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I decided to just go for it, I mean if there's free money like this article suggests, why not take it? I can throw the minimum 250 bucks at this and expense it
by Kranar 6y ago
I decided to just go for it, I mean if there's free money like this article suggests, why not take it? I can throw the minimum 250 bucks at this and expense it on the company card for research purposes.
There's literally a market for whether Donald Trump will be president on March 31st of 2021 with offers available at 98 cents, so presumably I can make a 2% return in a month right?
Okay well I signed up, I had to buy USDC and that cost me 8%. In the future I should use Coinbase to cut that down to 0.50%, but for now my motivation is just to see if this thing is for real.
After a fairly smooth sign up process that took about 10 minutes, involved confirming my e-mail address, an SMS and then verifying a credit card transaction, I got the 230 USDC sent to me and immediately used it to buy NO on Trump being president.
I wont lie, this was easier than I expected, the whole process took about 10-15 minutes tops and as far as I can tell I do legitimately have this position.
I guess the only concern left is whether there's some loophole that will cause this market not to resolve at all/become invalid.
I will do a few more transactions later today since the site is literally displaying some fairly significant arbitrage opportunities. I will do it with just a couple hundred dollars at a time as a proof of concept, and if this works out then perhaps I go a little deeper, use Coinbase Pro to buy and sell the USDC.
- throwsaways212a 6y agoEnsure you take into account fiat deposit fees, trading fees for USDC and withdrawal/transaction fees from the wallet you deposit with along with counter-party risk.