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I used to do well with arbitrage at vircurex because they used to permit directly trading between all coins, without being limited to trading only with LTC/BTC/DOGE etc. So when everything lined up you could do (say) a circular trade such BTC->USD->DVC->BTC and make an immediate profit. The big advantage of this was that the bot did not speculate; it only traded when it saw an opportunity, and any trades would be completed within seconds, so most of the time it won.
No more of that now, Virc now only lets you trade between alts and major coins.
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