Singapore

[sgbitcoinsg]

FYBSG have been down for quite a while!

Coinsupermart never heard of it, and its now under maintanence? Itbit have suspicious activities in their order books, and its also currently offline.

Guys, seriously we need ONE rock solid exchange in Singapore if we want Bitcoin to be adopted in the country.

[1713410676]

1713410676

[1713410676]

1713410676

[1713410676]

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[1713410676]

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[sauteedcat]

FYBSG have been down for quite a while!

Coinsupermart never heard of it, and its now under maintanence? Itbit have suspicious activities in their order books, and its also currently offline.

Guys, seriously we need ONE rock solid exchange in Singapore if we want Bitcoin to be adopted in the country.

I have been using both https://www.fybsg.com and https://www.itbit.com and am currently logged in without any problems. Did you just sign up for a new account here to slander them? Post evidence if otherwise.

[sgbitcoinsg]

FYBSG have been down for quite a while!

Coinsupermart never heard of it, and its now under maintanence? Itbit have suspicious activities in their order books, and its also currently offline.

Guys, seriously we need ONE rock solid exchange in Singapore if we want Bitcoin to be adopted in the country.

I have been using both https://www.fybsg.com and https://www.itbit.com and am currently logged in without any problems. Did you just sign up for a new account here to slander them? Post evidence if otherwise.

https://i.imgur.com/ShCKr9B.png

Fybsg is now accessible. These outages appear to have occurred previously if you check other forums.

[sauteedcat]

https://i.imgur.com/ShCKr9B.png

Fybsg is now accessible. These outages appear to have occurred previously if you check other forums.

I've used FYBSG everyday for the past 2 weeks or so without any problems. Care to share these other forums that report they were down? Perhaps the users made the mistake of trying to connect to http://www.fybsg.com/ which wouldn't work. The site needs https.

[sgbitcoinsg]

https://i.imgur.com/ShCKr9B.png

Fybsg is now accessible. These outages appear to have occurred previously if you check other forums.

I've used FYBSG everyday for the past 2 weeks or so without any problems. Care to share these other forums that report they were down? Perhaps the users made the mistake of trying to connect to http://www.fybsg.com/ which wouldn't work. The site needs https.

There's the Hwz thread you may have come across. It just happens that just now all 3 sites I went to were not fully functional for a while.

Will be great if Coinbase expands to Singapore

[sauteedcat]

There's the Hwz thread you may have come across. It just happens that just now all 3 sites I went to were not fully functional for a while.

Will be great if Coinbase expands to Singapore

Unfortunately, the direct buy/sell model that Coinbase uses will result in them having to collect GST based on the recently released taxation guidance from IRAS.

Relevant paragraph from http://www.coindesk.com/singapore-government-how-we-intend-tax-bitcoin/

The GST treatment of the supply of bitcoins will depend on whether the company is acting as an agent or principal in the transaction. If the company merely facilitates and is acting as an agent in the bitcoin trade (eg: bitcoin exchange transfers bitcoins directly to a customer’s wallet), then GST is chargeable only on the commission fees received. However if the company is acting as a principal in the bitcoin trade (eg: it buys and onward-sells bitcoins to the customer), GST is chargeable on the full amount received, ie: the sale of bitcoins and commission fees.

[sgbitcoinsg]

There's the Hwz thread you may have come across. It just happens that just now all 3 sites I went to were not fully functional for a while.

Will be great if Coinbase expands to Singapore

Unfortunately, the direct buy/sell model that Coinbase uses will result in them having to collect GST based on the recently released taxation guidance from IRAS.

Relevant paragraph from http://www.coindesk.com/singapore-government-how-we-intend-tax-bitcoin/

The GST treatment of the supply of bitcoins will depend on whether the company is acting as an agent or principal in the transaction. If the company merely facilitates and is acting as an agent in the bitcoin trade (eg: bitcoin exchange transfers bitcoins directly to a customer’s wallet), then GST is chargeable only on the commission fees received. However if the company is acting as a principal in the bitcoin trade (eg: it buys and onward-sells bitcoins to the customer), GST is chargeable on the full amount received, ie: the sale of bitcoins and commission fees.

Is there any GST or additional tax that will be charged to the person buying/selling bitcoins on a local exchange?

[sauteedcat]

Is there any GST or additional tax that will be charged to the person buying/selling bitcoins on a local exchange?

I'm not 100% sure, but from the guidance it seems that if you are a GST registered person (i.e. company?), then the BTC you sell in Singapore, be it through and exchange or in person, is GST taxable on the full amount (BTC value + commission).

Proper local exchanges will only be charged GST on their commission.

[jimmyl]

hi,

which is better in totality for buy and sell? fsysg or itbit? or?

[liexel]

+ 1 bitfinex

spreads on the local sites are quite ridiculous

[jimmyl]

+ 1 bitfinex

spreads on the local sites are quite ridiculous

Have u used it?
Someone on this thread says they are doing market making and faking the orders.

[sgbitcoinsg]

+ 1 bitfinex

spreads on the local sites are quite ridiculous

Have u used it?
Someone on this thread says they are doing market making and faking the orders.

I have extensive trading experience in the exchanges in US and Europe. Will be trying out the ones in Singapore and surrounding area and keep you guys updated.

