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

[Nagato]

Ive got about ~700 accounts.

Of which
200 are probably non-sg based people just registering to have a look and will never buy or sell a single satoshi.
150 are probably russian/<insert random country> hackers trying to look for a vulnerability

350 is my best guess of people based in Singapore who have registered.
Of these id say only 30%(~100+) have ever had any transactions at all, the rest are just looking atm.

Sometimes i wonder why am i even doing this

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[derekleong75]

It's good that you set it up so us poor SGers can have peace of mind transacting locally.
If not for you, I would not have gotten my BTC so fast this past week.

[pitan]

OK thanks for the analysis on the user base I have registered and will make a trade soon. Even though I have yet to use it but I would like to thank you for creating a local exchange  

[Newar]

[...]
Sometimes i wonder why am i even doing this

Again, a thank you from me too for doing this.

I guess it will be slow during the coming months ("summer" etc...) Hopefully things will pick up later this year. What we really would need here is places actually accepting BTC for purchases. So far my guess is that the majority of buyers in SG are hoarders, in for the gamble.

[pitan]

[...]
Sometimes i wonder why am i even doing this

Again, a thank you from me too for doing this.

I guess it will be slow during the coming months ("summer" etc...) Hopefully things will pick up later this year. What we really would need here is places actually accepting BTC for purchases. So far my guess is that the majority of buyers in SG are hoarders, in for the gamble.

Agree

[Nagato]

Thank you for the encouragement.

But the reality is that majority of people in Sg just dont see the need for Bitcoin.
I would have thought our rampant inflation would have made people consider alternative investments,
but it seems like property is still the only safe haven for them.
Merchants wise, it probably only makes sense to adopt Bitcoin for accepting money from overseas customers
but i think our economy serving foreign markets is very small.

Maybe you can drop by a Maybank Singapore branch and ask if you could open a Maybank Malaysia account?

Ill PM you soon regarding Malaysia.

So far my guess is that the majority of buyers in SG are hoarders, in for the gamble.

Gambling implies uncertain outcome.
In a world where the only certain outcome is losing wealth from keeping money in the bank, gambling might actually be a more sane option, whether it be equities/real estate/gold/bitcoin. You can thank our central banks for forcing us into this.

[pitan]

Ya the whole financial system is nothing but a big ponzi scheme

[bengx]

Haha I was intending to cash out to buy some gold. I'm currently holding Litecoins now and looking at where things might go what if MtGox's LTC implementation and all that. The rapid increase in both LTC and BTC's difficulty is making me feel a bit jaded though

[pitan]

I think the mtgox ltc might not go through so... Btc-e has almost all the crypto currency might want to take a look. I know mtgox is the only one with SGD denominations but do you know that the have been having a lot of problems. Last I heard their trading system can only handle 30/sec and a lot point to them failing eventually

[bengx]

Yeah, I've been keeping up with the news regarding MtGox. They just can't seem to catch a break, what with the bad news every 2 weeks or so. Still, I'm just hoping for the value of LTC to go a bit higher before letting go of everything.

[monsterer]

Don't be too disheartened, here are some ideas:

Add more cryptocoins: e.g litecoin, ppcoin, namecoin
Allow these to be traded for BTC

This will then encourage international users to sign up and start trading these coins which will bring in some revenue (albeit in BTC) from deposits/withdrawals and transaction fees while you wait for the fiat side to pick up.

This will also create a good word of mouth for the exchange because people will be talking about it.

Hope that helps!

Cheers, Paul.

[Nagato]

Haha I was intending to cash out to buy some gold. I'm currently holding Litecoins now and looking at where things might go what if MtGox's LTC implementation and all that. The rapid increase in both LTC and BTC's difficulty is making me feel a bit jaded though

Where in Singapore can you get physical without double digit premiums over spot?

[Newar]

Where in Singapore can you get physical without double digit premiums over spot?

Possibly at Bullionvault? Not sure how the fees rack up for physical as I never actually had any physical delivered to me, but the FAQ explains it all quite well. http://www.bullionvault.com/#FOURHUNDRETT  (yes, referral link)

Minimum for physical delivery I believe is 50 grams though.

[Newar]

Today was the first time I read about BTC in the Straits Times (I am not a regular reader though). Related to the LR closure and surprisingly, all was kept quite neutral.

[pitan]

Oh really ST... Link? Or only on paper form Lol...

[Newar]

Oh really ST... Link? Or only on paper form Lol...

In the paper page A16. I don't have an online subscription, so didn't bother to check. Essentially this story: http://www.reuters.com/article/2013/06/03/digitalcurrency-regulation-bitcoin-idUSL2N0EC1Y920130603

[bengx]

I was thinking of getting from coinabul or bitcoincommodities haha. Direct bitcoin purchase.

[pitan]

Oh really ST... Link? Or only on paper form Lol...

In the paper page A16. I don't have an online subscription, so didn't bother to check. Essentially this story: http://www.reuters.com/article/2013/06/03/digitalcurrency-regulation-bitcoin-idUSL2N0EC1Y920130603

Thanks

[pitan]

I was thinking of getting from coinabul or bitcoincommodities haha. Direct bitcoin purchase.

Planning to get how much? Lol actual bitcoins...

[bengx]

Small small purchase only lah, only enough for like 10g haha.