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      "body": "Found something interesting regarding direct arbitrage on internet - coins2gains.com",
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      "body": "I would like to know more! I enjoy reading your posts, write me back and let me know how your crypto arbitrage bot is doing. :)",
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      "body": "I enjoy reading your posts.",
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      "body": "Good read. I'm interested what happened with this project over the course of 3 months. Any updates?",
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      "author": "owenhdp",
      "permlink": "re-zaccharles-cryptocurrency-triangular-arbitrage-20180318t002652700z",
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      "body": "Absolutely interested! Similar project I found on GitHub using Binance: \nhttps://github.com/tiagosiebler/TriangularArbitrage\nHope for further update! :)",
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      "author": "sahanov",
      "permlink": "re-zaccharles-cryptocurrency-linear-arbitrage-20180226t184457829z",
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      "body": "This is some amazing work here. Please keep on posting. \n\nAfter typing in google triangular crypto arbitrage u were there at the top. The traffic is all yours mate.",
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      "body": "very interesting article~!\nR u programer?\nCan you let me know little more tips?",
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      "body": "very interesting article. Could you give me some more specific tips?",
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      "body": "I'm very interested in hearing more!",
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      "body": "Following you!  <p><img src=\"https://preview.ibb.co/hJ5ArH/up2.png\" width=\"200\"/></p>",
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      "permlink": "cryptocurrency-triangular-arbitrage",
      "title": "Part 1: Crypto Triangular Arbitrage",
      "body": "@@ -3915,17 +3915,19 @@\n t now:%0A%0A\n-%3E\n+   \n  22:47:1\n@@ -3973,33 +3973,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:17 - BTC \n@@ -4035,33 +4035,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:17 - BTC \n@@ -4097,33 +4097,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:17 - BTC \n@@ -4163,33 +4163,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:18 - BTC \n@@ -4225,33 +4225,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:18 - BTC \n@@ -4287,33 +4287,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:18 - BTC \n@@ -4353,33 +4353,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:18 - BTC \n@@ -4415,33 +4415,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:18 - BTC \n@@ -4477,33 +4477,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:18 - BTC \n@@ -4543,33 +4543,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:18 - BTC \n@@ -4605,33 +4605,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:18 - BTC \n@@ -4667,33 +4667,35 @@\n TH%5D %3E %5BETH-BTC%5D%0A\n-%3E\n+   \n  22:47:18 - BTC \n@@ -4741,17 +4741,19 @@\n TH-BTC%5D%0A\n-%3E\n+   \n  22:47:1\n@@ -4803,16 +4803,21 @@\n TH-BTC%5D%0A\n+** **\n %0AWe can \n",
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      "parent_permlink": "cryptocurrency",
      "author": "zaccharles",
      "permlink": "cryptocurrency-triangular-arbitrage",
      "title": "Part 1: Crypto Triangular Arbitrage",
      "body": "Recently, I start looking for more opportunities to make money with cryptocurrencies beyond trading. I'm a professional programmer, so I started, as I usually do, by thinking how I can automate something for a profit. Most exchanges offer at least a half-decent API, so I began thinking of ideas.\n\n![](https://steemitimages.com/DQmVXfHNgb4bcwJu3cB3ZBdixiyNFfqwXmb1XbjqMBtooH4/image.png)\n\nGiven how new they are, I assumed cryptocurrency markets would be inefficient and I knew that one way to take advantage of market inefficiencies was arbitrage. [Arbitrage](https://www.investopedia.com/terms/a/arbitrage.asp) opportunities occur when the price of an asset (a coin or token in our case) is trading at a different price on different exchanges. As an example, if Bitcoin is trading at $15,000 on GDAX and $15,050 on Gemini, you could simultaneously buy on GDAX and sell on Gemini, resulting in a $50 profit. You could then transfer your funds between the exchanges and repeat the process.\n\nSince I don't have a verified account on GDAX (that's a separate story), and I'm not eligible for a Gemini account, I continued looking around.\n\nI found [Blackbird](https://github.com/butor/blackbird) which advertises itself as an open-source \"C++ trading system that does automatic long/short arbitrage between Bitcoin exchanges\". Blackbird says it looks for a price difference, then buys (long) on one exchange and short sells on another.  It then waits for the price gap to close and exits these positions.\n\nThat's nice, but I started feeling suspicious at this point. Not because I thought the developer had written some bot that was going to steal all my coins, but because, personally, I wouldn't have made this code public if it worked. Logically, this bot is supposed to exploit market inefficiencies, which removes those inefficiencies as a result. The more people running the bot, the less profit there would be.\n\nSo I decided not to run Blackbird and do some further investigation.