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298 points vega_empire | 1 comments | | HN request time: 0s | source
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thisisit ◴[] No.15994579[source]
For people wondering, does it work? Short answer. No.

Long answer - The biggest flaw lies in the "advantages" section:

Unlike other Bitcoin arbitrage systems, Blackbird doesn't sell but actually short sells Bitcoin on the short exchange

The problem is only Bitfinex allows short selling. So, the example is an excellent case of cherry picking.

There are other issues with their strategy too.

replies(5): >>15994619 #>>15994834 #>>15995070 #>>15995902 #>>15996124 #
1. ReverseCold ◴[] No.15994619[source]
This strategy used to kinda work (before it was exploited by people) manually across multiple exchanges that allow short selling. It's just that Bitfinex is the only one that's supported by this software.