[ANN] FYB-SG Singapore's First Bitcoin Exchange

[KornShell]

Here'a an article and video about the high-security, high-concept vault in S'pore where Deutsche Bank will store $9 billion of gold:

http://goldsilver.com/video/the-high-security-high-concept-vault-where-deutsche-bank-will-store-9-billion-of-gold/?utm_medium=email&utm_campaign=Gold++Silver+Weekly+6+-+11+-+2013&utm_content=Gold++Silver+Weekly+6+-+11+-+2013+Version+A+CID_61fcd2274e813b7c48d6c34cd0f603f4&utm_source=GoldSilver%20Email%20Marketing&utm_term=read%20more

When the US dollar collapses, perhaps we will see bitcoin backed by gold as the new world currency.

[Nagato]

Here'a an article and video about the high-security, high-concept vault in S'pore where Deutsche Bank will store $9 billion of gold:

http://goldsilver.com/video/the-high-security-high-concept-vault-where-deutsche-bank-will-store-9-billion-of-gold/?utm_medium=email&utm_campaign=Gold++Silver+Weekly+6+-+11+-+2013&utm_content=Gold++Silver+Weekly+6+-+11+-+2013+Version+A+CID_61fcd2274e813b7c48d6c34cd0f603f4&utm_source=GoldSilver%20Email%20Marketing&utm_term=read%20more

When the US dollar collapses, perhaps we will see bitcoin backed by gold as the new world currency.

Why the hell would you want to back Bitcoin with what it was designed to replace?

[KornShell]

Bitcoin wasn't designed to replace gold; it was designed to replace fiat currencies.  There is a marked distinction.  In the long term, bitcoin should stand on its own, but in the short term -- during the transition period -- bitcoin will  be attached to a known value, such as gold, whether you like it or not.  It's the market at work.  Today, it is attached to myriad fiat currencies.  This works, for now.  But it cannot last.

[worldinacoin]

Nagato, thanks for setting up the exchange in Singapore, when I am back in Singapore, first thing I am going to do is to open an account and verified with FYB-SG.   Don't just go for SG, make Singapore the financial hub for Bitcoins, steady lah!

[Nagato]

Bitcoin wasn't designed to replace gold; it was designed to replace fiat currencies.  There is a marked distinction.  In the long term, bitcoin should stand on its own, but in the short term -- during the transition period -- bitcoin will  be attached to a known value, such as gold, whether you like it or not.  It's the market at work.  Today, it is attached to myriad fiat currencies.  This works, for now.  But it cannot last.

I think you are confusing backing and measuring(or what you call attached).

Bitcoin is measured in dollars as is gold and everything else out there.
People measure the value of things by using the money they are accustomed to. When you go overseas to say UK, you will in the back of your head convert the GBP prices to SGD because that is what you are used to measuring in. That does not mean GBP or the stuff you buy is BACKING your SGD. A backing is a promise to exchange at a fixed exchange rate.

[Nagato]

Nagato, thanks for setting up the exchange in Singapore, when I am back in Singapore, first thing I am going to do is to open an account and verified with FYB-SG.   Don't just go for SG, make Singapore the financial hub for Bitcoins, steady lah!

Ive been thinking of doing this but our banks are too uncompetitive in pricing to allow me to compete with Gox and Bitstamp on pricing. They want 0.25% in commissions per withdrawal + $60-$70 in fees, whereas Gox's bank charges a flat fee per withdrawal.

[KornShell]

Bitcoin wasn't designed to replace gold; it was designed to replace fiat currencies.  There is a marked distinction.  In the long term, bitcoin should stand on its own, but in the short term -- during the transition period -- bitcoin will  be attached to a known value, such as gold, whether you like it or not.  It's the market at work.  Today, it is attached to myriad fiat currencies.  This works, for now.  But it cannot last.

I think you are confusing backing and measuring(or what you call attached).

Bitcoin is measured in dollars as is gold and everything else out there.
People measure the value of things by using the money they are accustomed to. When you go overseas to say UK, you will in the back of your head convert the GBP prices to SGD because that is what you are used to measuring in. That does not mean GBP or the stuff you buy is BACKING your SGD. A backing is a promise to exchange at a fixed exchange rate.

I admit to a poor choice of words.  I should have said "measured" instead of "attached".  But, so what?  Would it be a bad thing if, during the transition, bitcoin was actually BACKED by gold?  Gold has a very long history, and it is not something that can be easily dismissed.  Bitcoin makes the movement of money convenient; gold gives bitcoin respect (is that the correct word?).  Unlike fiat.