\n\nI didn't want to deal with multiple exchanges or short selling, so I did a bit of reading about a particular kind of arbitrage I'd read about before called triangular arbitrage. Triangular arbitrage is when you start with one currency, use it to buy a second, trade the second for a third, and lastly, trade the third back to the first. As a more concrete example, you could start with BTC, use it to buy ETH, use that ETH to buy LTC, then sell the LTC for BTC. If there is a significant market inefficiency, this will result in profit.\n\nI use Bittrex often, so I started exploring their API. Their [documentation](https://bittrex.com/home/api) is pathetic, but the API is functional. It has an endpoint which provides details of all of Bittrex's markets (271 at the time of writing) including the Bid and Ask prices. These details were all I needed, so I wrote some C# code in [LINQPad](https://www.linqpad.net/), my goto IDE for this sort of trial and error work.\n\nThe code parsed the data into a graph. I'm talking about the kind of graph you could imagine as a bunch of circles (nodes) linked together by lines. The graph consists of a node for each currency, with links between the nodes representing Bittrex markets which could be used to get from one currency to the other, and the current prices of that market.\n\nBittrex has three base currencies; BTC, ETH, and USDT. I wrote a final piece of code which starts at each of these nodes in the graph and finds a triangular path back to where it started. For example, beginning at the BTC node, we could move to the XRP node, then to the USDT node, then back to the BTC node. The code takes Bittrex's 0.25% trade fee into consideration and outputs all of the triangular arbitrage opportunities which would make a profit.\n\nThe result at this point? There are many times when the market is inefficient to theoretically make a profit. Below is some sample of the output from right now:\n\n> 22:47:17 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.56%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.15%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.56%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.15%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.07%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.08%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.07%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.08%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:19 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n\nWe can see that at 22:47:18, trading BTC for ANT, ANT for ETH, then ETH for BTC would have yielded a 0.56% net profit after subtracting trading fees. The output was quite noisy, and I'm not interested in a 0.01% profit, so I chose to filter out anything below 1%, which reduced it down to about one opportunity every minute or two, give or take.\n\nThe average profit I'm seeing is approximately 1.5%, and the highest I've seen has been 14.55%, which was available for 3.044 seconds.\n\n3.044 seconds? In this post, I've only written about the very first iteration of the program. Over the past week, I've improved it quite a bit which resulted in a strategy change to what I'm calling linear arbitrage.\n\nAre you interested in hearing more about this project? Let me know!",
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      "parent_author": "",
      "parent_permlink": "cryptocurrency",
      "author": "zaccharles",
      "permlink": "cryptocurrency-linear-arbitrage",
      "title": "Part 2: Crypto Linear Arbitrage",
      "body": "In [my previous post](https://steemit.com/cryptocurrency/@zaccharles/cryptocurrency-triangular-arbitrage), I wrote about my investigation into profitable triangular arbitrage opportunities in the cryptocurrency market. Triangular arbitrage is when you start with currency A, trade it for currency B, then trade that for C, and finally trade C back to A.\nDue to market inefficiencies, this can sometimes result in having more of currency A than you had at the beginning.\n\nThe result of my initial investigation was that these opportunities seem to occur about one to three times a minute when filtering out those with profit below 1% (considering trading fees).\nAt that time, I was polling Bittrex's API roughly every 250ms. Sometimes an opportunity would be printed out once, and sometimes multiple times. That meant some were present for longer than others. Given there are three trades in triangular arbitrage, and each trade takes time, some opportunities may not be around long enough to be actionable.\n\nTime for some more coding!\n\n![](https://steemitimages.com/DQmNYeC2WomiTCrTrjgEsittZHsXm8vCF4qQVS2iRTQSZXV/image.png)\n\nUntil now, the program was only outputting each opportunity as it came along, so I changed it to keep track of them. Afterwards, the program wrote a message when a new one opened, when it closed, and the duration for which it was open. Below are a few examples.\n\n    22:24:37 + ETH-VIB > VIB-BTC > BTC-ETH @ 1.33%\n    22:24:40 - ETH-VIB > VIB-BTC > BTC-ETH @ 1.33% (3.144s)\n    22:24:41 + ETH-VIB > VIB-BTC > BTC-ETH @ 1.33%\n    22:24:41 - ETH-VIB > VIB-BTC > BTC-ETH @ 1.33% (0.243s)\n    22:27:38 + BTC-BAT > BAT-ETH > ETH-BTC @ 2.06%\n    22:27:42 - BTC-BAT > BAT-ETH > ETH-BTC @ 2.06% (3.812s)\n  \n** **\nIt's interesting to see that an `ETH > VIB > BTC > ETH` opportunity was open for 3.144s, closed for about a second, then reopened at 1.33% again for only 243ms. We may have been able to trade the first one successfully, but the second closed quite quickly. Some opportunities close even quicker than this, while others are open for anywhere up to 30 seconds. That's very inefficient, but the problem is that the inefficiency is unpredictable... right?\n\nBittrex has three base currencies; `BTC`, `ETH`, and `USDT`. I call these base currencies because you can buy most altcoins with them. In the above example, you can see two opportunities started and ended with `ETH`, and one with `BTC`.