bitscalper anyone use this ? [PASSWORDS LEAKED]

[xepera]

The way bitscalper does the BTC profit payout I think is to payout the percentage to each person based on the their share of the BTC scalping pool.

When I scalped it was all about getting $ out of the BTC trade, not sure how bitscalper managed to give profit in BTC. I guess they have a completely different way to approach scalping than what I used. You never run out of coins since you allways buy at exchange1 at lower price the same amount of BTC that you just sold at exchange2 thus the BTC float allways stays balanced and only the $ that you gained would increase(or decrease if you constantly buy at only one exchange but then you need to transfer more $ to this exchange when it runs low). Before you sell and buy the BTC scalp you would calculate the commission percentages in so that when you buy the commission would be negated.

The spread of these two exchanges has at least to be as big as the difference between i.e. mt gox price * 0,46% fees (in my case) and the price of the second exchange. Isn't it pretty hard to get such spreads?

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[Clipse]

The way bitscalper does the BTC profit payout I think is to payout the percentage to each person based on the their share of the BTC scalping pool.

When I scalped it was all about getting $ out of the BTC trade, not sure how bitscalper managed to give profit in BTC. I guess they have a completely different way to approach scalping than what I used. You never run out of coins since you allways buy at exchange1 at lower price the same amount of BTC that you just sold at exchange2 thus the BTC float allways stays balanced and only the $ that you gained would increase(or decrease if you constantly buy at only one exchange but then you need to transfer more $ to this exchange when it runs low). Before you sell and buy the BTC scalp you would calculate the commission percentages in so that when you buy the commission would be negated.

The spread of these two exchanges has at least to be as big as the difference between i.e. mt gox price * 0,46% fees (in my case) and the price of the second exchange. Isn't it pretty hard to get such spreads?

It is pretty easy during good arbitrage periods where the price difference is ranges between 3-5% as is common still between btc-e and mtgox.

[BurtW]

Wouldn't it be as simple as buying low and selling high while maintaining a constant dollar amount, instead of a constant BTC amount?  Simplified/Exaggerated example:

Exchange 1:  Can buy BTC at $5.00/BTC
Exchange 2:  Can sell BTC at $6.00/BTC

Spend $120 at exchange 1 and get 120/5 = 24 BTC
Sell 20 BTC on exchange 2 and get back your 20*6 = $120

You now have exactly the same amount of $ as when you started but you have an extra 4 BTC

Split the 4 BTC between all the investors proportionally to their investment

Rebalance $ between the various exchanges as needed

Repeat

[btcash]

Seems to be pretty popular already.
The bot (if there is one) scalped ~28 BTC from monday to tuesday. The intrest was around 0,25%. So I assume that there are 11200 BTC in the system?

You can scalp 28BTC with just 1BTC btw , it can constantly scalp the same values in micro scalps if needed. I am not sure how bitscalper manages it, just making it clear that you dont need xBTC to scalp yBTC.

That is not what I am talking about. He distributed a profit of 28 BTC to all Bitscalper users. Because of the 0,25% interest that day we can assume that all users invested a total of of 11200 BTCs (atm).

[Sargasm]

I hope his daily profits are enough to keep him from deciding that the bird in the hand is worth more than the two in the bush.

[farfiman]

I hope his daily profits are enough to keep him from deciding that the bird in the hand is worth more than the two in the bush.

I doubt there is 70000$ worth of  coins there....  maybe I'm wrong

[Flappy]

Remember proper arbitrage happens in realtime and most of the within a few seconds if not less than a second. You dont buy 1BTC at exchange 1 and then wait minutes or hours so that exchange 2 price is higher and then sell at exchange 2. The arbitrage price difference must be available in realtime and executed near realtime.

You can't transfer $ instantly between exchanges.  So how can this work?

You can't transfer $ instantly without BitInstant you mean?

Looks like Tradehill is the only exchange BitInstant can automatically deposit USD.
https://www.bitinstant.com/api

Mtgox email coupon code does not sound instant to me.

[stochastic]

I hope his daily profits are enough to keep him from deciding that the bird in the hand is worth more than the two in the bush.

I dont know why anyone would keep their money in there after the server was down for 3 days.

