Wow-- pretty cool you were able to do that. So here's my question for you: When I sell something for BTC Bittrex and send the BTC to Coinbase, it takes as much as 2-3 hours to muddle its way through confirmations. Which can be dangerous, if you're trying to take advantage of a loophole. Does Litecoin move any faster?
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Litecoin is enormously faster and especially so with BTC chain being all backed up. Plus the fees on BTC would wipe out half the gain while LTC is only a couple bucks.]
Also, it really only makes sense to do this on crypto you are cashing out to put into USD. Otherwise to get back into crypto you will pay the higher price on coinbase unless LTC pulls back of the arbitrage converges, but then it becomes an gamble as opposed to a transaction.
The delays are not so much in the networks (though that is an issue). the big problems come from the processing time of the exchanges. Normally these arbitrage disparities occur during high activity periods where the exchanges get gummed up with trnsactions, and you'll see things on bitfinex like "24 hour transaction processing time" In crypto empires are made and destroyed in less time.