I have been waiting to do this as I collect more info, but hey, let’s go for it. The pools on Bter are super profitable because they are hardly used. Nu is paying you just to stick some cash there and let it sit. Yah, Bter is a risk, but the compensation is worth it.
Step 1: Either read the trading.py code for a tllp bot and change the appropriate parameters, or download my version of the bot. Make sure you implement a reset (my bot has one) or your bot will get stuck.
Step 2: Make 2 accounts on Bter, one for BTC and one for CNY. Run 2 tllp scripts, one with BTC units for the BTC account, and one with CNY units for the CNY account.
Step 3: Use BTC/CNY on Bter and NBT/BTC on poloniex to arbitrage.
Step 4: Start your engines
If you have NBT:
Send it to the CNY account if you think BTC will be volatile today and the BTC account if you think it’s going to be a calm day. If you have too many, go back to Step 3, or send it to your wallet so you can park and participate in auctions.
If you have BTC:
- Buy NSR. I know what you’re thinking, but seriously, devote ~5-10% of your liquidity to the NSR pair. Stick your orders something like 10-15% lower than the highest buy order with volume on Poloniex.
- Keep your funds in the pool when you don’t feel like daytrading
- Sell for CNY if the price is tumbling down
- Buy other cryptos to your heart’s content (DOGE, LTC, DASH, NMC, and PPC are all fun pairs)
If you have CNY on your BTC account:
- Buy BTC if you think it’s going to go up or have low volatility
- Buy other cryptos (DOGE, LTC, DASH, NMC, PPC. CNY is pretty useful here)
- Turn this account into a CNY account (not the preferred method)
- Withdraw CNY, either to the CNY account or elsewhere (I have never used this method)
If you have CNY on you CNY account:
Just leave it in the pool. The rates are sweet for very little risk, the pool target is huge, and CNY is undervalued on Bter (but not by Nu).
If you have NSR:
- Place a high sell order for crazy amounts of profit
- Send to your wallet and start voting and participating on the forums
- Arbitrage using Poloniex, CCEDK, or Nu Auctions (burn gateways)
If you have other crypto:
Make sure you are aware how much they’re worth on other exchanges, arbitrage for BTC or NBT is often a good choice. Otherwise, be patient and keep your orders high and wait for a buyer.