Arbitrageur claims 5% profit after fees on every BTC-e --> MtGox arbitrage

epetroel

sr. member

Activity: 431

Merit: 251

Quote from: piramida on March 27, 2013, 07:46:49 AM

That's a claim from an amateur, any substantial volume (> 100 BTC) would move btc-e in line with gox prices immediately and you already are losing money because getting usd to btc-e is costly. So no, you can't endlessly increase your funds this way

Small opportunities of 100 BTC with single digit profits now and then, possible.

Exactly. Having done this for about two years now between Gox, CampBX, Bitfloor, CryptoXChange, ExchB (remember them) and Tradehill, a consistent 5% return is impossible with any kind of volume. Especially when you consider the fees & time involved for getting money in and out of BTC-e (which is why I don't even bother trading there). A typical return for me after fees is about 1/10th of that (0.5%)

thezerg

legendary

Activity: 1246

Merit: 1010

Quote from: drawingthesun on March 27, 2013, 07:56:41 AM

Quote from: OnlyGoodVibes on March 27, 2013, 07:49:30 AM

Quote from: drawingthesun on March 27, 2013, 07:40:54 AM

Quote from: OnlyGoodVibes on March 27, 2013, 07:16:44 AM

I was making 60%-80% doing arbitrage on eBay. Until the chargebacks came in, luckily I managed to break even after it all. Do.not.bother.

Whats a chargeback? The customer saying you didn't deliver or something and getting their money back?

Yeah. This wasn't technically a chargeback (where you make a complaint to your credit card provider/bank and claim a transaction was fraudulent and they reverse the payment). It was a Paypal payment reversal where you claim that your item never arrived and Paypal refund you without question and zero fucks given to their fee paying seller.

Ahh, thus revealing one of the best use cases for Bitcoin. If someone sets up a ebay for normal real world items using only Bitcoin that might help make Bitcoin more popular.

Actually I wonder how hard it would be to set up a ebay for Bitcoins?

EDIT: This exists, http://www.bitmit.net/en/bestseller

But yes, marketplaces for virtual goods like game items or music have a lot of fraud because a product does not need to be sent to an address and arrived instantly. So if you steal a CC and buy this kind of stuff its very easy to walk away with the goods. If I remember correctly, this was a major reason why ebay stopped allowing these items to be sold. But Bitcoin is the perfect currency for this market.

drawingthesun

legendary

Activity: 1176

Merit: 1015

Quote from: OnlyGoodVibes on March 27, 2013, 07:49:30 AM

Quote from: drawingthesun on March 27, 2013, 07:40:54 AM

Quote from: OnlyGoodVibes on March 27, 2013, 07:16:44 AM

I was making 60%-80% doing arbitrage on eBay. Until the chargebacks came in, luckily I managed to break even after it all. Do.not.bother.

Whats a chargeback? The customer saying you didn't deliver or something and getting their money back?

Yeah. This wasn't technically a chargeback (where you make a complaint to your credit card provider/bank and claim a transaction was fraudulent and they reverse the payment). It was a Paypal payment reversal where you claim that your item never arrived and Paypal refund you without question and zero fucks given to their fee paying seller.

Ahh, thus revealing one of the best use cases for Bitcoin. If someone sets up a ebay for normal real world items using only Bitcoin that might help make Bitcoin more popular.

Actually I wonder how hard it would be to set up a ebay for Bitcoins?

EDIT: This exists, http://www.bitmit.net/en/bestseller

OnlyGoodVibes

newbie

Activity: 41

Merit: 0

Quote from: drawingthesun on March 27, 2013, 07:40:54 AM

Quote from: OnlyGoodVibes on March 27, 2013, 07:16:44 AM

I was making 60%-80% doing arbitrage on eBay. Until the chargebacks came in, luckily I managed to break even after it all. Do.not.bother.

Whats a chargeback? The customer saying you didn't deliver or something and getting their money back?

Yeah. This wasn't technically a chargeback (where you make a complaint to your credit card provider/bank and claim a transaction was fraudulent and they reverse the payment). It was a Paypal payment reversal where you claim that your item never arrived and Paypal refund you without question and zero fucks given to their fee paying seller.

piramida

legendary

Activity: 1176

Merit: 1010

Borsche

That's a claim from an amateur, any substantial volume (> 100 BTC) would move btc-e in line with gox prices immediately and you already are losing money because getting usd to btc-e is costly. So no, you can't endlessly increase your funds this way

Small opportunities of 100 BTC with single digit profits now and then, possible.

drawingthesun

legendary

Activity: 1176

Merit: 1015

Quote from: OnlyGoodVibes on March 27, 2013, 07:16:44 AM

I was making 60%-80% doing arbitrage on eBay. Until the chargebacks came in, luckily I managed to break even after it all. Do.not.bother.

Whats a chargeback? The customer saying you didn't deliver or something and getting their money back?

OnlyGoodVibes

newbie

Activity: 41

Merit: 0

I was making 60%-80% doing arbitrage on eBay. Until the chargebacks came in, luckily I managed to break even after it all. Do.not.bother.

drawingthesun

legendary

Activity: 1176

Merit: 1015

If they automate this and run it constantly they will increase their holding relative to the Bitcoin price rather quickly. I would be interested if all the services they are using have a API, if so it might be quite easy to implement.

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

Surprised more people aren't doing it.

Zangelbert Bingledack

legendary

Activity: 1036

Merit: 1000

Same here. Fuck risking my position in this raging bull for a few percent extra. But the more arbitrage the better, and some may be interested.

vokain

legendary

Activity: 1834

Merit: 1019

I can make more just holding

Zangelbert Bingledack

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Activity: 1036

Merit: 1000

http://www.reddit.com/r/Bitcoin/comments/1b1clt/all_you_mtgox_traders_out_there/c92r23t

Topic: Arbitrageur claims 5% profit after fees on every BTC-e --> MtGox arbitrage (Read 1790 times)