The use of bitcoin makes people cautious for good reason.  After you give someone your bitcoins you are at their mercy to give them back.  I think one of the pitfalls of bitcoins is the license it was released under.  Bitcoin is released under the MIT Open Source Initiative License, which basically means that any modification or distribution of Bitcoin needs to also be released under the MIT License and free or charge to anyone.

The reason I see this is a problem is that it fails to also necessitate the use of open source guidelines with the use of Bitcoin in other applications or services.  Take for example Bitscalper.  Here is a service that uses Bitcoin.  I have no problem Bitscalper using Bitcoin to make a profit, but I believe any use of the Bitcoin software should require that the source of any 3rd party platforms be open and publicly available.

Even if a service that uses Bitcoin is completely legitimate, bitcoins could still be lost.  Just look at BTCinch.com with one of the managers refusing to release bitcoins.

The reason why people don't trust fiat currencies is because they are closed.  All the decision making goes on behind closed doors and the minutes are not released to the public for years.  We have trust in Bitcoin because it is open source.  There is a set determined rate of inflation and we can see all the transactions that occur.

Bitcoins cannot be charged-back in case of fraud.  It is also an international currency market.  For this reason trust and reputation is the cornerstone of a Bitcoin service.  I see no reason to trust a Bitcoin service with a closed system when my trust in Bitcoin comes from its openness.

[Clipse]

Seems to be pretty popular already.
The bot (if there is one) scalped ~28 BTC from monday to tuesday. The intrest was around 0,25%. So I assume that there are 11200 BTC in the system?

You can scalp 28BTC with just 1BTC btw , it can constantly scalp the same values in micro scalps if needed. I am not sure how bitscalper manages it, just making it clear that you dont need xBTC to scalp yBTC.

That is not what I am talking about. He distributed a profit of 28 BTC to all Bitscalper users. Because of the 0,25% interest that day we can assume that all users invested a total of of 11200 BTCs (atm).

Mmm you automaticly assumed the update on the scalped coins means that is being distributed to the users? What makes you think they dont take a cut from the scalped coins thats part of the update on the site.

[wndrbr3d]

Mmm you automaticly assumed the update on the scalped coins means that is being distributed to the users? What makes you think they dont take a cut from the scalped coins thats part of the update on the site.

I think that's implied in their FAQ where they say "maximum 5% daily". So they might make 10-15% on their trades, but they're only promising their users a MAXIMUM of 5%.

They -COULD- be making 100 BTC profit per trade and only distributing 1 BTC among all their buy-ins. The lack of transparency is not clear. They say the only money they make is off the 1.75% on withdraw... but without more transparency, there's no way to be sure.

All I can say for sure is that this hasn't proved to be a scam. Yet.

[ydenys]

Another 18 pages on the power of Greed - boring. Time to get locked methinks.

[Clipse]

Another 18 pages on the power of Greed - boring. Time to get locked methinks.

Nice post, next time please add value to the discussion.

[jago25_98]

i think they do like a bank does - keep the deposits, claim it's paying but rely on people not to withdraw so it builds.

Let's place bets on when it fails

1btc at 1:6 says it still works in 30 days time

[TwinWinNerD]

i think they do like a bank does - keep the deposits, claim it's paying but rely on people not to withdraw so it builds.

Let's place bets on when it fails

1btc at 1:6 says it still works in 30 days time

i take the bet, if you can add me in skype or contact me per email

[Clipse]

i did the math on the last 2 bitcoin-adds that came.

I came to roughly 9600 BTC that bitscalper should have.   

Formula:    (My Investment) to (my Gain) =  (Total Investment) to (Total Gain)

So there are 2 szenarios:  Either, there are 9600 bitcoins investet (i seriously doubt that)  OR bitscalper doesn't distribute ALL his gain.

Then he really should update his FAQ and say so! Because until now it just says:

"We charge a small fee for every withdrawal we process, the fee is 1.75% "

Nothing about his part he takes out.

Please a statement scalper

From the start I felt they do take a different cut other than the 1.75% withdrawal fee as their profit. This however doesnt bother me since if it remains running and remains paying out without stealing users coins, its still free coins to anyone investing.

That said if they want to be on face value 100% honest with the community it probably would be wise to display their actual gains compared to payouts.

[Carnth]

So there are 2 szenarios:  Either, there are 9600 bitcoins investet (i seriously doubt that)  OR bitscalper doesn't distribute ALL his gain.

