btc-e

bought coins a week ago at the ATM in Waves on Howe and Smithe for IIRC $218/ea. I've ridden two waves now up to $245 (sold) and rebought at $220 and it's now sitting at $250 again.

Gotta love all the panic buyers and sellers.

I think the future is going to be in litecoin. Pushing $3.20 right now. I almost bought in a few weeks ago when it was $1.70. Kinda regretting that move.

You guys missed the boat when Silk Road got shut down and BTC were $50 each lol

I'm holding a decent chunk of lite coins right now bought most around 1.40
Posted via RS Mobile

Any reason it jumped so high?

Yes. Thanks for telling me something I didn't know... :badpokerface:

It is pegged to BTC pretty much

Which is good because it means GPU mining isn't dead. Mining BTC with a 7870 will get you 0.01 BTC per month. Mining LTC with the same card and selling it for BTC will get you 0.10 BTC per month (worth almost $30 USD now). 10X the amount with the same hardware

The question is, do you sell the LTC for BTC, or hold it and wait to see if LTC breaks off for higher.. It's 0.0129 BTC right now, but it has been as high as 0.03

transferred money in to my btc-e account using payeer, how long usually does it take for it to show up in my account?

LTC going crazy tonight fuck, tempted to sell a bit lol

uhh this gave me an idea...

i looked up multiple btc exchanges and they all list slightly different prices...

I don't know how the ordering system works for bitcoin since i've never traded any btc... but....

isn't this a huge opportunity for arbitrage?!

open an account at every exchange, dump some money in every account...

find a price discrepancy between two exchanges and buy the cheaper bitcoin while simultaneously selling a higher priced one...

any coin traders wanna tell me why this wouldn't work?


price differences on exchanges:
http://bitcoincharts.com/markets/
the bid and asks are all diff... wtf this is like easy money if the platforms are instantaneous and give you the option to put in orders at the precise price you want.


like right now
mtgox is asking 300
btc-e is bidding at 282.5
(i took the two where they are both updated within the past minute)
that's a spread of 17.5btc...

an instant 17.5btc if you bought and sold instantaneously.

lol...


is there any site that lists the bid and asks and the NUMBER of bid and asks on each exchange?

https://coinbase.com/

here is a hot startup

http://bitcoin-analytics.com/ (second tab at the top) shows you arbitrage opportunities

Try it and see. Keep in mind that there are sales fees and withdrawal fees, and people still have to buy the coins

I think people have bots that do this constantly.. in fact it probably makes up the vast majority of trades.

lol according to that page there's huge arbitrage opportunities.... like all the time.

as long as prices are not exactly the same across two or more exchanges, there's opportunity for arbitrage.

the question is whether or not the orders can be executed and confirmed fast enough (instantaneously) to reduce the risk to near 0... aka free money.

like my example above... 300 and 282.5... 17.5btc spread.
even after withdraw fees and all that crap... 17.5 is a lot.

even if it were 5.. or 1 spread

and why would withdrawal fees matter?

u have one account at exchange A and one account at exchange B... u have money in both accounts, you're just selling it to another buyer on one account, and buying from a seller on another account. you're not withdrawing anything (until you choose to cash out finally).

nice...would like to try building one of these bots in the future

Edit: removed idiotic rambling I copied and pasted from a shitty blog

You are selling from the same exchange another... Prices are different, but they will probably never be reversed (ie you will always go from BTC-E to GOX for instance, but never the other way around)

So you deposit $2000 to BTC-E and buy 10 bitcoin let's say. There will be a fee for this.

You have to transfer that 10 bitcoin to MTG. BTC-E will charge a bit for this (not sure how much)

Then you sell 10 BTC for $2500 or whatever at MTG.. This will have a fee too.

Now you have cash sitting in your MTG account. You need to get that cash out to your bank account so you can deposit it back to BTC-E and start all over again...

The thing is I don't know what any of these fees are.. ANd maybe I am wrong about the process, but this is how it works in my head. You can't just move USD from one exchange to the other. You have to bring it to your account, report the income when tax time comes, and deposit it to the exchange again...

hmm yeah i see,

even if one were to just put a shit load of btc and usd into both accounts.. say like 30k worth of bitcoins and usd into both exchanges (120k value total)... eventually one account will be full of USD and one will be full of BTC.

you still need to withdraw half of the USD and send it to the other exchange, and vice versa with the bitcoin account...

no matter what u cant avoid those transaction fees.

unless...

yeah u need a lot of money but,
https://www.cointhink.com/arbitrage/btcusd
as u can see some of the top volume exchanges do cross...

so you can just arbitrage the accounts back and forth whenever the arbitrage between the two exchanges flips. of course much easier said than done...

that being said, a lot of ppl mention the wait times for confirming your order... which is unacceptable in the world of arbitrage... it needs to be near instantaneous confirmation.

if anyone is into math or programming or whatever
http://www.fem.uniag.sk/mefi/pdf/arbitraz.pdf
this is pretty good for the formulas needed to calculate profit.

which brings up another question...

couldn't two less volume exchanges organize much lower fees than say... mtgox... low enough to make arbitrage interesting...

wouldn't those two exchanges be flooded with volume and quickly rise above mtgox, and the prices would be a lot more stable and "true" between those two exchanges... just a thought.

The issue with setting up a new exchange is that people need to trust you. The reason BTC-E is where it is, is because it's difficult to get money into it, and run by who-knows-what group in Russia.

I think the next biggest exchanges will be in China, as that market is booming. But you still have the issue of getting USD into it, and who knows where your money is going.

Eventually we may come to a point where USD itself is irrelevant.. that will be a rough transition to say the least

And all I ever hear about is how hard it is to get your USD out of Gox. No thanks. That's why it's always trading higher. I'd skip Gox and trade BTC-E, Bitstamp and Bitcoin China.

How do would a person go about buying litecoins? I couldn't find any sites to buy off of.

BTC-E has litecoins.

LTC has doubled in the last week. Currently at $4.25 on BTC-e

Question is will it stay there or time to sell
Posted via RS Mobile

Sell some. Re-invest earnings into other crypto. Or, just exchange for BTC.

hey to use the ATM you just need a bitcoin wallet? and then scan QR code there? whats with the handscan?

Any way to deposit money on btc-e.com and buy bitcoins? I don't know where the bitcoin ATMs in LM are. Any near poco? Vancouver too far for me
Posted via RS Mobile

Buy bitcoins from cavirtex. Then send them to your BTC-e wallet.