Last week I increased my blurt holding by 13,000 Blurt and this does not include BP and Blurt from curation and author rewards.
I think it was about a week and a half ago I saw a post here on Blurt by someone happy about a modest gain in the price of Blurt to $0.26. This confused me because I really only looked at the market on Hive-engine and I knew that the price was closer to $0.3. So I asked the poster where they usually buy their blurt or look at the price and while I waited for the response I went and looked myself at Probit and it truly was $0.26 there which is over a 10% difference between the two exchanges.
It was time to get trading. I usually try to hold at least 10% of my overall blurt in liquid form to be ready for any market occurrences. I had about 44,000 Blurt on Hive-engine, another 13,000 in Blurt/hive swap pool and 26,000 on my wallet. This is a total of 83,000 blurt. I started off with selling 10,000 blurt for HIVE. On Probit the only trade pair for blurt is with btc so I thought I would buy btc on Hive-engine and send it over to probit. After I did that I found there was a minimum amount of btc to be withdrawn so I had to sell it back for Hive and send Hive to probit. I lost a little bit on this.
I then sold the Hive on Probit for btc. And then I used btc to buy blurt on Probit at a much lower price than on Hive-engine. On this first transaction, I turned the 10,000 Blurt into 11,000 Blurt.
From this experiment, I saw that there was merit in the arbitrage trading at that time. I then took my blurt out of the swap pool and sold it for HIVE this was 13,000 blurt plus the hive that was matched to it so we will call it 26,000 blurt. I added this to what I had and did the same thing again. I did a couple rounds of this with different amounts.
The real limiting issue is that it is time-consuming on Hive you can use the swap feature to speed up trading and get a decent price, but then you have to wait for HIVE to hit your wallet before you can withdraw it to Probit. Then you have to wait for the HIVE to hit the probit wallet. Then you have to wait for your best price trade to go through for buying btc with hive. Then if you want to make money you have to be very careful at what price you are buying Blurt and when there is not a lot of volume this can take a while. For instance, at the end of last week, I was buying 27,000 blurt which is about 25% of the overall volume and I left my laptop until Sunday with the increase in blurt on probit I still had about 10,000 blurt that still had not been purchased. That only went through today after the price went back down on probit. Then you have to wait for your blurt to go back to your wallet and then from your wallet back to hive engine.
I have been having problems with Hive engine receiving my blurt transfers promptly one took about 48 hours from my wallet to hive-engine. So last week I did an experiment sending 100 blut straight from probit to hive engine. I got it in about 12 hours. So I sent 28,000 blurt from Probit to Hive-engine, it has been about 4 days and I still have not received it I have sent a support request I am waiting for a response now, I am sure it will be sorted out though. Does anyone else have this problem? Or know why this is?
So lets do the final math:
Starting balances of liquid blurt
26,000 on blurt wallet
44,000 on hive-engine wallet
13,000 in swap pools
13,000 in hive equivalent from swap pools (counting it as blut because I sent it over as part of the purchase to probit)
Total 96,000 blurt
At the end of the day when my blurt finally posts back in Hive-engine I will have a total liquid blurt of 109,000 Blurt. For a total of about 13,000 Blurt in gains. At today's price on Hive engine that is about $45.5. I have looked into a bot to do this and it looks like it is possible using Hummingbird but that is all a little beyond my skill level at the moment. If I had more time and a Raspberry Pi computer sitting around perhaps I would play around with it. I would also need more capital and more cryptocurrencies to make it worthwhile.
I think I made some small gains on buying HIVE on hive engine and selling on probit also.
Does anyone want to share their experiences in Arbitrage trading?
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That’s awesome. I can’t seem to get Probit to work so I just buy Blurt on Ionomy and Hive Engine.com ….. I set really low Limit prices to buy and eventually my orders get filled for almost nothing. They key with crypto is to remain patient. Someone always makes a mistake and sells for almost nothing. When Bitcoin FOMO strikes you can always buy Blurt, Steem, TRON, Hive for very very cheap. Set low Limit Buy price and forget about it. You will be very surprised how much super cheap Crypto you can buy that way.
Yeah I can try that as I continue to have more spare trading pair coins laying around.
As Warren Buffet once said about the Stock Market and it’s very true about Crypto ExChanges….
“The Stock market is a device for transferring money from the impatient to the patient.”
But he was very wrong about not buying Bitcoin 10 years ago. Or earlier. It was important to Buy as much Bitcoin as possible 10 years ago. But those with patience can also buy the Big Dips.
Have you ever had funds stuck between Probit and Hive-Engine? One week later and my 28,000 blurt is still missing. HIve-engine support asked me for the transaction ID but that was days ago and still nothing. I now today have contacted Probit support to see if they have anything to say.
Is there a problem transferring directly from exchange to exchange or should you always go to the wallet first? I assume the blurt network is the blurt network and it shouldn't matter.
Nope. I could never get Probit to work here in Canada. So I just use Ionomy to buy Blurt and send directly to my Blurt Wallet … smaller amounts though … less than $10 a day. … just to be safe.
I only use Hive-Engine to buy Bilpcoin (BPC) and Bitcoin-Backed Hive (BBH) ….
Bilpcoin (BPC) : https://hive-engine.com/trade/BPC
Bitcoin Backed Hive (BBH) : https://hive-engine.com/trade/BBH
I don't think I ever fully verified probit either but I am still well below their daily limits for even being unverified.
Yeah Maybe I will send smaller amounts straight to my wallet from no on.
Probit is great for picking up cheap blurt. I wouldn't transfer any BTC about due to the fees but I have done similar to you with this
Yeah I am sure those btc fees are a killer and that is why there was a large minimum transfer. Seems to work well with HIVE though.
Yeah man, I have been using blurt, hive, ltc and even doge to move funds around. BTC is a stacker only
sounds like an interesting journey. Is it possible to send Blurt directly from the Blurtwallet to Hive engine?
Yes that is very simple. You will use "blurt-swap" in the address and then "SWAP.BLURT [hive username]" in the memo. But it is best when you are in hive engine to click the deposit button, you choose blurt and it will show you the instructions there on how to deposit blurt in Hive-engine.
Great, I will try that right away. Good to know there is a way to easily access my liquid Blurt. Let us see how long the deposit will take
Edit: I sent 10 Blurt from my wallet and they arrived in less then 10 minutes. Good start I would say. I hope your deposit will arrive soon as well.
I am wondering if it is large balances that take a while or what I did get a response from support today asking for my transaction ID which I sent now waiting again.
Yes arbitrary trading is good, although I have never tried it for once. To make meaningful amount and not to run in loss one need a big capital due to transaction fee between different exchange.
Like probit, I discovered that buying and selling takes time. I guess due to enough buying order. Most cases it takes like tow or three days before my order is picked
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