I don't know.  9,600 BTC invested does not sound to far fetched to me. With a few people putting 300+ BTC, even more putting in 100+ and everyone else, it could easily add up.
Look at it this way. Do you think the scalper has had at least 1000 deposits?

[ineededausername]

I call on bitscalper to release the total amount in deposits, a correct daily percentage yield for the entire deposited amount, and the size of their share of the profits.

[Clipse]

So there are 2 szenarios:  Either, there are 9600 bitcoins investet (i seriously doubt that)  OR bitscalper doesn't distribute ALL his gain.

I don't know.  9,600 BTC invested does not sound to far fetched to me. With a few people putting 300+ BTC, even more putting in 100+ and everyone else, it could easily add up.
Look at it this way. Do you think the scalper has had at least 1000 deposits?

I really dont focus much on the withdrawal page except for my own transactions. Many of these huge BTC withdrawals could just be their own BTC they keep transfering to make it look attractive to deposit big amounts of BTC.

That said I am not calling them a scam, I am making profit with bitscalper and the withdrawals do get processed quite fast however its allways important to be semi-sceptical with alot of information displayed as public trust information.

[Ente]

i did the math on the last 2 bitcoin-adds that came.

I came to roughly 9600 BTC that bitscalper should have.   

Formula:    (My Investment) to (my Gain) =  (Total Investment) to (Total Gain)

So there are 2 szenarios:  Either, there are 9600 bitcoins investet (i seriously doubt that)  OR bitscalper doesn't distribute ALL his gain.

Then he really should update his FAQ and say so! Because until now it just says:

"We charge a small fee for every withdrawal we process, the fee is 1.75% "

Nothing about his part he takes out.

Please a statement scalper

I do this calculation for two weeks now, recording what their (stated) total investment is, exactly the way quoted.
Interestingly, it doesnt work up at all:

I began with 10 BTC, gained up to 11.5, withdrew 10 BTC and left the remaining there.
When my balance was reduced, the payout for me went tenfold, compared to the total earnings from the counter.
Or, the other way round: The amount I invest directly influences the amount I will get paid out.

I check every other hour if the counter on the frontpage changed. If it did, I note down the counter and my balance at that time. Here the numbers:

Date         Balance   Global Gain   Global Balance?
10.01.2012   10.000     5.9110   
11.01.2012   10.183     9.2288       181.30
11.01.2012   10.639    13.0204        84.67
12.01.2012   10.984    38.9159       798.56
12.01.2012   11.136    50.4309       832.11
12.01.2012   11.060    44.2298       908.62
13.01.2012   11.111    50.9161      1450.01
13.01.2012   11.172    58.9134      1456.69
13.01.2012   11.228    66.3259      1478.79
13.01.2012   11.329    80.9372      1624.31
14.01.2012   11.390    93.9583      2418.3
14.01.2012   11.414    99.5474      2652.49
14.01.2012   11.443   106.5984      2775.18
15.01.2012   11.547   132.1763      2814.31
15.01.2012   1.464   153.9408   
15.01.2012   1.495   161.2297       341.97
16.01.2012   1.591   193.0184       495.04
16.01.2012   1.600   196.4121       599.93
17.01.2012   1.631   208.2684       611.94
17.01.2012   1.643   214.0605       787.24
17.01.2012   1.670   227.3883       811.02
18.01.2012   1.761   273.2303       841.28
18.01.2012   1.775   280.8718       961.19
18.01.2012   1.784   286.0006      1011.51
18.01.2012   1.794   291.5623       992.21
19.01.2012   1.845   322.1395       1075.6
20.01.2012   1.858   330.2662      1153.37
20.01.2012   2.064   350.6348       183.71
23.01.2012   2.075   358.1277      1405.94
23.01.2012   2.095   372.2194      1462.01
24.01.2012   2.134   399.9738      1490.91
24.01.2012   2.148   410.8823      1662.77
25.01.2012   2.161   420.7270      1510.46
25.01.2012   2.168   426.0752      1651.07

There are so many proofs and ever open questions stated now showing BitScalper is a scam.
It tells a lot they seem to have gotten (or try to make us believe?) 16k Bitcoins from greedy users, huh?

Ente

[mooseman99]

Well I put in 150 BTC, got out 155, and am now playing with profits and have an extra 10 BTC in there so even if they run with my money I'm satisfied