Basically I want to be able to pump the markets where there is significant disparity between bitcoin prices and currency markets.
eg (not real life!)
Britcoin is Selling BTC @ £10
Tradehill is buying at @ $10
Echange rate USD -> GBP = 1.6
- Sell 100 bitcoins for £100 on Britcoin
- Buy $160
- Buy 16 BTC for $160 on tradehill
- Sell for £160 on britcoin
Obviously there are considerations like exchange times and clearance times on this. I could do this on paper and just use pooled funds to actually make the trades (ie don't make the currency exchange untill later because I already have liquid funds in both currencies)
The major hurdles I have are:
- I don't have a quick or easy way to add or remove funds from US exchanges, I have a US passport but live in the UK
- Even if I had a US bank account what are the charges for transferring funds and how long does it take? I could set up a USD account in the UK so that the currency trading is already done.
Any ideas?