\nIn fact, after observing for a day, I noticed that around half started with `ETH` and the other half with `BTC`, while only a small amount started with `USDT`. I happily hold both `BTC` and `ETH`, which made me question the point of trading back to the starting currency, which incurs an additional fee.\n\nWhat if we only followed the opportunity path from `ETH` to `BTC`, and then stopped? Likewise, we'd keep the `ETH` when starting with `BTC`. This strategy is what I'm calling linear arbitrage.\nI ran this strategy in observation mode for almost 48 hours capturing 2,314 opportunities above 1%. You can take a look at [the data](https://docs.google.com/spreadsheets/d/1Aw4q3MV4q_c9wEeR4WdM_B_lGUTxjNwRp0bQes0T1no/edit?usp=sharing) if you like. Here's a summary:\n\n| |Min|Avg|Max|\n|-----|-------------|-----------|--------------|\n|**Profit**|1.00%|1.90%|14.80%|\n|**Duration**|0.030s|5.050s|156.520s|\n\nThe most commonly inefficient currencies were [FUN](https://coinmarketcap.com/currencies/funfair/), [XLM](https://coinmarketcap.com/currencies/stellar/), [DGB](https://coinmarketcap.com/currencies/digital-bullion-gold/), [SNT](https://coinmarketcap.com/currencies/status/), [ADA](https://coinmarketcap.com/currencies/cardano/), and [ENG](https://coinmarketcap.com/currencies/enigma-project/). Each of these gave above 100 opportunities each, but I'm not convinced there is anything to read into here. More importantly is the fact some opportunities are open for as little as 30ms. There are two trades in linear arbitrage, and that's barely enough time to place a single order. You could solve this by owning all altcoins and doing both trades simultaneously, but I'd rather avoid that.\n\nSome of the shorter-lived opportunities may be market-manipulating bots placing small orders which get eaten up quickly. Perhaps the duration can be predicted based on the order size. I ran the strategy in trade-mode very briefly. The results were mixed, so I think this is going to be an essential part of deciding to trade.\n\nAre you interested in hearing more about this project? Let me know!",
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      "author": "zaccharles",
      "permlink": "cryptocurrency-triangular-arbitrage",
      "title": "Part 1: Crypto Triangular Arbitrage",
      "body": "Recently, I start looking for more opportunities to make money with cryptocurrencies beyond trading. I'm a professional programmer, so I started, as I usually do, by thinking how I can automate something for a profit. Most exchanges offer at least a half-decent API, so I began thinking of ideas.\n\n![](https://steemitimages.com/DQmVXfHNgb4bcwJu3cB3ZBdixiyNFfqwXmb1XbjqMBtooH4/image.png)\n\nGiven how new they are, I assumed cryptocurrency markets would be inefficient and I knew that one way to take advantage of market inefficiencies was arbitrage. [Arbitrage](https://www.investopedia.com/terms/a/arbitrage.asp) opportunities occur when the price of an asset (a coin or token in our case) is trading at a different price on different exchanges. As an example, if Bitcoin is trading at $15,000 on GDAX and $15,050 on Gemini, you could simultaneously buy on GDAX and sell on Gemini, resulting in a $50 profit. You could then transfer your funds between the exchanges and repeat the process.\n\nSince I don't have a verified account on GDAX (that's a separate story), and I'm not eligible for a Gemini account, I continued looking around.\n\nI found [Blackbird](https://github.com/butor/blackbird) which advertises itself as an open-source \"C++ trading system that does automatic long/short arbitrage between Bitcoin exchanges\". Blackbird says it looks for a price difference, then buys (long) on one exchange and short sells on another.  It then waits for the price gap to close and exits these positions.\n\nThat's nice, but I started feeling suspicious at this point. Not because I thought the developer had written some bot that was going to steal all my coins, but because, personally, I wouldn't have made this code public if it worked. Logically, this bot is supposed to exploit market inefficiencies, which removes those inefficiencies as a result. The more people running the bot, the less profit there would be.\n\nSo I decided not to run Blackbird and do some further investigation.\n\nI didn't want to deal with multiple exchanges or short selling, so I did a bit of reading about a particular kind of arbitrage I'd read about before called triangular arbitrage. Triangular arbitrage is when you start with one currency, use it to buy a second, trade the second for a third, and lastly, trade the third back to the first. As a more concrete example, you could start with BTC, use it to buy ETH, use that ETH to buy LTC, then sell the LTC for BTC. If there is a significant market inefficiency, this will result in profit.\n\nI use Bittrex often, so I started exploring their API. Their [documentation](https://bittrex.com/home/api) is pathetic, but the API is functional. It has an endpoint which provides details of all of Bittrex's markets (271 at the time of writing) including the Bid and Ask prices. These details were all I needed, so I wrote some C# code in [LINQPad](https://www.linqpad.net/), my goto IDE for this sort of trial and error work.\n\nThe code parsed the data into a graph. I'm talking about the kind of graph you could imagine as a bunch of circles (nodes) linked together by lines. The graph consists of a node for each currency, with links between the nodes representing Bittrex markets which could be used to get from one currency to the other, and the current prices of that market.\n\nBittrex has three base currencies; BTC, ETH, and USDT. I wrote a final piece of code which starts at each of these nodes in the graph and finds a triangular path back to where it started. For example, beginning at the BTC node, we could move to the XRP node, then to the USDT node, then back to the BTC node. The code takes Bittrex's 0.25% trade fee into consideration and outputs all of the triangular arbitrage opportunities which would make a profit.