Hi - i just want to say that i set up an account with Bitcoin-brokers and have been buying on the dips -I JUST BOUGHT @ 448.00! AWESOME! Best price execution and making money on all trades thus far! They are super fast, efficient and if you have any questions the help-desk is a real person and is there for you instantly - WELL DONE BITCOIN BROKERS! A++
Topic: Arbitrage with guaranteed profits with Bitcoin-Brokers. (Read 12538 times)
Good news for whoever wants to make good money with Bitcoin-Brokers, there are more openings now available.
To qualify, you will need a funded account at Bitstamp and at least one major US bank account such as :
BOA
Wells Fargo
PNC
Citi
TD
Regions
US Bank
To qualify, you will need a funded account at Bitstamp and at least one major US bank account such as :
BOA
Wells Fargo
PNC
Citi
TD
Regions
US Bank
I admit when I am wrong. In this case, I was wrong. I had my fingers in my ears and was refusing to hear what needed to be heard.
awesome
very refreshing to see this on this forum. kudos
Qualifications to apply for this arbitrage opportunity:
-Must have either a Bitstamp or BTC-e trading account.
-Must have a bank account.
I have both. What exactly do I have to do to get "guaranteed profits"?-Must have either a Bitstamp or BTC-e trading account.
-Must have a bank account.
Great. If you have an account at either Bitstamp, or BTC-e, as well as a bank account at a major bank such as Bank of America, Wells Fargo, SunTrust etc then you are in business.
Contact Dan at the Bitcoin-Brokers help desk to get set up.
Qualifications to apply for this arbitrage opportunity:
-Must have either a Bitstamp or BTC-e trading account.
-Must have a bank account.
I have both. What exactly do I have to do to get "guaranteed profits"? -Must have either a Bitstamp or BTC-e trading account.
-Must have a bank account.
You should never guarantee profits, regardless of the venture.
Arbitrage plays are fairly attractive when it comes to BTC & other cryptocurrencies, but bank-roll size is going to be what determines profitability.
-Johnny
www.americandatafarms.com
Arbitrage plays are fairly attractive when it comes to BTC & other cryptocurrencies, but bank-roll size is going to be what determines profitability.
-Johnny
www.americandatafarms.com
Few questions:
Say I deposit 10 BTC with you guys. I am now waiting to sell 10 BTC to a buyer. so I actually have 20 btc in m hand. I find a buyer after 2 days. I fund the escrow with 10 new BTC and the deal is done.
1.
Now in say 10 days BTC drops down 30% in value and I want to get my BTC out. Do you guys close the account quick and give the 10 BTC back if the seller wants to? How quick can you guys do this?
2.
How about you guys take USD in reserve instead of BTC? I understand this doesn't fulfil the requirement of escrow. In that case maybe you only keep say 10% of the actual BTC a person can trade as a deposit. And if the seller isn't able to fulfil the buy order in a specified time he is charged a 5% fine (just giving a random number here).
Say I deposit 10 BTC with you guys. I am now waiting to sell 10 BTC to a buyer. so I actually have 20 btc in m hand. I find a buyer after 2 days. I fund the escrow with 10 new BTC and the deal is done.
1.
Now in say 10 days BTC drops down 30% in value and I want to get my BTC out. Do you guys close the account quick and give the 10 BTC back if the seller wants to? How quick can you guys do this?
2.
How about you guys take USD in reserve instead of BTC? I understand this doesn't fulfil the requirement of escrow. In that case maybe you only keep say 10% of the actual BTC a person can trade as a deposit. And if the seller isn't able to fulfil the buy order in a specified time he is charged a 5% fine (just giving a random number here).
1)Anytime you escrow your bitcoin, you can ask for it back with a 1% fee. The BTC cannot be returned though until the end of a day if there are outstanding quotes. Yet if there are no quotes on your escrowed BTC, and you request to have it returned immediately. No delays.
2)It just cannot happen that way for many different reasons. The way things are set up now are great, and they are going to stay this way. I am flexible, but it would have to be a benefit to the overall business to change, and what you suggested, wouldn't be in the best interest of the business as a whole.
Few questions:
Say I deposit 10 BTC with you guys. I am now waiting to sell 10 BTC to a buyer. so I actually have 20 btc in m hand. I find a buyer after 2 days. I fund the escrow with 10 new BTC and the deal is done.
1.
Now in say 10 days BTC drops down 30% in value and I want to get my BTC out. Do you guys close the account quick and give the 10 BTC back if the seller wants to? How quick can you guys do this?
2.
How about you guys take USD in reserve instead of BTC? I understand this doesn't fulfil the requirement of escrow. In that case maybe you only keep say 10% of the actual BTC a person can trade as a deposit. And if the seller isn't able to fulfil the buy order in a specified time he is charged a 5% fine (just giving a random number here).
Say I deposit 10 BTC with you guys. I am now waiting to sell 10 BTC to a buyer. so I actually have 20 btc in m hand. I find a buyer after 2 days. I fund the escrow with 10 new BTC and the deal is done.
1.
