PONZI OR CUNNING? Money Making Stroke!
Most of us do not use Poloniex, but there is a decent number of people who still use Poloniex to sell their Steembit dollars aka SBD, most of them being traders with little amounts/less active. The reason i guess is they might have not heard about Poloniex scam, so they still stick to Poloniex because of the little transaction fees it charges.
So what i actually intended to point out through this blog is, huge difference of SBD prices in two exchanges POLONIEX AND BITTREX, for current days.
Obviously bittrex is offering way much better, 2x to be exact.
Then why on the name of GOD, some of us are using POLONIEX to sell their SBD?
Second point i want to talk about is,
IMAGINE
I transfer some amount of btc from bittrex to Poloniex.
Then i buy SBD at 5$ using my btc.
Then i transfer my SBDs from Poloniex to Bittrex.
Then i sell them at 11$.
💸💸💸💸Profit profit profit.💸💸💸💸💸
But why would not i do it?
First because, no way i trust Poloniex with my money.
Second because, they already have halted SBD transaction with this message.
So no one wants their money to be stuck on dicey exchange like Poloniex.
MONEY MAKING SCHEME?
But what i just told you about the difference of price in currency on these two exchanges has happened earlier for coin
XCP
and i made some profit too 😁😁😁.So you gotta keep an eye on the price of a particular crypto on various exchanges, stroke of luck and free money 💰💰
and you can just simply use https://www.worldcoinindex.com/1 to check on the prices in detail on whichever website you like.
With love :
Your's That Indian Lady
Did you think of that all by your self?
Its called arbitrage and there are LOTS of people who make a living of of selling their own crypto on different markets and just profiting on the difference between the two markets.
It works a lot better when you have a lot of money because with just a little difference in the exchanges adds up with lots of $$$
Great to see ur getting more cunning ;-)>
Heheh yeah just trying to scratch my brain,
I missed you 🤗
If you missed me why not say hi?
I would think about you and a few speical steemians during daytime, and then not text , thats how i do at times 😣
Why don't people do it: because BTC transactions takes forever, and it has more fees than profits.
I disagree, when the amount traded is quite high,fees is no where comparable to profit
Suppose i transfer, btc worth $1k to polo and buy 190 sbd
Then i sell 190 sbd at 11$ then my 1k$ btc turns to somewhere around 2k$ btc
And then comes the fees which will be max 50$ total in this process which is no where comparable to a profit of 1000$
nice dear
Thanks :=
Useful! thanks sweetie!
:) yo
This is actually called Arbitrage. It is very low profitable strategy in trading.
I disagree, when the amount traded is quite high,fees is no where comparable to profit
In that case the exchanges would just discontinue the deposits and withdrawls like in our case is STEEM on poloniex and Hitbtc.
Useful Info. I thought of trying arbitrage but I don't believe poloniex too.
Same here :)