Silk Road forums

Discussion => Security => Topic started by: Icon on April 16, 2013, 05:05 am

Title: How to make profit from BTC exchange?
Post by: Icon on April 16, 2013, 05:05 am
   As the title says. I'm really shocked when I search the forums that I don't see any threads on this topic. I can find all the aspects in the world about buying BTC. However none about selling the coin back for profit.

Hypothetically, if I bought lets say $1K in BTC when they were at $120.00 USD per coin, and sold at $240.00 a coin (doubling my money). When you sell the BTC back to the exchange now you have double the money, but how do you get your money out of the exchange and into your bank account or cash/prepaid debit cards etc?

Clear net is also pretty dry on this topic.
Title: Re: How to make profit from BTC exchange?
Post by: leavesbrown on April 16, 2013, 04:26 pm
The best way I've found to make money at exchanges is to not get greedy and wager large sums of money over long periods of time. Make a dozen short term investments in a day and make sure you are up 1-2% your initial investment and NEVER sell at a loss. Its much slower this way but I manage to make about 5-10% on my initial investment every day.
Title: Re: How to make profit from BTC exchange?
Post by: Icon on April 16, 2013, 06:23 pm
I understand what you are saying. I have done traditional stock trading over the years when I see there is a good opportunity. I have also got addicted to day trading, and your completely right. The greed isn't bad, but left unchecked will sucker you into taking bigger and bigger risks. With the more numerous risks the more you stand to lose as you judgment gets blinded. With stocks and securities once you sell your stock you can transfer funds from you account to paper money.

What I want to know is if anyone has moved money from their Mt. Gox or Bitfloor account back into a bank account?

Its a bit disturbing that this information is not easily available. I take this as a sign that there is something inherently wrong about BTC. I understand why exchanges want to keep money in the exchange, but if the creators want it become a stable and reliable currency, you have to be able to exchange it for other monetary forms. Wouldn't you agree?
Title: Re: How to make profit from BTC exchange?
Post by: mrxempire on April 16, 2013, 08:20 pm
im curious about this too. With the BTC prices so low i'm hoping to buy about 1000 in bitcoins and wait until the price doubles or triples, and then sell. I know you can sell bitcoins using bitfloor, but that will only put cash into your bitfloor account. I am unsure how to get the cash balance from bitfloor into my bank account. There has to be a way though. I asked this question about a week ago, and someone told me that you could use a third party anonymous BTC to cash service, but that costs a fee. Since I have no intention of putting my bitcoins into an illegal Silk Road account, I would have no need to use such an anonymous service. I do know that when you trade BTC in for cash at the bank, an I.D is required so be careful not to use your bitcoins for shady purposes
Title: Re: How to make profit from BTC exchange?
Post by: mrxempire on April 16, 2013, 08:59 pm
hey someone answered my thread on how to direct deposit cash from a bitfloor account into a bank account. If you use bitfloor check this out http://dkn255hz262ypmii.onion.to/index.php?topic=148639.0     You have to provide a government I.D but if your just planning to trade it shouldn't be a problem
Title: Re: How to make profit from BTC exchange?
Post by: toelessJoe on April 17, 2013, 03:29 am
I understand what you are saying. I have done traditional stock trading over the years when I see there is a good opportunity. I have also got addicted to day trading, and your completely right. The greed isn't bad, but left unchecked will sucker you into taking bigger and bigger risks. With the more numerous risks the more you stand to lose as you judgment gets blinded. With stocks and securities once you sell your stock you can transfer funds from you account to paper money.

What I want to know is if anyone has moved money from their Mt. Gox or Bitfloor account back into a bank account?

Its a bit disturbing that this information is not easily available. I take this as a sign that there is something inherently wrong about BTC. I understand why exchanges want to keep money in the exchange, but if the creators want it become a stable and reliable currency, you have to be able to exchange it for other monetary forms. Wouldn't you agree?

I send $ back and forth from Mt/Gox and Dwolla - and from back and forth from my bank and Dwolla.
Title: Re: How to make profit from BTC exchange?
Post by: AussieMitch on April 17, 2013, 12:55 pm
Maybe i'm just being stupid, but whenever I goto s2.bitcoinity.org/markets and compare all the different exchanges I always notice different prices between each of the exchanges.

Would it be possible to keep some USD in each exchange, and then buy BTC wherever it's cheapest, quickly transfer it to the exchange where it's selling the highest and immediately trade it in for USD again?

It seems like a ridiculously easy way to make money to me.