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

[Nagato]

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.

the cost is 2.5% for withdrawing whole gold bars, with a further 5% surcharge for withdrawals below 400 oz
The fee for withdrawing silver (whole bars only) is 10%.

Sounds like another Bullion Bank with unallocated gold/silver. As long as you trade paper gold/silver, you get spot prices.
Once you want physical, fee is 7.5% for gold and 10% for silver + transport + insurance.

[worldinacoin]

Good work Nagato, it is nice to meet a fellow Singaporean here.  Really glad to see the first exchange for Bitcoin!

[Coldfats]

[...]
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

Double agreed. Singaporeans might not be that into bitcoins right now but you never know what the future holds. If you believe in how disruptive bitcoins are for the financial payment scene, like many of us do, I'd say you're poised in a great position for and if bitcoins become more mainstream. Don't lose hope!

Also, shall pm you regarding something else.

[Coldfats]

Forgot to add that I think that you need to (and probably already are) pay close attention to MAS regulations. Just make sure you're inline with all their regulations etc and you should be fine!

[worldinacoin]

Yeap agree this is crucial to be in the mainstream and to continue operating in Singapore.

[bigdude]

Forgot to add that I think that you need to (and probably already are) pay close attention to MAS regulations. Just make sure you're inline with all their regulations etc and you should be fine!

What is MAS?

[worldinacoin]

Forgot to add that I think that you need to (and probably already are) pay close attention to MAS regulations. Just make sure you're inline with all their regulations etc and you should be fine!

What is MAS?

Monetary Authority of Singapore

[ninjaboon]

I beg to differ.
I've bought more than 10 BTC as a non-sg based person.
 

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

[ninjaboon]

My future business partner had a chat with Singapore Economic Development Board yesterday about Bitcoin.
 

Forgot to add that I think that you need to (and probably already are) pay close attention to MAS regulations. Just make sure you're inline with all their regulations etc and you should be fine!

What is MAS?

[Coldfats]

My future business partner had a chat with Singapore Economic Development Board yesterday about Bitcoin.
 

About? And what did they say? Is EDB even the right government body to look at bitcoins?

[worldinacoin]

My future business partner had a chat with Singapore Economic Development Board yesterday about Bitcoin.
 

Forgot to add that I think that you need to (and probably already are) pay close attention to MAS regulations. Just make sure you're inline with all their regulations etc and you should be fine!

What is MAS?

Do they know what is a Bitcoin?

[ninjaboon]

My future business partner had a chat with Singapore Economic Development Board yesterday about Bitcoin.
 

About? And what did they say? Is EDB even the right government body to look at bitcoins?

I'll ask him later at 8pm.

[pitan]

My future business partner had a chat with Singapore Economic Development Board yesterday about Bitcoin.
 

Forgot to add that I think that you need to (and probably already are) pay close attention to MAS regulations. Just make sure you're inline with all their regulations etc and you should be fine!

What is MAS?

Do they know what is a Bitcoin?

Honestly they know one but just close one eye first wait till it affect their revenue and taxation then they will make a big wooha about it.

Actually to regulate bitcoin is not so simple so see what approach the government will take either clamp down or relax relax but knowing SG I say clamp down! What do you all think?

[worldinacoin]

Hard to clamp down but they can make it impossible to continue an exchange here but other than that, don't see much ways that Bitcoin can be clamped down.

[pitan]

Hard to clamp down but they can make it impossible to continue an exchange here but other than that, don't see much ways that Bitcoin can be clamped down.

Ya something like that... Which will suck big time and we will have to jump through numerous hoops to trade

[worldinacoin]

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.

hahaha, well said
[/quote]

Not really majority of my Bitcoins of course sold .  But the rest are used to buy GPUs, computer gadgets etc.  Not gambling of course, but overall I do quite a lot of transactions.

[pitan]

My future business partner had a chat with Singapore Economic Development Board yesterday about Bitcoin.
 

About? And what did they say? Is EDB even the right government body to look at bitcoins?

I'll ask him later at 8pm.

So any updates in regards with the EDB talks?

[KornShell]

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

Don't be discouraged.  It is hard for most people to wrap their heads around this thing.

I just opened an account on your exchange and funded it with btc from cold storage.  If btc spikes, I would look to you to handle any sales I might want to do.

I don't live in S'pore or the US; but I do, of course, have a bank account in S'pore.

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.

[worldinacoin]

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

Don't be discouraged.  It is hard for most people to wrap their heads around this thing.

I just opened an account on your exchange and funded it with btc from cold storage.  If btc spikes, I would look to you to handle any sales I might want to do.

I don't live in S'pore or the US; but I do, of course, have a bank account in S'pore.

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.

That will be a real boost for the Bitcoin community in Singapore.  Come on, it is time we beat Hong Kong again

[pitan]

Yes we must beat Hong Hong ! Lol... Jk ok