\n\nThe result at this point? There are many times when the market is inefficient to theoretically make a profit. Below is some sample of the output from right now:\n\n> 22:47:17 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.56%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.15%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.56%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.15%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.07%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.08%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.07%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.08%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:19 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n\nWe can see that at 22:47:18, trading BTC for ANT, ANT for ETH, then ETH for BTC would have yielded a 0.56% net profit after subtracting trading fees. The output was quite noisy, and I'm not interested in a 0.01% profit, so I chose to filter out anything below 1%, which reduced it down to about one opportunity every minute or two, give or take.\n\nThe average profit I'm seeing is approximately 1.5%, and the highest I've seen has been 14.55%, which was available for 3.044 seconds.\n\n3.044 seconds? In this post, I've only written about the very first iteration of the program. Over the past week, I've improved it quite a bit which resulted in a strategy change to what I'm calling linear arbitrage.\n\nAre you interested in hearing more about this project? Let me know!",
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      "body": "@@ -3190,28 +3190,16 @@\n %7CMin\n-imum%7CAverage%7CMaximum\n+%7CAvg%7CMax\n %7C%0A%7C-\n",
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      "body": "@@ -2504,16 +2504,22 @@\n and the \n+other \n half wit\n@@ -2848,18 +2848,20 @@\n tarting \n-at\n+with\n  %60BTC%60. \n",
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      "author": "zaccharles",
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      "title": "Cryptocurrency Linear Arbitrage",
      "body": "In [my previous post](https://steemit.com/cryptocurrency/@zaccharles/cryptocurrency-triangular-arbitrage), I wrote about my investigation into profitable triangular arbitrage opportunities in the cryptocurrency market. Triangular arbitrage is when you start with currency A, trade it for currency B, then trade that for C, and finally trade C back to A.\nDue to market inefficiencies, this can sometimes result in having more of currency A than you had at the beginning.\n\nThe result of my initial investigation was that these opportunities seem to occur about one to three times a minute when filtering out those with profit below 1% (considering trading fees).\nAt that time, I was polling Bittrex's API roughly every 250ms. Sometimes an opportunity would be printed out once, and sometimes multiple times. That meant some were present for longer than others. Given there are three trades in triangular arbitrage, and each trade takes time, some opportunities may not be around long enough to be actionable.\n\nTime for some more coding!\n\n![](https://steemitimages.com/DQmNYeC2WomiTCrTrjgEsittZHsXm8vCF4qQVS2iRTQSZXV/image.png)\n\nUntil now, the program was only outputting each opportunity as it came along, so I changed it to keep track of them. Afterwards, the program wrote a message when a new one opened, when it closed, and the duration for which it was open. Below are a few examples.\n\n    22:24:37 + ETH-VIB > VIB-BTC > BTC-ETH @ 1.33%\n    22:24:40 - ETH-VIB > VIB-BTC > BTC-ETH @ 1.33% (3.144s)\n    22:24:41 + ETH-VIB > VIB-BTC > BTC-ETH @ 1.33%\n    22:24:41 - ETH-VIB > VIB-BTC > BTC-ETH @ 1.33% (0.243s)\n    22:27:38 + BTC-BAT > BAT-ETH > ETH-BTC @ 2.06%\n    22:27:42 - BTC-BAT > BAT-ETH > ETH-BTC @ 2.06% (3.812s)\n  \n** **\nIt's interesting to see that an `ETH > VIB > BTC > ETH` opportunity was open for 3.144s, closed for about a second, then reopened at 1.33% again for only 243ms. We may have been able to trade the first one successfully, but the second closed quite quickly. Some opportunities close even quicker than this, while others are open for anywhere up to 30 seconds. That's very inefficient, but the problem is that the inefficiency is unpredictable... right?\n\nBittrex has three base currencies; `BTC`, `ETH`, and `USDT`. I call these base currencies because you can buy most altcoins with them. In the above example, you can see two opportunities started and ended with `ETH`, and one with `BTC`.\nIn fact, after observing for a day, I noticed that around half started with `ETH` and the half with `BTC`, while only a small amount started with `USDT`. I happily hold both `BTC` and `ETH`, which made me question the point of trading back to the starting currency, which incurs an additional fee.\n\nWhat if we only followed the opportunity path from `ETH` to `BTC`, and then stopped? Likewise, we'd keep the `ETH` when starting at `BTC`. This strategy is what I'm calling linear arbitrage.\nI ran this strategy in observation mode for almost 48 hours capturing 2,314 opportunities above 1%. You can take a look at [the data](https://docs.google.com/spreadsheets/d/1Aw4q3MV4q_c9wEeR4WdM_B_lGUTxjNwRp0bQes0T1no/edit?usp=sharing) if you like. Here's a summary:\n\n| |Minimum|Average|Maximum|\n|-----|-------------|-----------|--------------|\n|**Profit**|1.00%|1.90%|14.80%|\n|**Duration**|0.030s|5.050s|156.520s|\n\nThe most commonly inefficient currencies were [FUN](https://coinmarketcap.com/currencies/funfair/), [XLM](https://coinmarketcap.com/currencies/stellar/), [DGB](https://coinmarketcap.com/currencies/digital-bullion-gold/), [SNT](https://coinmarketcap.com/currencies/status/), [ADA](https://coinmarketcap.com/currencies/cardano/), and [ENG](https://coinmarketcap.com/currencies/enigma-project/). Each of these gave above 100 opportunities each, but I'm not convinced there is anything to read into here. More importantly is the fact some opportunities are open for as little as 30ms. There are two trades in linear arbitrage, and that's barely enough time to place a single order. You could solve this by owning all altcoins and doing both trades simultaneously, but I'd rather avoid that.