Quote from: lay785 on June 29, 2014, 06:19:44 AM

Quote from: fible1 on June 28, 2014, 08:12:18 PM

Quote from: lay785 on June 28, 2014, 08:55:01 AM

Hi im looking for an arbitrage bot that will buy bitcoins on bitstamp and sell them on a different exchange with an api. Im a total noob so I dont know where to look or how to code. Are there any options currently available?

Hey Lay

,
(Love the name BTW

) Arbitrage bots are almost impossible to build for the dominant BTC exchanges because very few of them, if any, support automated Fiat withdrawals. Also, if such a bot were possible to be built, which is not really possible, selling them would be pretty futile as each new entrant would greatly diminish returns for the rest of the community.

I hope that makes sense, please let me know if I can help in any way

.

Pablo.

I wouldnt need it to have that many features.

What I need it to do is:
1) list bitcoins on exchange "A" for 2% more than bitstamp (in foreign currency).
2) when coins sell on exchange "A" - buy that amount of coins on bitstamp.

Thats it.
No transfers or withdrawals necessary at all.
Ive found threads online where lots of people are looking for such bots, so there definitely is a demand on the market for such a bot.

Example:
1) the bot sells 1 bitcoin for 350* UK pounds ($611 usd) on a local site through their api.
2) As soon as an amount is sold the bot then buys that amount of bitcoin for $600(market price) on bitstamp.
*the bot uses bitstamp price to keep the price constantly updated.

Doesn't that rather assume that the balance tips back again? What you've posted works for one trade but how do you run another trade? I'm new to this so forgive me if it's a stupid question

Using Bitstamp and BTC-e as the example 1 BTC often trades for a reasonable difference, say 600 on BTC-e and 610 on Bitstamp. So assuming I have a standing balance of 100USD and 1BTC on each exchange(total 2BTC and $2k) when it sees the chance the bot would trade on both leaving me with 0BTC and 1610 on Bitstamp and 2BTC and 400USD on BYTC-e (new total 2BTC and $2.1K). Unless there is usually a reverse swing allowing me to trade back again to level the balance between the two exchanges how to I normalise the balances to allow me to trade in either direction without needing to move FIAT around? BTC is easy and cheep to move but USD is expensive stuff to ship around the place and you need a lot of money to be bet on each arbitrage exchange don't you?

Help me understand here

Thanks

Miles