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

[jimmyl]

Our backend is perfectly fine and not affected by the transaction malleability issue.

The problem is that our bitcoin client is reporting wrong balances and sometimes generating transactions from invalid outputs which will never be confirmed. According to gavin, should be soon. See https://twitter.com/gavinandresen/status/434148075276206080

thanks!

So the smoke should clear by Monday I suppose.

[jimmyl]

Help help check if BTC transaction cleared?
Is it automatic?
1PNWLrW2j1UwTyCx1jKNXFENivAE3ASQoz

[Nagato]

Help help check if BTC transaction cleared?
Is it automatic?
1PNWLrW2j1UwTyCx1jKNXFENivAE3ASQoz

Are you referring to withdrawal or Deposit?
Both should be automatic.

[jimmyl]

Help help check if BTC transaction cleared?
Is it automatic?
1PNWLrW2j1UwTyCx1jKNXFENivAE3ASQoz

Are you referring to withdrawal or Deposit?
Both should be automatic.

OK, thanks. Somehow quite slow. I was doing an immediate transaction something like cash & carry. The "cash" aka btc took too long to even show up.

I switch to blockchain and it was faster.

But still, I don't see how bitcoin can be used to pay restaurant bill or buy ice-cream; unless the transaction can afford to wait for the confirmations like 10-20 minutes delay.

[Nagato]

Help help check if BTC transaction cleared?
Is it automatic?
1PNWLrW2j1UwTyCx1jKNXFENivAE3ASQoz

Are you referring to withdrawal or Deposit?
Both should be automatic.

OK, thanks. Somehow quite slow. I was doing an immediate transaction something like cash & carry. The "cash" aka btc took too long to even show up.

I switch to blockchain and it was faster.

But still, I don't see how bitcoin can be used to pay restaurant bill or buy ice-cream; unless the transaction can afford to wait for the confirmations like 10-20 minutes delay.

Transactions usually propagate and show up in 2-5 seconds, that is all the time needed. Its not really necessary to wait for confirmations for low value transactions, more so if the transaction happens in a physical setting where the payer is seen by multiple people as well as CCTVs.

There is also some work being done for the QT Client to detect double spend attempts and warn the merchant immediately, the window for a double spend attempt is a few seconds at best, so the merchant can wait for 5-10 seconds to see if there was any double spend attempt and proceed without worrying about confirmation. https://github.com/bitcoin/bitcoin/pull/3354

[jimmyl]

Help help check if BTC transaction cleared?
Is it automatic?
1PNWLrW2j1UwTyCx1jKNXFENivAE3ASQoz

Are you referring to withdrawal or Deposit?
Both should be automatic.

OK, thanks. Somehow quite slow. I was doing an immediate transaction something like cash & carry. The "cash" aka btc took too long to even show up.

I switch to blockchain and it was faster.

But still, I don't see how bitcoin can be used to pay restaurant bill or buy ice-cream; unless the transaction can afford to wait for the confirmations like 10-20 minutes delay.

Transactions usually propagate and show up in 2-5 seconds, that is all the time needed. Its not really necessary to wait for confirmations for low value transactions, more so if the transaction happens in a physical setting where the payer is seen by multiple people as well as CCTVs.

There is also some work being done for the QT Client to detect double spend attempts and warn the merchant immediately, the window for a double spend attempt is a few seconds at best, so the merchant can wait for 5-10 seconds to see if there was any double spend attempt and proceed without worrying about confirmation. https://github.com/bitcoin/bitcoin/pull/3354

If it's 2-5 seconds to showup then my transaction to FYB-SG took a few minutes. It was just 0.001 btc to confirm the FYB-SG account and transaction was sound .

We waited but no updates on FYB-SG, then switched to blockchain, which was 2-5 seconds though flagged "unconfirmed". Then minutes later checked FYB-SG still no record.
That's why I asked if it was manual.

Your manual service was great!

[Nagato]

Deposits to the exchange require 3 confirmations because the amounts are not within our control.

[hostmaster]

On Bitcoin's 4th anniversary, im extremely excited to launch Singapore's First Bitcoin Exchange.

https://www.fybsg.com

Im hopeful that this will make Bitcoin more accessible to people in Singapore and trigger greater acceptance
of Bitcoin in trade and online businesses here.

Currently SGD deposits are only accepted via local Internet Bank Transfers.

ihope you took lesson from mtgox incident and start planning potential risks.

[jimmyl]

Website down?

[bengx]

Website down?

It's up for me.

[jimmyl]

Website down?

It's up for me.

Think FYBSG.com is changing DNS or hosting server so some updated DNS can access, other maybe later.

[cweitat]

Someone is using bot to trade. :/

and would be better if the commission ain't that high! 

