it might be feasable to use services like okpay (or a similar service) and automate those transfers? Or you could just monitor rates and transfer coins back and forth.
Its the frequency that you need to automate the fiat transfers that kill this sort of idea. Okpay or any of the other MSB thats work with bitcoin take days. You are looking for actions taken in seconds with this type of plan. The only way you can work around this is by having a large usd balance on each exchange, and even then, you will probably loose all profit if you run into a hickup. |
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daybyter
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Activity: 965
Merit: 1000
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June 22, 2013, 05:53:15 PM |
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I only did btc-e => gox to try it. It took about 1 hr and worked so far. In theory the usd could return to btc-e, when the rates are closer (even with a small loss).
But I agree, that arb on 1 exchange is a lot easier. That's why I focussed on btc-e alone mainly so far.
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fluidjax
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June 24, 2013, 05:56:12 PM |
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Give up now, once the exchanges come back to normality the opportunity will be gone.
If you take account of exchange fees andtransfer fees the margins is small. Plus there is the stress of transfering large quanities of money around just to make a percent or two.
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joesmoe2012
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June 24, 2013, 08:19:29 PM |
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And risk of having money at multiple unregulated exchanges.
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SEC agent
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Activity: 98
Merit: 10
America, land of the free
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June 24, 2013, 08:22:12 PM |
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And risk of having money at multiple unregulated exchanges.
This. |
"It may be laid down as a primary position, and the basis of our system, that every Citizen who enjoys the protection of a Free Government, owes not only a proportion of his property, but even of his personal services to the defense of it." -George Washington
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Voodah
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June 25, 2013, 05:45:22 AM |
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Voodah
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June 25, 2013, 06:09:25 AM |
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Lol hey relax... this is not darknet or /r/spacedicks.. |
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daybyter
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Activity: 965
Merit: 1000
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June 25, 2013, 10:36:07 AM |
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I was scared to click it
Just a screenshot of my bot at work...it won't take over your computer, or so... |
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