Now in say 10 days BTC drops down 30% in value and I want to get my BTC out. Do you guys close the account quick and give the 10 BTC back if the seller wants to? How quick can you guys do this?
2.
How about you guys take USD in reserve instead of BTC? I understand this doesn't fulfil the requirement of escrow. In that case maybe you only keep say 10% of the actual BTC a person can trade as a deposit. And if the seller isn't able to fulfil the buy order in a specified time he is charged a 5% fine (just giving a random number here).
How to get funds out of mtgox?
I do not have an account there, but according to their FAQ section regarding withdrawals they allow you to withdraw your money in bitcoin.
If this is the case (and I am not sure if it is), but wouldn't Bitcoin-Brokers be the perfect solution for somebody wanting to get their money off of MtGox?
From the threads that I keep reading, there appears to be some sort of delay when MtGox account holders want to withdraw money to their bank accounts by way of a wire transfer. I am hearing reports of people waiting days or weeks to get their cash.
If it is just the wire transfers which are holding the process up, why not just transfer the balance in bitcoin from MtGox to Bitcoin-Brokers, who will then find a buyer the same day for the bitcoin who will make a cash deposit into the seller's bank account.
This would eliminate the entire waiting period which people are experiencing right now. It would also eliminate the wire transfer cost, and the person would be paid above MtGox rates for their bitcoin.
How to get funds out of mtgox?
Quote
Of course I didn't have enough money to worry about that back in the 80's. But i was alive during them.
First off you are a liar saying that the regs have been around since (forever) in the 80's ... so I wouldn't trust anything you say beyond that, as you seem to have an agenda. Nice story about the big bad IRS showing up ... the agency of fear, intimidation and enforcement for the police state funding mechanism.
No anger, just painting it as I see it.
If Okpay charge 4% fee, then it is not worth the risk and effort to send money into BTC-E.
I fail to see how this would be profitable. How would you move the funds back to the exchange? BTC-e does not accept wire transfers from US banks, and they're now charging 4% to deposit via OKPay.
Forget about getting funds into BTC-E, that is easy.
how are you going to get funds out of Gox?
What's the easiest way for someone in the US to get funds into BTC-e?
Currency Transaction Reports still exist. They were augmented by the addition of Suspicious Activity Reports.
Currency Transaction Reports are for when a customer transacts in over $10,000 of currency.
Suspicious activity reports can be filed at any time, for any amount, and is what gets filed when a customer is suspected of trying to avoid having a CTR filed, among other things.
heres the CTR from 2003, now its become an e-filing apparently.
http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_017.htm
Currency Transaction Reports are for when a customer transacts in over $10,000 of currency.
Suspicious activity reports can be filed at any time, for any amount, and is what gets filed when a customer is suspected of trying to avoid having a CTR filed, among other things.
heres the CTR from 2003, now its become an e-filing apparently.
http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_017.htm
I doubt you even had that much cash in the '80's to know anything about it ... you are just going by what you have read in wikipedia and now .gov links ... yeah, good troll but you are yet another internet book-wise street-fool.
One question - why the anger at me? I'm just telling people stuff to help them cover their own asses. Or would you rather people stay shut up about rules that exist that you don't like, so they can learn about things the hard way?
Of course I didn't have enough money to worry about that back in the 80's. But i was alive during them.
And whether you believe it or not, a big part of my job is actually dealing with banks on a daily basis. And one of my firms clients lost a LOT of money (lots more than most anyone here will ever deal with, I bet) from not doing a CTR. The bank should have notified him, but they didn't (oops) and when the IRS came knocking, after a couple year tussel, he had to turn half of it over to them. Not for doing anything wrong, mind you. The cash was fully 100% documented when it came out of the bank and when it was put back in. But the lack of the paperwork still bit him in the ass.
So. Yell and swear and call me names, but at the end of the day, I'm only try to let people know that there are laws on the books that could cause this sort of thing to harm them. If you think I'm doing them a disservice, well, I don't know what to tell you.
I fail to see how this would be profitable. How would you move the funds back to the exchange? BTC-e does not accept wire transfers from US banks, and they're now charging 4% to deposit via OKPay.
Forget about getting funds into BTC-E, that is easy.
how are you going to get funds out of Gox?
Currency Transaction Reports still exist. They were augmented by the addition of Suspicious Activity Reports.
Currency Transaction Reports are for when a customer transacts in over $10,000 of currency.
Suspicious activity reports can be filed at any time, for any amount, and is what gets filed when a customer is suspected of trying to avoid having a CTR filed, among other things.
heres the CTR from 2003, now its become an e-filing apparently.
http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_017.htm
Currency Transaction Reports are for when a customer transacts in over $10,000 of currency.
Suspicious activity reports can be filed at any time, for any amount, and is what gets filed when a customer is suspected of trying to avoid having a CTR filed, among other things.
heres the CTR from 2003, now its become an e-filing apparently.
http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_017.htm
I doubt you even had that much cash in the '80's to know anything about it ... you are just going by what you have read in wikipedia and now .gov links ... yeah, good troll but you are yet another internet book-wise street-fool.
