Bitcoin.co.id - Bitcoin Exchange in Indonesia - Arbitrage Opportunity

[funchiestz]

Hi Bitcoiners

I would like to introduce myself. My name is Oscar Darmawan and I am
CEO of this Bitcoin.co.id  - Indonesia Biggest Bitcoin Exchanger. We are handling exchange for Bitcoin and Rupiah using open marketplace system like btc-e and bitstamp

Our exchange price is 3% - 10% higher than other exchange due number of buyer higher than bitcoin seller as per can seen in here https://vip.bitcoin.co.id/orderbook

Our daily volume is around 50 BTC - 100 BTC with trading fee 0.3% only

We really need bitcoin miner from other country to support our exchange. I wonder if any bitcoiners here will do arbitrage through our exchange. We have very small fee

We are registered company in Indonesia ( PT BitCoin Indonesia ) and initiator of Bitislands project

Visit our website www.bitcoin.co.id

[St-ly_T]

Hi Bitcoiners

I would like to introduce myself. My name is Oscar Darmawan and I am
CEO of this Bitcoin.co.id  - Indonesia Biggest Bitcoin Exchanger. We are handling exchange for Bitcoin and Rupiah using open marketplace system like btc-e and bitstamp

Our exchange price is 3% - 10% higher than other exchange due number of buyer higher than bitcoin seller as per can seen in here https://vip.bitcoin.co.id/orderbook

Our daily volume is around 50 BTC - 100 BTC with trading fee 0.3% only

We really need bitcoin miner from other country to support our exchange. I wonder if any bitcoiners here will do arbitrage through our exchange. We have very small fee

We are registered company in Indonesia ( PT BitCoin Indonesia ) and initiator of Bitislands project

Visit our website www.bitcoin.co.id

It would be difficult for foreigners to do arbitrage because at bitcoin.co.id, you can only withdraw to Indonesian bank account or selling voucher(which is difficult to find buyers too).

Unless you offer other ways to withdraw. Maybe withdraw to paypal ?

 

[bodgybrothers]

Do you realise bitcoin is illegal in indonesia?

I looked at your system but there is no real arbs to be traded there, the volume is too thin and the pricing is almost equal to bitstamp. Do you have an address? Indonesia is full of scams, I live it everyday.

[arieq]

Do you realise bitcoin is illegal in indonesia?

- snip -

Bitcoin is not illegal in Indonesia, it's just we can't use it in any kind of payment inside Indonesia. Heck, even listing your prices in USD and accepting USD in lieu of IDR is forbidden in Indonesia. Which is why the chance of seeing Indonesian businesses accepting Bitcoin as a method of payment is practically nil.

What we can do here in Indonesia is treating Bitcoins as commodities instead of currencies, and obliging people to exchange their coins to fiat before making transactions, that's what an exchange (eg: bitcoin.co.id) is for.

[St-ly_T]

bodgybrothers never bothered to do research first to find out the facts.

[ardee]

Hello. I'm Indonesian and a newbie in bitcoin stuffs.
I already join your site and i think it's a good hub between rupiah and BTC.

[hexagram]

bitcoin.co.id can go both ways. sometimes the price is higher than the market price, other times lower. if you want to do arbitrage with them you need to monitor the markets closely. indonesians are usually slightly lagged to respond to news, so there's your chance there. for example their price today is somewhat lower than the international market price because indonesians have barely woken up to the paypal news.