 

[KornShell]

Nagato, thanks for setting up the exchange in Singapore, when I am back in Singapore, first thing I am going to do is to open an account and verified with FYB-SG.   Don't just go for SG, make Singapore the financial hub for Bitcoins, steady lah!

I have done this -- i.e., I have opened a bank account in S'pore.  But to deal with FYB in amounts exceeding 1000 SGD you have to get "verified".  The verification process assumes you are a citizen of S'pore, so it fails for me.  So, for now, any transactions I make must be in amounts less than 1000 SGD.  Highly inconvenient, but workable.  S'pore is such a tiny state that one would assume much of their financial dealings are with foreigners, and things like account verification would be automatically tailored to foreigners.  Unfortunately, this appears not to be the case.  At least with respect to FYB.

[worldinacoin]

Nagato, thanks for setting up the exchange in Singapore, when I am back in Singapore, first thing I am going to do is to open an account and verified with FYB-SG.   Don't just go for SG, make Singapore the financial hub for Bitcoins, steady lah!

I have done this -- i.e., I have opened a bank account in S'pore.  But to deal with FYB in amounts exceeding 1000 SGD you have to get "verified".  The verification process assumes you are a citizen of S'pore, so it fails for me.  So, for now, any transactions I make must be in amounts less than 1000 SGD.  Highly inconvenient, but workable.  S'pore is such a tiny state that one would assume much of their financial dealings are with foreigners, and things like account verification would be automatically tailored to foreigners.  Unfortunately, this appears not to be the case.  At least with respect to FYB.

Agree, Singapore is such a tiny state and market, but it is better to have full concentration on the local market, raise the awareness and capture the market first before trying to venture overseas and catering to foreigners.  But I guess this will be the path no matter what if you want to have a sizable exchange to compete with Bitstamp and MtGox etc.  Anyway it is a good start.

[Nagato]

Bitcoin wasn't designed to replace gold; it was designed to replace fiat currencies.  There is a marked distinction.  In the long term, bitcoin should stand on its own, but in the short term -- during the transition period -- bitcoin will  be attached to a known value, such as gold, whether you like it or not.  It's the market at work.  Today, it is attached to myriad fiat currencies.  This works, for now.  But it cannot last.

I think you are confusing backing and measuring(or what you call attached).

Bitcoin is measured in dollars as is gold and everything else out there.
People measure the value of things by using the money they are accustomed to. When you go overseas to say UK, you will in the back of your head convert the GBP prices to SGD because that is what you are used to measuring in. That does not mean GBP or the stuff you buy is BACKING your SGD. A backing is a promise to exchange at a fixed exchange rate.

I admit to a poor choice of words.  I should have said "measured" instead of "attached".  But, so what?  Would it be a bad thing if, during the transition, bitcoin was actually BACKED by gold?  Gold has a very long history, and it is not something that can be easily dismissed.  Bitcoin makes the movement of money convenient; gold gives bitcoin respect (is that the correct word?).  Unlike fiat.

 

Personally i don't see the need for Bitcoin to be backed by anything. It's attributes make it an asset class capable of standing on its own. In case you missed it, the adoption in the past 4 years has occurred based on its own merits, not by anyone backing it or forcing it. Bitcoin as money has attributes superior to gold although Gold has 5000 years of history on its side.

Nagato, thanks for setting up the exchange in Singapore, when I am back in Singapore, first thing I am going to do is to open an account and verified with FYB-SG.   Don't just go for SG, make Singapore the financial hub for Bitcoins, steady lah!

I have done this -- i.e., I have opened a bank account in S'pore.  But to deal with FYB in amounts exceeding 1000 SGD you have to get "verified".  The verification process assumes you are a citizen of S'pore, so it fails for me.  So, for now, any transactions I make must be in amounts less than 1000 SGD.  Highly inconvenient, but workable.  S'pore is such a tiny state that one would assume much of their financial dealings are with foreigners, and things like account verification would be automatically tailored to foreigners.  Unfortunately, this appears not to be the case.  At least with respect to FYB.

Actually there is no requirement for you to be Singaporean. I have several users from other countries who have gotten verified without issue. Could you list the problems you are encountering?

[ninjaboon]

Nagato, thanks for setting up the exchange in Singapore, when I am back in Singapore, first thing I am going to do is to open an account and verified with FYB-SG.   Don't just go for SG, make Singapore the financial hub for Bitcoins, steady lah!

