Quote from: chris45215 on August 04, 2014, 09:36:28 PM

Quote from: FreeJack2k2 on July 29, 2014, 03:13:28 AM

Here's hoping the volatility picks up. A lot.

Im not counting on it. Both the spread and volatility have decreased dramatically. There are new players in arbitrage now; with lots of coins and good software. Dont expect them to make any announcements, they wont seek any new investors, and they have no desire to be publicly known.

Additionally, the regulations proposed in New York will shut down all legitimate Bitcoin-based investments (they effectively say that the company cant hold any bitcoin except the exact amount given by customers, and therefore anyone doing arbitrage wont be able to legally buy or sell if they have any New York customers). This is a very big threat to both the BTC investing community and the Bitcoin community as a whole, as investment money was expected to increase the value of bitcoin and help improve liquidity worldwide.

I dont envy Btc-Arbs. He/they have my respect for refunding customers, coming out with honest info, and staying in touch with the community. The days of easy profit are pretty near an end.

Personally, Im considering if it's worth my time to make the next set of upgrades on my system. I can still make more than $2 per btc per day, but only on low volume - it would bring less income than my day job.

On a final note for everyone, don't put any money into any HYIP at all. The profits dont exist anymore, and any program accepting any US customers will invariably have a NY resident or two and the entire program will be illegal - customers wont be subject to any legal repercussions, but the operator will be and may have all their assets confiscated. If you want to invest in Bitcoin or invest with Bitcoin, the best way is to get off the internet and start pushing it in real life. See how your professional skills can be used in the Bitcoin economy.

No, this law does not stop a person from doing arbitrage, much less customers in NY from working with sites outside of NY. The law is an attempt to license dealers. Basically Dealers would undergo background checks and would have to show that business would be conducted "honestly, fairly, equitably, carefully, and efficiently." Strait out of the liberal book of idiots yelling "more government please"! However; no place does it say a person that invest money with someone/business in another state, country, or planet that is unlicensed would make the later someone/business illegal.