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Author Topic: Singapore  (Read 245795 times)
w8ks6
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July 06, 2013, 12:45:25 PM
 #281

The problem is there is not enough volume, in regards to the website I understand what you are saying. Until the trade volume is substantial if not there will not be an improvement or any other new SG exchange
Start with Walmart and ask any successful company that trades in commodities: "If your trade volume is low in a worldwide market of a certain commodity, can your volume be increased by charging the highest markup in the world?" The answer is obvious to a school child.

That's what FYB is doing though - charging top-level markup on a transaction in a widely available commodity. If they want more volume, it's exactly the wrong thing to do.
It's so wrong to do from a business perspective, it makes me wonder if FYB is actually a Singapore government honeypot, which they hope to use to keep track of local btc flow.  Huh
If it's not, we've seen a lot of "exchanges" like that come and go in bitcoin land.
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w8ks6
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July 06, 2013, 01:00:19 PM
 #282

There are reasons why bitcoin isn't picking up by local people in Singapore. Your currency has been relatively stable and your economic isn't build on Ponzi scheme like the US or Europe.

When people are not worry about their saving, why bother seeking alternative currency.
---------->
Because there is more to currency than "saving" a.k.a "hoarding" and "capital preservation".
If you are a small importer in SG, buying say even from China or Japan. Try to send a payment to your export partner in those countries using SGD, as cheaply as you could using Bitcoin! Then try to send the same payment to Europe or the US!

EVEN IF you pay 0.99% to a payment processor like BitPay to protect you from Bitcoin exchange voliatility, I think it would still be cheaper than using any other method available to a small business.
derekleong75
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July 06, 2013, 01:14:12 PM
 #283

To me, it doesn't matter where I trade and I don't really care about the fees.
As long as :

Got buyers willing to pick up my asks.
Got sellers willing to pick up my bids.

:p

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July 06, 2013, 01:39:02 PM
 #284

To me, it doesn't matter where I trade and I don't really care about the fees.
As long as :
Got buyers willing to pick up my asks.
Got sellers willing to pick up my bids.
:p
Whether you Got that or not is a function of liquidity and volume. Those are a function of professional trader activity to conduct current price discovery and speculate on fluctuations.
The fees for that activity are a major cost to those professional traders, and influence the volume and liquidity of the exchange overal.

So, for you the fees don't matter, but to pro traders and FYB itself they are key, and directly affect your trades also.

It's not even true that you don't really care about the fees. To prove it, let's meet on bitcoin-otc, and I'll charge you the highest markup in the world for my ask. Let's see if you'll still be "willing to pick up my asks" and not really care about my fee.
My point is that's also why FYB don't Got those most of the time.
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July 06, 2013, 02:15:36 PM
 #285

If FYB wants to succeed, they need to beef up the order book. Even a tiny trade causes too much slippage and the prices are out of whack with other exchanges. I have an account but dont even know the fees, never made a trade. Gave up the moment i saw the orderbook. Fees may play a part but i think the real cause here is that singaporeans just don't care about BTC. In time, I hope this will change.

For now, Gox gets to earn my trade commission

www.sgBitcoin.net - The Premier News, Discussion & Marketplace Destination for the Singaporean Bitcoin Community
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July 06, 2013, 11:00:27 PM
 #286

There are reasons why bitcoin isn't picking up by local people in Singapore. Your currency has been relatively stable and your economic isn't build on Ponzi scheme like the US or Europe.

When people are not worry about their saving, why bother seeking alternative currency.
---------->
Because there is more to currency than "saving" a.k.a "hoarding" and "capital preservation".
If you are a small importer in SG, buying say even from China or Japan. Try to send a payment to your export partner in those countries using SGD, as cheaply as you could using Bitcoin! Then try to send the same payment to Europe or the US!

EVEN IF you pay 0.99% to a payment processor like BitPay to protect you from Bitcoin exchange voliatility, I think it would still be cheaper than using any other method available to a small business.


I do not really agree it is cheaper to use bitcoin if one does import/export business. International wire has fixed cost and the inter-bank exchange is much more efficient and has a lot more depth than bitcoin. Not to mention bitcoin is no where near stable at its current form.

I like to add that I do not buy the argument it is cheaper to use bitcoin as a payment even for small transaction. No doubt it is cheaper from small business prospective because the fee is cheaper than credit card, but all the slippage and volatility cost are pass to bitcoin holder. When the value of bitcoin keep going up. Everyone (buyer, seller, exchange, business owner) is happy, no one question anything. And when it goes down, all bitcoin holders will eventually ask, why should they bear such cost and risk from this biased transaction?


 



derekleong75
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July 07, 2013, 04:34:15 AM
 #287

To me, it doesn't matter where I trade and I don't really care about the fees.
As long as :
Got buyers willing to pick up my asks.
Got sellers willing to pick up my bids.
:p
Whether you Got that or not is a function of liquidity and volume. Those are a function of professional trader activity to conduct current price discovery and speculate on fluctuations.
The fees for that activity are a major cost to those professional traders, and influence the volume and liquidity of the exchange overal.

So, for you the fees don't matter, but to pro traders and FYB itself they are key, and directly affect your trades also.

It's not even true that you don't really care about the fees. To prove it, let's meet on bitcoin-otc, and I'll charge you the highest markup in the world for my ask. Let's see if you'll still be "willing to pick up my asks" and not really care about my fee.
My point is that's also why FYB don't Got those most of the time.

