Quote from: ShadowBits on December 12, 2018, 06:22:09 PM

Quote from: seejeffrun on February 25, 2014, 04:40:25 AM

I've noticed that I can buy bitcoins at market rate on coinbase.com and then resell them on localbitcoins.com for plus 12% of market value. Obviously, there is a little work involved. Dealing with numerous emails, small transactions, etc, and the potential for fraud.

However, it's not a lot of work, mainly just pushing the escrow release button 4-5 times a day after verifying deposits into my bank account.

Since I can sell around $1200 in coin per day, minus 1 percent for localbitcoins and 1 percent for coinbase, I can net about $120 per day, which is currently more than my day job.

Now, if something seems too good to be true, it generally is. In other words, the profits seem too easy for the work involved, that I worry that I'm missing something? I would think that the ease of profit would encourage more people do to it, thus making more competitive prices on localbitcoins and driving the price down.

What am I missing?

Will the feds eventually bust down my door for being a money changing business without a license?
Will my bank eventually notice that I'm selling bitcoins and suspend my bank account?
Will the IRS notice what I'm doing and charge me with tax evasion if I don't report my profits at year's end?
Will I eventually get scammed somehow from a buyer, thus slashing my profits?
Will something else unforeseen happen to dissolve all profits?

If it does work for you and you profit a lot from that then you shouldn't stop it and continue on what ever you are doing because not all does that.

absolutely because it becomes a good opportunity for you to benefit while still profitable, so don't ever stop while still earning income from it