\n\nSome of the shorter-lived opportunities may be market-manipulating bots placing small orders which get eaten up quickly. Perhaps the duration can be predicted based on the order size. I ran the strategy in trade-mode very briefly. The results were mixed, so I think this is going to be an essential part of deciding to trade.\n\nAre you interested in hearing more about this project? Let me know!",
      "json_metadata": "{\"tags\":[\"cryptocurrency\",\"programming\",\"arbitrage\",\"profit\",\"crypto\"],\"image\":[\"https://steemitimages.com/DQmNYeC2WomiTCrTrjgEsittZHsXm8vCF4qQVS2iRTQSZXV/image.png\"],\"links\":[\"https://steemit.com/cryptocurrency/@zaccharles/cryptocurrency-triangular-arbitrage\",\"https://docs.google.com/spreadsheets/d/1Aw4q3MV4q_c9wEeR4WdM_B_lGUTxjNwRp0bQes0T1no/edit?usp=sharing\",\"https://coinmarketcap.com/currencies/funfair/\",\"https://coinmarketcap.com/currencies/stellar/\",\"https://coinmarketcap.com/currencies/digital-bullion-gold/\",\"https://coinmarketcap.com/currencies/status/\",\"https://coinmarketcap.com/currencies/cardano/\",\"https://coinmarketcap.com/currencies/enigma-project/\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "parent_permlink": "cryptocurrency",
      "author": "zaccharles",
      "permlink": "cryptocurrency-triangular-arbitrage",
      "title": "Cryptocurrency Triangular Arbitrage",
      "body": "Recently, I start looking for more opportunities to make money with cryptocurrencies beyond trading. I'm a professional programmer, so I started, as I usually do, by thinking how I can automate something for a profit. Most exchanges offer at least a half-decent API, so I began thinking of ideas.\n\n![](https://steemitimages.com/DQmVXfHNgb4bcwJu3cB3ZBdixiyNFfqwXmb1XbjqMBtooH4/image.png)\n\nGiven how new they are, I assumed cryptocurrency markets would be inefficient and I knew that one way to take advantage of market inefficiencies was arbitrage. [Arbitrage](https://www.investopedia.com/terms/a/arbitrage.asp) opportunities occur when the price of an asset (a coin or token in our case) is trading at a different price on different exchanges. As an example, if Bitcoin is trading at $15,000 on GDAX and $15,050 on Gemini, you could simultaneously buy on GDAX and sell on Gemini, resulting in a $50 profit. You could then transfer your funds between the exchanges and repeat the process.\n\nSince I don't have a verified account on GDAX (that's a separate story), and I'm not eligible for a Gemini account, I continued looking around.\n\nI found [Blackbird](https://github.com/butor/blackbird) which advertises itself as an open-source \"C++ trading system that does automatic long/short arbitrage between Bitcoin exchanges\". Blackbird says it looks for a price difference, then buys (long) on one exchange and short sells on another.  It then waits for the price gap to close and exits these positions.\n\nThat's nice, but I started feeling suspicious at this point. Not because I thought the developer had written some bot that was going to steal all my coins, but because, personally, I wouldn't have made this code public if it worked. Logically, this bot is supposed to exploit market inefficiencies, which removes those inefficiencies as a result. The more people running the bot, the less profit there would be.\n\nSo I decided not to run Blackbird and do some further investigation.\n\nI didn't want to deal with multiple exchanges or short selling, so I did a bit of reading about a particular kind of arbitrage I'd read about before called triangular arbitrage. Triangular arbitrage is when you start with one currency, use it to buy a second, trade the second for a third, and lastly, trade the third back to the first. As a more concrete example, you could start with BTC, use it to buy ETH, use that ETH to buy LTC, then sell the LTC for BTC. If there is a significant market inefficiency, this will result in profit.\n\nI use Bittrex often, so I started exploring their API. Their [documentation](https://bittrex.com/home/api) is pathetic, but the API is functional. It has an endpoint which provides details of all of Bittrex's markets (271 at the time of writing) including the Bid and Ask prices. These details were all I needed, so I wrote some C# code in [LINQPad](https://www.linqpad.net/), my goto IDE for this sort of trial and error work.\n\nThe code parsed the data into a graph. I'm talking about the kind of graph you could imagine as a bunch of circles (nodes) linked together by lines. The graph consists of a node for each currency, with links between the nodes representing Bittrex markets which could be used to get from one currency to the other, and the current prices of that market.\n\nBittrex has three base currencies; BTC, ETH, and USDT. I wrote a final piece of code which starts at each of these nodes in the graph and finds a triangular path back to where it started. For example, beginning at the BTC node, we could move to the XRP node, then to the USDT node, then back to the BTC node. The code takes Bittrex's 0.25% trade fee into consideration and outputs all of the triangular arbitrage opportunities which would make a profit.