Topic: Since Bitscalper seems to be in a bit of a rut... (Read 2866 times)

sorry for the bad memories. I bet they have also educational value. what makes me sad is that they 'salted the water' for everyone else too. I wanted to issue commodity backed assets too but when I searched for examples of previous assets I found that steaming pile and thought it might not be worth the effort. plus there are costs involved (17 btc/yr bank safe, fees for asset creation, sale fees) only to run that thing. and when it comes to redeeming there would be transfer fees just to get back the asset to issuer and shipping the stuff. and maybe EU is not a good place for such thing in the first place (VAT on silver adds to premium for new bullion and chasing junk silver in auctions saves some money but costs extra time and usually ends up over the spot anyway).

but if you'd correct your statement to "this year haven't invested a single Satoshi with bitscalper, or mybitcoin, or any of the other rip-offs here" it could be true

I did, and now it's back!

Are you still operating that?
I thought you closed up shop. 

Dammit- you reminded me. Yes I did get suckered for that rip-off, performed by our own resident precious metals scammer BitcoinMint.US- pure evil rip-off motherfucker who played the same... "oh I don't know how they all got lost but it is now worthless" bullshit game. And Peter Lambert and the LIF family of bitcoin rip-off coins. That's two thieving assholes to watch out for.

Shameless plug time!

If you want to play ponzi, go to http://www.bitcoinduit.com.

cough! slvr glbse cough!

Genius. Take my money.

Haters gonna hate, especially when their bits are on the line.

Although you honestly don't need post it on every single sub board. It will speak for itself if it works.

Are you interested in fighting over this here or understanding if this guy is another scam or not ? I think we should try to calm up our spirits and decide who's legit and who's not. It's getting very confusing lately

You seem to be overeager and posting the same shit reply about this random new person. How much is he paying you?

This guy might be legit ? https://bitcointalksearch.org/topic/m.802731
I'm going to try with a couple coins, will report progress

Never invested a single Satoshi with bitscalper, or mybitcoin, or any of the other rip-offs here. My skepticism nerve kicks in early and often when the flashing neon FREE LUNCH sign gets turned on.

And not knowing anything about me, or the level I play bitcoin at, you amuse me by thinking that I have lost money to a junior boy scammer. I make my gains the old fashioned way, playing the spread before the masses learn about them, and creating my own. Arbitrage is a delightful concept when played well, when housewives and script kiddies get involved, the serious money has already left the building. Have fun fighting over the carcasses of the market. Arb-bots rule! They are the way of the future! Everybody can make lots of profits, because the market only ever goes up! The South Sea Company will pay us all endless dividends!

I don't think anyone is arguing that this type of system can't work, ignoring LoupGaroux who we have to assume lost more than he could afford to on bitscalper. Many people have been doing well out of arbitrage bots for a long time, Coinabul as a notable example, has talked about his successes on IRC (or is he too scammy to believe either?).

Personally I would put btc into another arbitrage fund because I don't have time to implement it myself (day job pays better), we have seen huge spreads between markets in the past, we will see them again and someone will profit from them in this way.

I did try some arbitrage on Intersango for a while -- I made ~3% a day for a week or so (on an investment of ~4BTC if I remember correctly) -- however it became more dangerous as exchange rates got more volatile again, so I stopped. It probably wouldn't work well with any significant volume, and it's not economical across exchanges (I was going to try buying on MtGox and selling on Intersango, since at the time there was a slight difference in prices -- enough to profit while covering transfer fees -- which disappeared after a week). But yes, you can earn a little this way -- and I haven't really looked at anything apart from Intersango and MtGox for doing so...

By all means... if it was such a great system, do you not think somebody might already be doing it?

Take your first buy... btc on btc-e, at $5.00 even. Great you now own $5 worth of btc. You transfer it to Gox. You pay a fee for the withdrawal. Based on current btc-e rates you now have $4.95 worth of btc at Gox. Cash that in for US$, at a dime higher rate, you make $5.05. Congrats, you are now playing the arbitrage game. Cash that out through Dwolla, get $4.80 back in your bank account a week later. Go to btc-e and buy .96 of a $5 btc, transfer it over to Gox, less the fees again, and now have $4.75 in value. Gain the dame dime worth of spread, cash it out and in another week, via Dwolla, your $5 investment is now worth $4.60. And the btc/USD rate hasn't shifted at all.

Ah, but your fellow investors are anxious to see some of their profits! You promised them 5% returns on each cycle, and some of those bastards actually think you might pay them... here's a withdrawal request from an investor who wants the money to pay for a new tank of oxygen for Grandma. So you send that $4.60 to the investor, and... damn, you're just a touch short, so you'll peel $0.65 from the next btc worth of investment coming in (they'll never know, not everybody is going to want to withdraw all at once, and you are such a genius, surely this will make a 5% profit some days) which leaves you $4.35 to spend on the next btc-e play.

And then in a month, you have to write a post about how the SQL table is corrupted, somebody hacked you because you fool-proof system is now out of money and deeply in debt, and you hope somebody will assume your liabilities so you can make a clean start on your other idea.

It works by making better trades then the fees would otherwise eat. Buy low, sell high, and all that jazz. For example, BTC-e is at least a dime behind Mt. Gox on any given day because it's a pain in the ass to get money into, so buy there, transfer to Gox, sell, then run through Bitinstant to Liberty Reserve and rinse and repeat until the next opportunity pops up.

In theory how does this work if you were to do it by hand?  Seems to me the fees would eat up a lot of it.

Get USD/BTC on Exchange A, B, C, etc...(which can be a hassel on it's own) - incur fee's for transfering cash
Buy BTC on Exchange A, Sell on B immediately - incur fee's for buying/selling
Then do you swap the BTC and USD at the exchanges? - more fees for moving cash

The price difference for buying selling needs to be pretty wide to cover all the fees to be profitable and I would assume in a large enough quantity to make it worth it.

Forgive my ignorance, but I've never really read up on any of this, just thought about how it might work.

because 


In all honesty, it's because I like the premise behind Bitscalper a lot more than I liked the execution, and I think that I could do better given enough monkeys working enough typewriters.

You should do triangular arbitrage.  Think  about going to other exchanges that use other currency pairs like BTC/RMB at btcchina.com

why? 

I like the idea. but i dont think we should be paying for other peoples mistakes