Of course I will care if it's your ask that I am picking up. Unfortunately, I prefer to be the one asking/bidding.
I agree that fyb may not appeal to pro traders but like any other industry, there are choices and anyone is not bound to trade at a particular exchange.

Fyb is like your neighbourhood massage parlour compared to btce or gox which is like the nightclubs at Orchard Tower. Smiley

Hopefully fyb start moving towards becoming a ktv first in days to come.  Being a sg'er, I will support them whenever I can but being a consumer, profits come first nonetheless.
worldinacoin
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July 07, 2013, 06:05:46 AM
 #288

Can't say like that leh, everyone has to start from snatch, same as for Mtgox, I am sure that FYB will face up to the challenges and be the leading BTC exchange in Asia.   I am planning to buy from them once I finish my BTC that was bought from Mtgox.
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July 11, 2013, 03:08:30 AM
 #289

Just noticed this:

Quote
I just helped Artistry cafe owner to be the first place accepting #bitcoin in #SG. I paid 0.1 BTC for an awesome coffee & chocolate cake.

 - https://twitter.com/TomasForgac/status/354918037276721153
 - https://twitter.com/artistrycafesg
 - http://www.artistryspace.com

"Nestled in a quiet corner of the Kampong Glam heritage district, Artistry is a new art gallery and café in a shophouse dedicated to art."

pitan
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July 11, 2013, 08:43:56 AM
 #290

Just noticed this:

Quote
I just helped Artistry cafe owner to be the first place accepting #bitcoin in #SG. I paid 0.1 BTC for an awesome coffee & chocolate cake.

 - https://twitter.com/TomasForgac/status/354918037276721153
 - https://twitter.com/artistrycafesg
 - http://www.artistryspace.com

"Nestled in a quiet corner of the Kampong Glam heritage district, Artistry is a new art gallery and café in a shophouse dedicated to art."


Interesting! Thanks for the tip
worldinacoin
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July 11, 2013, 08:47:50 AM
 #291

Just noticed this:

Quote
I just helped Artistry cafe owner to be the first place accepting #bitcoin in #SG. I paid 0.1 BTC for an awesome coffee & chocolate cake.

 - https://twitter.com/TomasForgac/status/354918037276721153
 - https://twitter.com/artistrycafesg
 - http://www.artistryspace.com

"Nestled in a quiet corner of the Kampong Glam heritage district, Artistry is a new art gallery and café in a shophouse dedicated to art."


Interesting! Thanks for the tip

Double Thumbs up!
derekleong75
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July 11, 2013, 11:05:45 AM
 #292

I know where we can organize meetup liao. Smiley
pitan
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July 14, 2013, 01:07:25 PM
 #293

Yo peeps! Normally FYBSG you deposit funds how long later will reflect on your account?
Thanks
pitan
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July 14, 2013, 01:14:47 PM
 #294

OK credited le  Grin
ziptie
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July 15, 2013, 02:16:28 PM
 #295

Still feeling that we should have an SGCoin, anyone interested to join me? Smiley

I know nothing about programming but I think the only way another altcoin could become successful is to use a different hashing algorithm other than scrypt or SHA.  Perhaps an implementation of bcrypt or SHA-3 could be used?  This would bring a whole new level of security to the cryptocurrency system.  Litecoin is strong because any weakness in the bitcoin network isn't shared by the litecoin network.  All others alts are clones of one of these two, so they don't actually add any sustainable value.
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July 16, 2013, 06:14:26 AM
 #296

OK credited le  Grin

I think nagato does it manually.
fund it and drop him an email.

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July 16, 2013, 06:19:46 AM
 #297

Singapore is good place for BTC and bitcoiner.
At least till now.   Cheesy

an outright nihilist
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July 17, 2013, 09:13:04 PM
 #298

Hi. Another new miner. Also in SG (obviously). Just wondering, does anyone know where I can get ASICs or FPGAs locally?

PayPal is being a dick and isn't allowing me to transfer funds from my UOB account, and I don't have a credit card, so I am stuck on local stuff unless someone allows bank transfers, which I have rarely seen.

I am looking for the ASICMiner Block Erupter or something similar (portable). Don't need much hashing power, since I am not entirely hardcore on this.

IDC about power usage or ROI, since most of the time, I'd be using school's free WiFi and power to do this.

P.S. It would be great if the ASIC/FPGA supports both Windows and Mac.

I am a wee beginner in mining. Please ignore my ignorance.
blackreplica
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July 18, 2013, 09:47:09 PM
 #299

I highly doubt you're going to be able to walk into a shop anywhere in Singapore and buy an ASIC or FPGA

Personally if I were you I'd buy BTC on Gox or some other exchange (they are all funded by bank transfer) and use the BTC to buy whatever mining equipment you want in these forums. Do your homework though, and don't get scammed.

After all the whole point of BTC is to bypass using credit cards

www.sgBitcoin.net - The Premier News, Discussion & Marketplace Destination for the Singaporean Bitcoin Community
derekleong75
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July 18, 2013, 09:56:04 PM
 #300

You can check out the Hardware -> Group Buy forums and check out the USB Erupters or the K1 sticks.
Yeah like what blackreplica says you can also buy BTC from https://fybsg.com by depositing $ directly into their UOB account.

Free electricity is damn song.
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