Currency Transaction Reports still exist. They were augmented by the addition of Suspicious Activity Reports.
Currency Transaction Reports are for when a customer transacts in over $10,000 of currency.
Suspicious activity reports can be filed at any time, for any amount, and is what gets filed when a customer is suspected of trying to avoid having a CTR filed, among other things.
heres the CTR from 2003, now its become an e-filing apparently.
http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_017.htm
Currency Transaction Reports are for when a customer transacts in over $10,000 of currency.
Suspicious activity reports can be filed at any time, for any amount, and is what gets filed when a customer is suspected of trying to avoid having a CTR filed, among other things.
heres the CTR from 2003, now its become an e-filing apparently.
http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_017.htm
Quote
This was in effect until April 1996 when the Suspicious Activity Report (SAR) was introduced.
So you are wrong ... unless 1996 was "sometime in the '80's? ... this was when they actually started asking customers this kind of crap ... or you have evidence that you were asked for such a report in 1980's?
I'll reply here since you've made this new thread.
Somebody with enough fiat and bitcoins to act as a constant liquidity provider for your site is going to run into a significant problem - a personal bank account in the US that receives cash deposits from random people all over the country and wires out all received funds to an offshore bitcoin exchange is very quickly going to be identified as a high-risk account, probably reported for suspicious activity, and surely closed.
What if you instead arbitraged between people who want to buy bitcoins and traders who want to cash out their fiat from BTC-e and Bitstamp (or any exchange that allows account-to-account transfer of fiat balances)?
Bitcoin-Brokers opens accounts on both of those exchanges and announces that they will buy fiat balances at a 1% premium (the person selling fiat receives 1% more in their bank account than they sold). Bitcoin-Brokers can then locate a bitcoin buyer who can deposit cash in the appropriate bank account.
Once that transaction is successfully completed, Bitcoin-Brokers can buy bitcoins with the fiat balance, give the bitcoin buyer their funds, and keep 1% + the spread between the exchange they are buying on and Mt Gox in bitcoins as profit.
Note that as your volume increases the act of you buying bitcoins will tend to bring down the spread.
If you need more people willing to deposit fiat into bank accounts, you can also service people trying to move fiat into the exchanges.
Or Bitcoin Brokers could also average out the median rate for different percentages into one unique offer.And the award for best solution goes to..........
That could work!
The problems start to show up when you consider that transaction volumes large enough to make this worth the effort are very likely to cause banks to close one's account.That could work!
Somebody with enough fiat and bitcoins to act as a constant liquidity provider for your site is going to run into a significant problem - a personal bank account in the US that receives cash deposits from random people all over the country and wires out all received funds to an offshore bitcoin exchange is very quickly going to be identified as a high-risk account, probably reported for suspicious activity, and surely closed.
What if you instead arbitraged between people who want to buy bitcoins and traders who want to cash out their fiat from BTC-e and Bitstamp (or any exchange that allows account-to-account transfer of fiat balances)?
Bitcoin-Brokers opens accounts on both of those exchanges and announces that they will buy fiat balances at a 1% premium (the person selling fiat receives 1% more in their bank account than they sold). Bitcoin-Brokers can then locate a bitcoin buyer who can deposit cash in the appropriate bank account.
Once that transaction is successfully completed, Bitcoin-Brokers can buy bitcoins with the fiat balance, give the bitcoin buyer their funds, and keep 1% + the spread between the exchange they are buying on and Mt Gox in bitcoins as profit.
Note that as your volume increases the act of you buying bitcoins will tend to bring down the spread.
If you need more people willing to deposit fiat into bank accounts, you can also service people trying to move fiat into the exchanges.
For example, if they have 30 sellers who give them 100 BTC to sell on their brokerage site:
If,
10 BTC are at MtGox +10%
and the rest are MtGox +5%
Then they should sell all of it at the average median rate rather than:
90BTC at +5%
and
10BTC at +10%
=================
It might possibly make the sales go much faster.
Quote
They're not "now" in place, those laws are from the 80's at least.
This is totally wrong ... do your homework before you come here spouting off about regulations you seem to have little knowledge of.
You're saying that Currency Transaction Reports are what? A recent tool the government concocted to attack bitcoin?
Does Wikipedia count as research or would you prefer I pull up the actual legislation? Seriously don't get the aggression here. All I can say is try using Google before launching attacks.
From Wikipedia, the date of mandatory Currency Transactuon Reports is October 26. 1986. :
When the first version of the CTR was introduced, the only way a suspicious transaction less than $10,000 was reported to the government was if a bank teller called law enforcement. This was primarily due to the financial industry's concern about the right to financial privacy. On October 26, 1986, with the passage of the Money Laundering Control Act, the right to financial privacy was no longer an issue. As part of the Act, Congress had stated that a financial institution could not be held liable for releasing suspicious transactional information to law enforcement. As a result, the next version of the CTR had a suspicious transaction check box at the top. This was in effect until April 1996 when the Suspicious Activity Report (SAR) was introduced.
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