[bclcjunkie]

he probably just glanced through and made conclusions... lol.. anyway both exchanges offer good liquidity however there are cons and pros in that. itbit offers better liquidity but only because it's entirely driven by market maker model which means supply of coins will vanish as soon as prices start dropping and market maker pulls off to avoid losses, i don't know about you but i prefer to trade in market condition driven environment.. so forget about buying cheap coins in times of panic sells itbit is not that place. It also offers one of the most inadequate and unresponsive support which can take a day or two before replying. now the worst part about itbit is they lock in your coins for 24hrs before you're able to withdraw so i think that's kinda dictatorial and a big no no to me... on the other hand fybsg has lesser volume yet has more dispersed buyers and sellers of various backgrounds that naturally respond to market conditions and have no maker taker driven greed. Besides you can always get instant reply from its founder and i can withdraw my coins in minutes and get withdrawals in a day time... so fybsg wins hands down for me... btw i also have account on bitfinex..

+ 1 bitfinex

spreads on the local sites are quite ridiculous

Have u used it?
Someone on this thread says they are doing market making and faking the orders.

[Newar]

Also, keep the various fees in mind when trading overseas.

[bitcoinliberty]

Today one of the paper in Singapore is writing about us: http://mypaper.sg/top-stories/spore-set-get-its-first-bitcoin-atm-20140203
We hope to be up a running in March! If you're in Singapore and have a suggestion for location or otherwise you can contact us at support@bitcoinexchange-sg.com

[liexel]

he probably just glanced through and made conclusions... lol.. anyway both exchanges offer good liquidity however there are cons and pros in that. itbit offers better liquidity but only because it's entirely driven by market maker model which means supply of coins will vanish as soon as prices start dropping and market maker pulls off to avoid losses, i don't know about you but i prefer to trade in market condition driven environment.. so forget about buying cheap coins in times of panic sells itbit is not that place. It also offers one of the most inadequate and unresponsive support which can take a day or two before replying. now the worst part about itbit is they lock in your coins for 24hrs before you're able to withdraw so i think that's kinda dictatorial and a big no no to me... on the other hand fybsg has lesser volume yet has more dispersed buyers and sellers of various backgrounds that naturally respond to market conditions and have no maker taker driven greed. Besides you can always get instant reply from its founder and i can withdraw my coins in minutes and get withdrawals in a day time... so fybsg wins hands down for me... btw i also have account on bitfinex..

+ 1 bitfinex

spreads on the local sites are quite ridiculous

Have u used it?
Someone on this thread says they are doing market making and faking the orders.

ive actually tried using the local ones fybsg localbitcoins coinbase yada yada. i dont have an analysis but honestly i thought the spreads werent quite right. or then when i bought. you can do a quick comparison with the ask prices on foreign exchanges, less fees etc, and im pretty sure you can still get a better deal not buying from local, though it might make sense if youre selling.

itbit takes too long (my deposits couldnt get through, and other administrative hassles), bitstamp account verification process was extremely frustrating for me, by far bitfinex is the fastest (cash deposits took about two days to get through), least hassle, fees are prob also the lowest. not to mention the swaps are useful features. im not sure about the alleged fake orders.

[bclcjunkie]

don't pay attention to the spread... there are actually plenty of willing buyers and sellers it's just reasonable orders don't last long on orderbook or just don't show up on orderbook... what i like about fybsg is there's this element of bargaining involved... try putting up bids slightly closer to asks and see what happens and vice versa... about itbit i totally agree even i myself being local resident keep running into issues with this exchange so i'm not surprised about your experience with them...i also find their fees totally ridiculous..

he probably just glanced through and made conclusions... lol.. anyway both exchanges offer good liquidity however there are cons and pros in that. itbit offers better liquidity but only because it's entirely driven by market maker model which means supply of coins will vanish as soon as prices start dropping and market maker pulls off to avoid losses, i don't know about you but i prefer to trade in market condition driven environment.. so forget about buying cheap coins in times of panic sells itbit is not that place. It also offers one of the most inadequate and unresponsive support which can take a day or two before replying. now the worst part about itbit is they lock in your coins for 24hrs before you're able to withdraw so i think that's kinda dictatorial and a big no no to me... on the other hand fybsg has lesser volume yet has more dispersed buyers and sellers of various backgrounds that naturally respond to market conditions and have no maker taker driven greed. Besides you can always get instant reply from its founder and i can withdraw my coins in minutes and get withdrawals in a day time... so fybsg wins hands down for me... btw i also have account on bitfinex..

+ 1 bitfinex

spreads on the local sites are quite ridiculous

Have u used it?
Someone on this thread says they are doing market making and faking the orders.

ive actually tried using the local ones fybsg localbitcoins coinbase yada yada. i dont have an analysis but honestly i thought the spreads werent quite right. or then when i bought. you can do a quick comparison with the ask prices on foreign exchanges, less fees etc, and im pretty sure you can still get a better deal not buying from local.

itbit takes too long (my deposits couldnt get through, and other administrative hassles), bitstamp account verification process was extremely frustrating for me, by far bitfinex is the fastest (cash deposits took about two days to get through), least hassle, fees are prob also the lowest. not to mention the swaps are useful features.

[bclcjunkie]

great news indeed.. can't wait to buy first satoshis via atm...

http://business.asiaone.com/news/singapore-set-get-its-first-bitcoin-atm

Today one of the paper in Singapore is writing about us: http://mypaper.sg/top-stories/spore-set-get-its-first-bitcoin-atm-20140203
We hope to be up a running in March! If you're in Singapore and have a suggestion for location or otherwise you can contact us at support@bitcoinexchange-sg.com

[jimmyl]

Anyone in Singapore running antminer S1? Stable?

[Peep5879]

I'm trying to sell a block erupter blade here. Anyone? Send me a pm if interested.