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Author Topic: Traveling to Korea - Arbitrage - Crazy idea?  (Read 403 times)
thanhha511
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January 09, 2018, 03:56:13 AM
 #21

I'm looking for feedback, pro or con, before pulling the trigger on airline tickets. Plan is to leave Jan. 8th

Given the current spread in bitcoin price between the US and Korea ($16K vs. $18.5K), I am planning a trip to Korea in order to set up an account at Korbit. From everything I have read, there isn't a way to do this remotely. The steps, as I understand them are:

1) Secure a local address: Fully furnished rooms for rent range in price from $380 to over $500 a month. I'm in contact with a landlord

2) Get cell phone w/ local number

3) Go to Immigration to get Alien Registration Card

4) Visit Korea Exchange Bank. Show passport, Alien Registration Card, Proof of Address, and local cell number to set up an account. There is also the possibility of establishing an account with a Bank of American in Korea. However, my preference is Korea Exchange Bank.

5) Set up account with Korbit

6) Start Trading

Ia this an absolutely crazy idea??

yep, maniac idea but very interesting. It's absolutely possible. Just go for it. I will waiting for your report.

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January 09, 2018, 06:24:37 AM
 #22

I'm Kevin. Been in this for 8 months now.
I am Korean, and I have working bithumb and upbit accounts.

Currently, foreigners are unable to open up accounts on Korean exchanges.
And a lot of people do not know that, the Korean exchanges have a lot of problems with depositing and withdrawing.
Within Korean community, it's like hell calling the call center and visiting the offices of exchanges to solve any problems.
Your account gets on hold for sending bitcoins to another account, lol.
Yea seriously...

It's good that you have met some friends in Korea to work with.
I am looking to meet someone like you.

Here's my situation,
https://www.reddit.com/r/btc/comments/7or3q9/genuine_question_about_korean_exchange_arbitrage/

So I am stuck here.
I am willing to work with any traders from outside Korea who is able to receive USD from me and
buy from non-Korean exchange and send it to me through wallet. Then, I cash out here in Korean exchange and
split the profit and send it back to you. Repeatedly. I own a company here in Korea with open addresses.
I have no intentions of scam or cheat or any sort of those crap. Just a dude who wants to spread the crypto and
win together. Also, I am not looking to do this with

Shoot me an email if you are interested: j.haesun@yahoo.com

I am sure that you can work with any traders from out of korea but I think before you make cooperation with another trader, it is better if you can meet directly with your guess so you can create a trust between you and him. I think every people don't want to get scam and I believe that you are a good person and if you and your friend from out of korea could build trust, then you can continue to do cooperation and I hope that you can get your success with your friend.

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January 29, 2018, 12:21:46 PM
 #23

I'm looking for feedback, pro or con, before pulling the trigger on airline tickets. Plan is to leave Jan. 8th

Given the current spread in bitcoin price between the US and Korea ($16K vs. $18.5K), I am planning a trip to Korea in order to set up an account at Korbit. From everything I have read, there isn't a way to do this remotely. The steps, as I understand them are:

1) Secure a local address: Fully furnished rooms for rent range in price from $380 to over $500 a month. I'm in contact with a landlord

2) Get cell phone w/ local number

3) Go to Immigration to get Alien Registration Card

4) Visit Korea Exchange Bank. Show passport, Alien Registration Card, Proof of Address, and local cell number to set up an account. There is also the possibility of establishing an account with a Bank of American in Korea. However, my preference is Korea Exchange Bank.

5) Set up account with Korbit

6) Start Trading

Ia this an absolutely crazy idea??
I think the Korean side market is extremely hard to predict, so the Korean politician has introduced laws related to bitcoin and bitocin taxation. I also know that the price of a bitcoin in Korea is higher than other regions up to $ 2,000 a small number. It can be said that good trade in Korea is extremely difficult.
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January 29, 2018, 12:37:39 PM
 #24

Did this guy reach the Korea already ?

I'm sure that it's not a good idea now to visit Korea. Lolz. After the breakout of Korean government like crazy bull this has become more illegal and harder to trade in the Korea.

On the other hand that was really bad idea anyway. I mean imagined the cost to go there and get the registration done plus what if foreign inquiries are set on you for financial laundering. Seems bad to me.

   

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January 29, 2018, 04:23:35 PM
 #25

Going south Korea to Arbitrage is crazy for me. It may make sense if you are going on a sightseeing trip, it is a good idea to combine sightseeing and business. I do not suggest changing locations just to make Arbitrage, you can find yourself a partner from South Korea.



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Rainbot
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March 14, 2018, 10:10:45 PM
 #26

You def. have the right idea, although a lot of the details are often overlooked in profiting from arbitrage. That's why I believe in this ICO bc they are aiming to make crypto easier to enter for all with their novice friendly UI and the first ever arbitrage exchange that will allow for less market volatility which keeps so many inexperienced and afraid people on the sidelines. Arbitrage with a legit company will provide a greater opportunity to profit in this economy.

https://bitcointalk.org/index.php?topic=3085831.msg31823480#msg31823480
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March 14, 2018, 10:32:48 PM
 #27

I'm looking for feedback, pro or con, before pulling the trigger on airline tickets. Plan is to leave Jan. 8th

Given the current spread in bitcoin price between the US and Korea ($16K vs. $18.5K), I am planning a trip to Korea in order to set up an account at Korbit. From everything I have read, there isn't a way to do this remotely. The steps, as I understand them are:

1) Secure a local address: Fully furnished rooms for rent range in price from $380 to over $500 a month. I'm in contact with a landlord

2) Get cell phone w/ local number

3) Go to Immigration to get Alien Registration Card

4) Visit Korea Exchange Bank. Show passport, Alien Registration Card, Proof of Address, and local cell number to set up an account. There is also the possibility of establishing an account with a Bank of American in Korea. However, my preference is Korea Exchange Bank.

5) Set up account with Korbit

6) Start Trading

Ia this an absolutely crazy idea??
I know that the Korean government is currently working on drafting orders related to bitcoin trading and management, so it is unlikely we will trade bitcoin in Korea. I also know that the bitcoin price in Korea is higher than in other areas of $ 2000, which is also a huge barrier from the Korean government to limit the speculator bitcoin in this country.

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April 26, 2018, 10:35:44 AM
 #28

It really sounds a bit crazy but people are different and some ideas are normal for some people while for others it is crazy) As for me, I would better just find a companion from Korea.

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