\n\nThe result at this point? There are many times when the market is inefficient to theoretically make a profit. Below is some sample of the output from right now:\n\n> 22:47:17 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.56%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.15%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.56%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.15%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.07%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.08%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.07%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.08%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:19 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n\nWe can see that at 22:47:18, trading BTC for ANT, ANT for ETH, then ETH for BTC would have yielded a 0.56% net profit after subtracting trading fees. The output was quite noisy, and I'm not interested in a 0.01% profit, so I chose to filter out anything below 1%, which reduced it down to about one opportunity every minute or two, give or take.\n\nThe average profit I'm seeing is approximately 1.5%, and the highest I've seen has been 14.55%, which was available for 3.044 seconds.\n\n3.044 seconds? In this post, I've only written about the very first iteration of the program. Over the past week, I've improved it quite a bit which resulted in a strategy change to what I'm calling linear arbitrage.\n\nAre you interested in hearing more about this project? Let me know!",
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      "author": "zaccharles",
      "permlink": "cryptocurrency-triangular-arbitrage",
      "title": "Cryptocurrency Triangular Arbitrage (1)",
      "body": "Recently, I start looking for more opportunities to make money with cryptocurrencies beyond trading. I'm a professional programmer, so I started, as I usually do, by thinking how I can automate something for a profit. Most exchanges offer at least a half-decent API, so I began thinking of ideas.\n\n![](https://steemitimages.com/DQmVXfHNgb4bcwJu3cB3ZBdixiyNFfqwXmb1XbjqMBtooH4/image.png)\n\nGiven how new they are, I assumed cryptocurrency markets would be inefficient and I knew that one way to take advantage of market inefficiencies was arbitrage. [Arbitrage](https://www.investopedia.com/terms/a/arbitrage.asp) opportunities occur when the price of an asset (a coin or token in our case) is trading at a different price on different exchanges. As an example, if Bitcoin is trading at $15,000 on GDAX and $15,050 on Gemini, you could simultaneously buy on GDAX and sell on Gemini, resulting in a $50 profit. You could then transfer your funds between the exchanges and repeat the process.\n\nSince I don't have a verified account on GDAX (that's a separate story), and I'm not eligible for a Gemini account, I continued looking around.\n\nI found [Blackbird](https://github.com/butor/blackbird) which advertises itself as an open-source \"C++ trading system that does automatic long/short arbitrage between Bitcoin exchanges\". Blackbird says it looks for a price difference, then buys (long) on one exchange and short sells on another.  It then waits for the price gap to close and exits these positions.\n\nThat's nice, but I started feeling suspicious at this point. Not because I thought the developer had written some bot that was going to steal all my coins, but because, personally, I wouldn't have made this code public if it worked. Logically, this bot is supposed to exploit market inefficiencies, which removes those inefficiencies as a result. The more people running the bot, the less profit there would be.\n\nSo I decided not to run Blackbird and do some further investigation.\n\nI didn't want to deal with multiple exchanges or short selling, so I did a bit of reading about a particular kind of arbitrage I'd read about before called triangular arbitrage. Triangular arbitrage is when you start with one currency, use it to buy a second, trade the second for a third, and lastly, trade the third back to the first. As a more concrete example, you could start with BTC, use it to buy ETH, use that ETH to buy LTC, then sell the LTC for BTC. If there is a significant market inefficiency, this will result in profit.\n\nI use Bittrex often, so I started exploring their API. Their [documentation](https://bittrex.com/home/api) is pathetic, but the API is functional. It has an endpoint which provides details of all of Bittrex's markets (271 at the time of writing) including the Bid and Ask prices. These details were all I needed, so I wrote some C# code in [LINQPad](https://www.linqpad.net/), my goto IDE for this sort of trial and error work.\n\nThe code parsed the data into a graph. I'm talking about the kind of graph you could imagine as a bunch of circles (nodes) linked together by lines. The graph consists of a node for each currency, with links between the nodes representing Bittrex markets which could be used to get from one currency to the other, and the current prices of that market.\n\nBittrex has three base currencies; BTC, ETH, and USDT. I wrote a final piece of code which starts at each of these nodes in the graph and finds a triangular path back to where it started. For example, beginning at the BTC node, we could move to the XRP node, then to the USDT node, then back to the BTC node. The code takes Bittrex's 0.25% trade fee into consideration and outputs all of the triangular arbitrage opportunities which would make a profit.