All the api's are unreliable, it's hard to tell if your order went through, if it did you have no idea how long it will actually take.
Then, once you've run out of money on one of the sites you have to go through the expensive and lengthy process to get more on, and you have to go through the same again to actually withdraw. It ends up just not being worth the time
Actually I was planning on writing something of an arbitrage bot. It's hard though, I don't have any technical analysis knowledge. However, I did make over a grand on BTCe just buying and trading between LTC, BTC, and USD, and other small numbers that used to get "pumped". Quite fun.
To do arbitrage, you need need the ability to move both BTC and USD between MtGox and BTC-E quickly. BTC is moved easily, at 6 confirmations (~1 hour) However, people are waiting up to 7 weeks to have their USD withdrawn (see Bitcointalk). Combined with lawsuits aimed at MtGox and lack of transparency, this leads to a situation where USD on MtGox is worth less than USD on BTC-E (or Bitstamp)
The goal is to create a real-time snapshot of the bitcon ecosystem & to build context around the data so it's simple to consume and understand. Price was a logical place to start, hope to add more types of data in the future.
Looks really good. One thing to point out that is probably a one-line fix: the month being displayed for news articles is exactly one month before the actual date they came out.
so here's a naive question : why aren't people simply playing off the price differentials between mt gox, bitstamp and btc (more than $7 when I just opened the OP's page) and making a ton of money? or maybe they are? or maybe commissions / fees are so high they eat up any profit?
Sell on MtGox for 591.18 GBP = 901.73 USD (my account is set to GBP)
That's 70.07 USD profit from 10 BTC, or ~$7 USD per bitcoin traded.
Seems like a good opportunity. The problem is you can't cycle your money quickly, it takes time to sell bitcoin for cash and withdraw it ready for the next cycle.
But I mean there's the potential to make ~8% on each cycle. Buying, transfering and selling should also be a fairly quick process so you're not exposing yourself too much.
I think as soon as instant cash deposit/withdrawls are available through various exchanges these gaps will close up pretty fast.
Do you know of an economic or finance course that can help me understand how to use Bitcoin or any other currency. There's all the articles explaining Bitcoin but none treating it like a foreign currency and teaching how to apply foreign trade. I'll just search foreign trading at the library in the mean time...
Wow what a great interface. Really great clean design and I like the fact that you've used two seperate btc exchanges. I think this tab will be pinned in my browser once I begin my new career as a bitcoin dealer on localbitcoins.com ;)
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[ 5.4 ms ] story [ 118 ms ] threadAll the api's are unreliable, it's hard to tell if your order went through, if it did you have no idea how long it will actually take.
Then, once you've run out of money on one of the sites you have to go through the expensive and lengthy process to get more on, and you have to go through the same again to actually withdraw. It ends up just not being worth the time
Automatic trader:
https://github.com/abrkn/margin
Common interface to several exchanges: https://github.com/abrkn/hail
Margin would be very nice with more tests and state.
To do arbitrage, you need need the ability to move both BTC and USD between MtGox and BTC-E quickly. BTC is moved easily, at 6 confirmations (~1 hour) However, people are waiting up to 7 weeks to have their USD withdrawn (see Bitcointalk). Combined with lawsuits aimed at MtGox and lack of transparency, this leads to a situation where USD on MtGox is worth less than USD on BTC-E (or Bitstamp)
Really cool. I trade in EUR though, so it would be nice with a mtgox EUR listing.
The access rights it wants to my twitter account is unacceptable though, so no chance i am going to bind my account to bitjoy.
Can you give some specifics as to what the tech is behind BitJoy and what your plans for it are?
The goal is to create a real-time snapshot of the bitcon ecosystem & to build context around the data so it's simple to consume and understand. Price was a logical place to start, hope to add more types of data in the future.
Also check out, https://github.com/socketstream/socketstream
Sell on MtGox for 591.18 GBP = 901.73 USD (my account is set to GBP)
That's 70.07 USD profit from 10 BTC, or ~$7 USD per bitcoin traded.
Seems like a good opportunity. The problem is you can't cycle your money quickly, it takes time to sell bitcoin for cash and withdraw it ready for the next cycle.
But I mean there's the potential to make ~8% on each cycle. Buying, transfering and selling should also be a fairly quick process so you're not exposing yourself too much.
I think as soon as instant cash deposit/withdrawls are available through various exchanges these gaps will close up pretty fast.
Even with liquidity being lower you can see them being rather close on the different exchanges.