[worldinacoin]

I think for sg it is hard to lessen the commission given the volume n the cost considerations

[aasl]

now fybsg has some competitors in singapore like itbit and crxzone, which provide lower (or zero) commission fees and withdraw fees. The current commission fee 0f 0.6%, and withdraw fee of 0.0005BTC and 1 SGD make fybsg less attractive. It is better if the fees can be revised.

[pompatore]

is this exchanger safe?
why no one write here about it since 2014?
can i withdraw to an international bank account or only to singapore's bank account?
is it possible to open a bank account in singapore online without have to fly there?

[cweitat]

Yup, this exchange is safe, it is a registered company in Singapore.  Nobody writes about it because it is working the same way since 2014.

And no, you are unable to open a bank account in Singapore online without coming to Singapore, especially if you are a foreigner.

Withdrawal can only be done to a bank in incorporated in Singapore.

<option value="ANZBSGSXXXX">Australia and New Zealand Banking Group Limited</option>
<option value="BNPASGSGXXX">BNP Paribas</option>
<option value="BKKBSGSGXXX">Bangkok Bank Public Company Ltd</option>
<option value="BOFASG2XXXX">Bank of America NA</option>
<option value="BKCHSGSGXXX">Bank of China Limited</option>
<option value="BEASSGSGXXX">Bank of East Asia Ltd</option>
<option value="BKIDSGSGXXX">Bank of India</option>
<option value="CIBBSGSGXXX">CIMB Bank Berhad</option>
<option value="CTCBSGSGXXX">CTBC Bank Co. Ltd</option>
<option value="KWHKSGSGXXX">China CITIC Bank International Ltd</option>
<option value="CITISGSGXXX">Citibank NA</option>
<option value="COBASGSXXXX">Commerzbank AG</option>
<option value="CRLYSGSGXXX">Credit Agricole Corporate and Investment Bank</option>
<option value="DBSSSGSGXXX">DBS Bank Ltd / POSB</option>
<option value="DNBASGSGXXX">DNB Bank ASA</option>
<option value="DEUTSGSGXXX">Deutsche Bank AG</option>
<option value="FAEASGSGXXX">Far Eastern Bank Ltd</option>
<option value="FCBKSGSGXXX">First Commercial BankLtd</option>
<option value="HLBBSGSGXXX">HL Bank</option>
<option value="HSBCSGS2XXX">HSBC Bank (Singapore) Limited(Personal)</option>
<option value="HSBCSGSGXXX">HongKong &amp; Shanghai Banking Corporation Ltd(Corporate)</option>
<option value="ICICSGSGXXX">ICICI Bank Limited</option>
<option value="IDIBSGSGXXX">Indian Bank</option>
<option value="IOBASGSGXXX">Indian Overseas Bank</option>
<option value="ICBKSGSGXXX">Industrial &amp; Commercial Bank of China Ltd</option>
<option value="BCITSGSGXXX">Intesa Sanpaolo S.p.A</option>
<option value="CHASSGSGXXX">JPMorgan Chase Bank N.A.</option>
<option value="KOEXSGSGXXX">Korea Exchange Bank</option>
<option value="MBBESGSGXXX">Malayan Banking Berhad</option>
<option value="MHCBSGSGXXX">Mizuho Bank Ltd</option>
<option value="NATASGSGXXX">National Australia Bank Ltd</option>
<option value="NDEASGSGXXX">Nordea Bank AB Singapore Branch</option>
<option value="OCBCSGSGXXX">Overseas-Chinese Banking Corporation Ltd</option>
<option value="BNINSGSGXXX">P.T.Bank Negara Indonesia(Persero)Tbk</option>
<option value="QNBASGSGXXX">Qatar National Bank SAQ</option>
<option value="RHBBSGSGXXX">RHB Bank Berhad</option>
<option value="ESSESGSGXXX">Skandinaviska Enskilda Banken AB (publ)</option>
<option value="SOGESGSGXXX">Societe Generale</option>
<option value="SCBLSGSGXXX">Standard Chartered Bank</option>
<option value="SBINSGSGXXX">State Bank of India</option>
<option value="SMBCSGSGXXX">Sumitomo Mitsui Bank Ltd</option>
<option value="HANDSGSGXXX">Svenska Handelsbanken AB (publ)</option>
<option value="BOTKSGSXXXX">The Bank of Tokyo-Mitsubishi UFJ Ltd</option>
<option value="UCBASGSGXXX">UCO Bank</option>
<option value="BVBESGSGXXX">UniCredit Bank AG</option>
<option value="UBSWSGSGXXX">Union Bank of Switzerland AG</option>
<option value="UOVBSGSGXXX">United Overseas Bank Ltd</option>

[Newar]

PSA:

FYB-SG is ceasing operations
Due to our bank account closure, we are ceasing operations. Please login for more information.

Sad, to see this service go. 

[wowoo.exchange]

Do check out Wowoo Exchange Singapore!

We are a Singapore based Digital Assets Exchange