Topic: Free money every time you sell your BTC, Guaranteed by me. (Read 1041 times)

+1

All I see the advantage is that if I am cashing out - BTC-e>Gox>Dwolla is the way.

Same point i made earlier, but somehow the OP sees a difference

Well. Take this:

1.   Deposit $2,000 into BTC-e
2.   [removed as unnecessary]
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 your 16.73093 BTC on MtGox at $137 = $2,292

You don't even need to have that 16.73093 BTC from the start to make profit and there's nothing new in what you “discovered”.

Now you tell me how to deposit that $2,000 into BTC-e in the first place and let it be quick and cheap. That'll be something new.

There are always risks but I have used this method over and over and profited significantly. The risks are not that high because as soon as you have money in the exchange you will buy cheap BTC from, you can complete all the rest of the steps in a minute or so.

Nothing revolutionary, but those simple moves have made me an extra ~$2000 selling my BTC.

You have volatility risk in the transfer. And you have counterparty risk. Which is the reason this is persistent since the hack at BTC-e.

If you have BTC in BTC-e and want to cash out; you are better off transferring it to Gox and then cashing out. Its a one time offer really.

This post is only for people wanting to know how to make additional money whenever they are going to sell their BTC anyway. They are not buying BTC to sell.

You would put the coins you want to sell on whatever exchange has the highest price, MtGox in this example.

Yes, this is a simple buy low, sell high move. What is new is the order of doing the steps to end up with the extra money without paying any conversion fees and without ending up with unmovable money or BTC in any of the accounts.

I dont understand why i would need to have the 16 BTC on mtgox, and you have not even disclosed how much you got those BTC for.

Simply all you are trying to say is fund btc-e account buy btc for cheap and sell on mtgox.

Nothing new there, and you have neither mentioned all the fees and more importantly time involved

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.