\n\nThe result at this point? There are many times when the market is inefficient to theoretically make a profit. Below is some sample of the output from right now:\n\n> 22:47:17 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.56%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.15%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:17 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.56%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.15%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.15%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.07%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.08%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.07%): [BTC-PAY] > [PAY-ETH] > [ETH-BTC]\n> 22:47:18 - BTC (0.08%): [BTC-WAVES] > [WAVES-ETH] > [ETH-BTC]\n> 22:47:19 - BTC (0.48%): [BTC-ANT] > [ANT-ETH] > [ETH-BTC]\n\nWe can see that at 22:47:18, trading BTC for ANT, ANT for ETH, then ETH for BTC would have yielded a 0.56% net profit after subtracting trading fees. The output was quite noisy, and I'm not interested in a 0.01% profit, so I chose to filter out anything below 1%, which reduced it down to about one opportunity every minute or two, give or take.\n\nThe average profit I'm seeing is approximately 1.5%, and the highest I've seen has been 14.55%, which was available for 3.044 seconds.\n\n3.044 seconds? In this post, I've only written about the very first iteration of the program. Over the past week, I've improved it quite a bit which resulted in a strategy change to what I'm calling linear arbitrage.\n\nAre you interested in hearing more about this project? Let me know!",
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      "body": "<html>\n<p>Congratulations <a href=\"/@zaccharles\" target=\"_blank\">@zaccharles</a>, you have decided to take the next big step with your first post! The Steem Network Team wishes you a great time among this awesome community.</p>\n<hr>\n<div class=\"pull-left\"><img src=\"https://steemitimages.com/DQmaAdLUJ3yaSkmcmWECWyPGPWcjfbCoZ8Tu4RM6H4DbjCi/steem-network-thumbs-up.gif\" alt=\"Thumbs up for Steem Network´s strategy\" title=\"I suggest Steem Network´s strategy\" width=\"320\" height=\"222\"></div>\n<h1>The proven road to boost your personal success in this amazing Steem Network</h1>\n<p>Do you already know that awesome content will get great profits by following these <a href=\"/steem-network/@steem-network/spread-your-posts-through-this-proven-strategy-and-get-great-profits-in-return--for-posts-created-at-2018-01-04\" target=\"_blank\" alt=\"Steem Network\" title=\"Follow Steem Network´s suggestions to boost your success\">simple steps</a>, that have been worked out by experts?</p>\n</html>",
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      "body": "@@ -934,31 +934,35 @@\n our \n-USD from Gemini to GDAX\n+funds between the exchanges\n  and\n",
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      "body": "@@ -3848,33 +3848,31 @@\n .15%25): %5BBTC-\n-%3E\n WAVES%5D \n--\n %3E %5BWAVES-%3EET\n@@ -3864,39 +3864,36 @@\n S%5D %3E %5BWAVES-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D%0A%3E 22:47\n@@ -3920,37 +3920,32 @@\n BTC-\n-%3E\n ANT%5D \n--\n %3E %5BANT-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D\n@@ -3980,37 +3980,32 @@\n BTC-\n-%3E\n PAY%5D \n--\n %3E %5BPAY-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D\n@@ -4032,33 +4032,31 @@\n .15%25): %5BBTC-\n-%3E\n WAVES%5D \n--\n %3E %5BWAVES-%3EET\n@@ -4048,39 +4048,36 @@\n S%5D %3E %5BWAVES-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D%0A%3E 22:47\n@@ -4104,37 +4104,32 @@\n BTC-\n-%3E\n ANT%5D \n--\n %3E %5BANT-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D\n@@ -4164,37 +4164,32 @@\n BTC-\n-%3E\n PAY%5D \n--\n %3E %5BPAY-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D\n@@ -4216,33 +4216,31 @@\n .15%25): %5BBTC-\n-%3E\n WAVES%5D \n--\n %3E %5BWAVES-%3EET\n@@ -4232,39 +4232,36 @@\n S%5D %3E %5BWAVES-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D%0A%3E 22:47\n@@ -4288,37 +4288,32 @@\n BTC-\n-%3E\n ANT%5D \n--\n %3E %5BANT-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D\n@@ -4348,37 +4348,32 @@\n BTC-\n-%3E\n PAY%5D \n--\n %3E %5BPAY-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D\n@@ -4400,33 +4400,31 @@\n .08%25): %5BBTC-\n-%3E\n WAVES%5D \n--\n %3E %5BWAVES-%3EET\n@@ -4416,39 +4416,36 @@\n S%5D %3E %5BWAVES-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D%0A%3E 22:47\n@@ -4472,37 +4472,32 @@\n BTC-\n-%3E\n ANT%5D \n--\n %3E %5BANT-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D\n@@ -4532,37 +4532,32 @@\n BTC-\n-%3E\n PAY%5D \n--\n %3E %5BPAY-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D\n@@ -4592,17 +4592,15 @@\n BTC-\n-%3E\n WAVES%5D \n--\n %3E %5BW\n@@ -4604,31 +4604,28 @@\n  %5BWAVES-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D%0A%3E 2\n@@ -4656,37 +4656,32 @@\n BTC-\n-%3E\n ANT%5D \n--\n %3E %5BANT-\n-%3E\n ETH%5D \n--\n %3E %5BETH-\n-%3E\n BTC%5D\n",
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      "title": "Cryptocurrency Triangular Arbitrage",
      "body": "Recently, I start looking for more opportunities to make money with cryptocurrencies beyond trading. I'm a professional programmer, so I started, as I usually do, by thinking how I can automate something for a profit. Most exchanges offer at least a half-decent API, so I began thinking of ideas.\n\nGiven how new they are, I assumed cryptocurrency markets would be inefficient and I knew that one way to take advantage of market inefficiencies was arbitrage. [Arbitrage](https://www.investopedia.com/terms/a/arbitrage.asp) opportunities occur when the price of an asset (a coin or token in our case) is trading at a different price on different exchanges. As an example, if Bitcoin is trading at $15,000 on GDAX and $15,050 on Gemini, you could simultaneously buy on GDAX and sell on Gemini, resulting in a $50 profit. You could then transfer your USD from Gemini to GDAX and repeat the process.\n\nSince I don't have a verified account on GDAX (that's a separate story), and I'm not eligible for a Gemini account, I continued looking around.\n\nI found [Blackbird](https://github.com/butor/blackbird) which advertises itself as an open-source \"C++ trading system that does automatic long/short arbitrage between Bitcoin exchanges\". Blackbird says it looks for a price difference, then buys (long) on one exchange and short sells on another.  