I have done this -- i.e., I have opened a bank account in S'pore.  But to deal with FYB in amounts exceeding 1000 SGD you have to get "verified".  The verification process assumes you are a citizen of S'pore, so it fails for me.  So, for now, any transactions I make must be in amounts less than 1000 SGD.  Highly inconvenient, but workable.  S'pore is such a tiny state that one would assume much of their financial dealings are with foreigners, and things like account verification would be automatically tailored to foreigners.  Unfortunately, this appears not to be the case.  At least with respect to FYB.

Agree, Singapore is such a tiny state and market, but it is better to have full concentration on the local market, raise the awareness and capture the market first before trying to venture overseas and catering to foreigners.  But I guess this will be the path no matter what if you want to have a sizable exchange to compete with Bitstamp and MtGox etc.  Anyway it is a good start.

This is something that my friend will be able to answer by next week. He's a Malaysian working in SG.
We need to drill down to the banks that have this limit. PM me and I will give you my friend's contact info.

[KornShell]

Bitcoin wasn't designed to replace gold; it was designed to replace fiat currencies.  There is a marked distinction.  In the long term, bitcoin should stand on its own, but in the short term -- during the transition period -- bitcoin will  be attached to a known value, such as gold, whether you like it or not.  It's the market at work.  Today, it is attached to myriad fiat currencies.  This works, for now.  But it cannot last.

I think you are confusing backing and measuring(or what you call attached).

Bitcoin is measured in dollars as is gold and everything else out there.
People measure the value of things by using the money they are accustomed to. When you go overseas to say UK, you will in the back of your head convert the GBP prices to SGD because that is what you are used to measuring in. That does not mean GBP or the stuff you buy is BACKING your SGD. A backing is a promise to exchange at a fixed exchange rate.

I admit to a poor choice of words.  I should have said "measured" instead of "attached".  But, so what?  Would it be a bad thing if, during the transition, bitcoin was actually BACKED by gold?  Gold has a very long history, and it is not something that can be easily dismissed.  Bitcoin makes the movement of money convenient; gold gives bitcoin respect (is that the correct word?).  Unlike fiat.

 

Personally i don't see the need for Bitcoin to be backed by anything. It's attributes make it an asset class capable of standing on its own. In case you missed it, the adoption in the past 4 years has occurred based on its own merits, not by anyone backing it or forcing it. Bitcoin as money has attributes superior to gold although Gold has 5000 years of history on its side.

Nagato, thanks for setting up the exchange in Singapore, when I am back in Singapore, first thing I am going to do is to open an account and verified with FYB-SG.   Don't just go for SG, make Singapore the financial hub for Bitcoins, steady lah!

I have done this -- i.e., I have opened a bank account in S'pore.  But to deal with FYB in amounts exceeding 1000 SGD you have to get "verified".  The verification process assumes you are a citizen of S'pore, so it fails for me.  So, for now, any transactions I make must be in amounts less than 1000 SGD.  Highly inconvenient, but workable.  S'pore is such a tiny state that one would assume much of their financial dealings are with foreigners, and things like account verification would be automatically tailored to foreigners.  Unfortunately, this appears not to be the case.  At least with respect to FYB.

Actually there is no requirement for you to be Singaporean. I have several users from other countries who have gotten verified without issue. Could you list the problems you are encountering?

You're right -- it doesn't require me to be Singaporean.  I guess the wording on the page led me to believe this.

[ninjaboon]

The DHS may very well drive this business out of the US, to everyone's disadvantage.  S'pore should step up, as should Hong Hong.

A Singapore government body is doing something on this line. I'm privy to it but I cannot disclose anything as there's a NDA involved.

[bengx]

Anyway chance you'll be implementing LTC exchange? 

[Nagato]

Anyway chance you'll be implementing LTC exchange? 

No plans on LTC.
BTC interest in SG is already almost non-existent.
And since you can move LTC for very little cost globally, there is no value in having a local LTC exchange.

[pitan]

Ya... unless there is a huge demand if not not justifiable...

[bengx]

https://www.fybse.se/

Congrats on your expansion!

[Nagato]

https://www.fybse.se/

Congrats on your expansion!

Thanks.
Its actually a franchise agreement, im not handling the running and day to day operations.

[ninjaboon]

https://www.fybse.se/

Congrats on your expansion!

Thanks.
Its actually a franchise agreement, im not handling the running and day to day operations.

franchise ? So I guess you are getting royalties from your coding, UI, etc.
 

[worldinacoin]

Solid, I am always at Sweden, never really managed to get Bitcoins there, now with this however easier