/biz/ - Business & Finance

Listen up retards I've been inspired. Threads have come together of degenerate interests. I might be wrong but I THINK I have just figured out how to get 90%+ of your crypto gains into cold hard cash. Now, caveat: you must have access to a fiat prediction market (ideally Betfair but even Americans could play the same game in Vegas or wherever).

OK so I used to fuck around with "matched betting" when I was a poor student. I'm not going to spoonfeed here -- it's an easy concept if you understand markets -- basically farming the free bets gambling companies give to new customers. Actually if any anons are interested in sports trading: betfairprotrader.co.uk is the best resource I could recommend, guy knows his stuff and doesn't try to shill you ebooks etc.

Anyways with equal prices matched betting is a zero sum game. Now the Jews at Betfair and most other exchanges take 5% (down to 2% if your volume is high enough) commission but even then arbitrage opportunities exist if you're patient enough to find them or competent enough to write a script to do it for you. In any case, I would trade horse races cause they're quick and accounting for slippage my return on matching free bets was usually around 95% of the bonus.

Now what does this have to do with the gurrnment takin my coins I hear you ask. Well -- in most countries, money won gambling is NOT subject to capital gains tax. So you make bets on any one of the numerous bitcoin bookies online (fairlay, augur, etc) while at the same time laying the same bets on a fiat exchange. BOOM tax free withdrawals for tendies. DYOR obviously but it helps to have maybe 5x capital in laying account to the amount you want to "lose" in crypto bets -- pick outside chances ( > 5/1 ) and don't stake a huge % of your bankroll at once (can be real tedious process if you "accidentally win" a few picks in a row).

What do you make of this hack /biz?