It then waits for the price gap to close and exits these positions.\n\nThat's nice, but I started feeling suspicious at this point. Not because I thought the developer had written some bot that was going to steal all my coins, but because, personally, I wouldn't have made this code public if it worked. Logically, this bot is supposed to exploit market inefficiencies, which removes those inefficiencies as a result. The more people running the bot, the less profit there would be.\n\nSo I decided not to run Blackbird and do some further investigation.\n\nI didn't want to deal with multiple exchanges or short selling, so I did a bit of reading about a particular kind of arbitrage I'd read about before called triangular arbitrage. Triangular arbitrage is when you start with one currency, use it to buy a second, trade the second for a third, and lastly, trade the third back to the first. As a more concrete example, you could start with BTC, use it to buy ETH, use that ETH to buy LTC, then sell the LTC for BTC. If there is a significant market inefficiency, this will result in profit.\n\nI use Bittrex often, so I started exploring their API. Their [documentation](https://bittrex.com/home/api) is pathetic, but the API is functional. It has an endpoint which provides details of all of Bittrex's markets (271 at the time of writing) including the Bid and Ask prices. These details were all I needed, so I wrote some C# code in [LINQPad](https://www.linqpad.net/), my goto IDE for this sort of trial and error work.\n\nThe code parsed the data into a graph. I'm talking about the kind of graph you could imagine as a bunch of circles (nodes) linked together by lines. The graph consists of a node for each currency, with links between the nodes representing Bittrex markets which could be used to get from one currency to the other, and the current prices of that market.\n\nBittrex has three base currencies; BTC, ETH, and USDT. I wrote a final piece of code which starts at each of these nodes in the graph and finds a triangular path back to where it started. For example, beginning at the BTC node, we could move to the XRP node, then to the USDT node, then back to the BTC node. The code takes Bittrex's 0.25% trade fee into consideration and outputs all of the triangular arbitrage opportunities which would make a profit.\n\nThe result at this point? There are many times when the market is inefficient to theoretically make a profit. Below is some sample of the output from right now:\n\n> 4/01/2018 10:47:17 PM - BTC (0.15%): [BTC->WAVES] -> [WAVES->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:17 PM - BTC (0.56%): [BTC->ANT] -> [ANT->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:17 PM - BTC (0.15%): [BTC->PAY] -> [PAY->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:17 PM - BTC (0.15%): [BTC->WAVES] -> [WAVES->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:18 PM - BTC (0.56%): [BTC->ANT] -> [ANT->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:18 PM - BTC (0.15%): [BTC->PAY] -> [PAY->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:18 PM - BTC (0.15%): [BTC->WAVES] -> [WAVES->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:18 PM - BTC (0.48%): [BTC->ANT] -> [ANT->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:18 PM - BTC (0.07%): [BTC->PAY] -> [PAY->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:18 PM - BTC (0.08%): [BTC->WAVES] -> [WAVES->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:18 PM - BTC (0.48%): [BTC->ANT] -> [ANT->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:18 PM - BTC (0.07%): [BTC->PAY] -> [PAY->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:18 PM - BTC (0.08%): [BTC->WAVES] -> [WAVES->ETH] -> [ETH->BTC]\n> 4/01/2018 10:47:19 PM - BTC (0.48%): [BTC->ANT] -> [ANT->ETH] -> [ETH->BTC]\n\nWe can see that at 10:47:18 PM, trading BTC for ANT, ANT for ETH, then ETH for BTC would have yielded a 0.56% net profit after subtracting trading fees. The output was quite noisy, and I'm not interested in a 0.01% profit, so I chose to filter out anything below 1%, which reduced it down to about one opportunity every minute or two, give or take.\n\nThe average profit I'm seeing is approximately 1.5%, and the highest I've seen has been 14.55%, which was available for 3.044 seconds.\n\n3.044 seconds? In this post, I've only written about the very first iteration of the program. Over the past week, I've improved it quite a bit which resulted in a strategy change to what I'm calling linear arbitrage.\n\nAre you interested in hearing more about this project? Let me know!",
      "json_metadata": "{\"tags\":[\"cryptocurrency\",\"programming\",\"arbitrage\",\"bitcoin\",\"crypto\"],\"links\":[\"https://www.investopedia.com/terms/a/arbitrage.asp\",\"https://github.com/butor/blackbird\",\"https://bittrex.com/home/api\",\"https://www.linqpad.net/\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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  "block": 18693464,
  "trx_in_block": 42,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-04T21:26:51",
  "op": [
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    {
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      "memo_key": "STM7rkG4XMvZVKedcaJ4REemqHRrgqupgg3rtFWZ4DgfsBHbVDEwr",
      "json_metadata": "{\"profile\":{\"profile_image\":\"https://i.imgur.com/mkjP0NA.jpg\",\"name\":\"Zac\"}}"
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  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-01-04T18:04:03",
  "op": [
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    {
      "fee": "0.500 STEEM",
      "delegation": "57000.000000 VESTS",
      "creator": "steem",
      "new_account_name": "zaccharles",
      "owner": {
        "weight_threshold": 1,
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