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RE: Is SBD really worth $7.24 right now?!
This caused me to learn about these exchanges, I see they all have different prices, would it be possible to buy it on one exchange where it has a low price and then sell it right away on an exchange that has a higher price?
Not only did I not go viral I got totally screwed by bidding on a bot in STEEM and getting my vote in SBD at the wonky exchange rate so 1.50 STEEM got me a .70 SBD vote. A lesson learned.
Live and learn, right?
I’ve heard of people doing just that and making a lot of money through arbitrage. I’ve never done it myself, so I can’t say for sure if it works. It seems like it should though. Somewhere I read that SBDs were trading at $25 or more but couldn’t be removed from the exchange where they were trading at that price, which would cut off the arbitrage opportunity. I guess if you try it, do it with a small amount first and then go from there.
I guess I would need to open multiple accounts for starters, that's a whole other can of worms I know nothing about. I see even today like a 20 cent difference on different exchanges, arbitrage seems like it has a lot of potential.
Yeah. Opening the accounts, keeping track of the passwords, submitting the documents that are necessary for some to even trade, it’s a bit of work. I haven’t gotten that invested in everything yet. It takes more time and energy than I have right now.
not to mention figuring out all the transaction fees and such, I am trying to get my brother interested, once he gets interested in something he will try to become the best at it.
Yeah, I think having someone to show you the ropes will save you a lot of headaches. Let me know when your brother gets it figured out;)