Post: #1

You can buy Eth for $720 right now. If I send it to another exchange in a different country, I can get about 20% more.

But I have to sell it, deposit into bank account in that country, wire transfer it into U.S bank account, transfer money to Gdax to start over.

What I am worried about is money going in and out of my bank account.

I keep sending money to Gdax and I keep receiving money from someone outside the country. Does it look hella suspicious?

Btw, Can you imagine if you do $100,000, you can make $20,000 instantly?
(as long as market doesn't crash within 10~20 mins coin transfer time)

Post: #2

damn man why is there such a big difference in prices between these countries?

( I doubt you would reveal which country you were thinking of arbitraging with, which is fine. )

This is an interesting concept, Im going to do some brainstorming

Post: #3

Problem with arbitrage is it takes too long transferring money around. You buy somewhere to sell somewhere else. How long to move

Post: #4

I don't know man. they are saying if you cash out, now it becomes Taxable. Plus the bank are required to report over $10,000 or if they find something suspicious.

Post: #5

It doesn't take that long. The only problem is sending money to coinbase/gdax because US banking system is far inferior. ACH will take a week. Wire transfer requires fees of $45 and you have to sit with a freakin banker. I am talking about sending money within states.

(12-25-2017 04:38 AM)Que enspastic Wrote:  Problem with arbitrage is it takes too long transferring money around. You buy somewhere to sell somewhere else. How long to move

Post: #6

It takes time and money.

Buy off Coinbase
- Pay fee
Send to Bitso (Mexico)
Sell to Mexican Pesos
- Pay Fee
Convert to USD and Transfer to US Bank
- Pay Fee
- 2-4 Days

Sending money within States? WTF...a ETH in Texas is the same as an ETH in Cuntifornia.

Post: #7

It takes about a day to receive money from overseas. Like I said, only issue is sending money to coinbase.

Let's say it takes about a week for whole process.

Every time I buy ETH with $10,000, I will get $2300 a Week.
Dont you think it's a freakin good return with no risk for waiting a week?

(12-25-2017 03:34 PM)Cattle Rustler Wrote:  It takes time and money.

Buy off Coinbase
- Pay fee
Send to Bitso (Mexico)
Sell to Mexican Pesos
- Pay Fee
Convert to USD and Transfer to US Bank
- Pay Fee
- 2-4 Days

Post: #8

Depends. If ETH is stable it's a good return.....in a bull phrase ETH can go up that much in a day and you'll be kicking rocks pissed off that you could have made 100% in a week. Also, after all the fees...you'll be making less than 20%.

The choice is yours.

Post: #9

That's called Speculation. I can also lose money if I don't sell right away and hold onto it.
Plus, let's be Real. If someone gives you 20% yearly interest for your savings, that is insane.
I am talking 20% interest within a week. How can I not satisfied with something like this?


At this point, I just need to make sure I won't get into trouble doing this.

Any CPA here?

(12-25-2017 03:53 PM)Cattle Rustler Wrote:  Depends. If ETH is stable it's a good return.....in a bull phrase ETH can go up that much in a day and you'll be kicking rocks pissed off that you could have made 100% in a week. Also, after all the fees...you'll be making less than 20%.

The choice is yours.

Post: #10

Not sure how a CPA will help you with this question.

Yes it will look suspicious. Some banks will shut your accounts down. They won't care why you're doing it, they just want to cover their ass.

Post: #11

As a US citizen it wouldn't be advisable to do this due to the global dragnet of the IRS. They'll want your capital gains on this. Getting an offshore account will be difficult because of this also. When you make bank transfer all your personal and business details go through the USD transaction database, which the IRS have access to. With those sums I'm sure you'll be setting off triggers. Here in the UK, the pigs monitor eBay, PayPal etc. and mix all this data with the more or less direct feed of your bank accounts from Experian, Equifax etc. to identify people to go after.

The other option is to send your coins to one exchange where there is a 20% premium for ETH and a 15% premium for, say Dash. It's not as big a gap, but you can do more transactions and don't have to worry about banks.

Post: #12

I didn't get the last paragraph.

I guess I would have to consult with tax lawyer. But I am sure they can't give clear answer since there is no defined law for cryptocurrency yet.

If I gain something from this, it's because I sold that coin Overseas, not in U.S. (Like I ship Levi's jeans to sell it in Asia for profit and I send money back to U.S to purchase more) So I don't know how they would define gains.

I am sure a lot of people are doing this since it's easy money. they won't just share it for people to jump in I guess.

(12-25-2017 11:04 PM)gework Wrote:  As a US citizen it wouldn't be advisable to do this due to the global dragnet of the IRS. They'll want your capital gains on this. Getting an offshore account will be difficult because of this also. When you make bank transfer all your personal and business details go through the USD transaction database, which the IRS have access to. With those sums I'm sure you'll be setting off triggers. Here in the UK, the pigs monitor eBay, PayPal etc. and mix all this data with the more or less direct feed of your bank accounts from Experian, Equifax etc. to identify people to go after.

The other option is to send your coins to one exchange where there is a 20% premium for ETH and a 15% premium for, say Dash. It's not as big a gap, but you can do more transactions and don't have to worry about banks.