Not sure if you USA guys have picked up on this but..........................
As someone in the UK who has traded forex since 2010 I have noticed something....................
BTC-E-USD ask price = $171.50 (Ask is the price you buy at, bid + spread)
MT.Gox-USD bid price = $182.00 (Bid price is the price you sell at)
So, assuming free or low BTC transaction cost to transfer BTC from BTC-E wallet to Mt.Gox wallet, then you can now deposit $857.50 into BTC-E account, buy 5 BTC, transfer them to Mt.Gox. Sell all five for $910. Withdraw the $910 back into a USA account (however you do this?) and pocket $52.50. Rinse and repeat all day long as long as the gap exists! No hardware to buy or electricity to pay and you just use the same $1000 you started with all day long.
Only thing i'm not sure of is the total transaction costs to ;
A) Get USD into BTC-E and Buy BTC?
B) transfer BTC from BTC=E wallet to Mt.Gox wallet?
C) Sell BTC on Mt.Gox into USD?
D) Withdraw USD from Mt.Gox into USA account?
Now lets guess these costs total say, $20, you would still be $32.50 up on each set of trades, and I guess you could do maybe 1 trade every 15 mins or less with BTC confirmation times?
This is absolutely no use to me in the UK and fees to get money into BTC-E are high and there is no way for me to exit into GBP from Mt-Gox.
Food for thought my USA friends. Anyone USA based with both BTC-E and Mt-Gox accounts care to put some true transaction figures to this for us?
Because if it can work, I for one may apply in the UK to open a uk based $ USD commercial account to do this as a side profit to mining.
M