December 15, 2017, 09:49:54 PM

Author Topic: Bitcoin  (Read 12553 times)

Offline LogoNano

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Re: Bitcoin
« Reply #120 on: December 07, 2017, 11:26:06 AM »
I saw online that you can buy bitcoin from Korbit, but I'm not sure if they are a legit company.

Does anyone know where I can buy bitcoin? I don't have a driver license anymore, so I cant buy it from coinbase.

Offline gagevt

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Re: Bitcoin
« Reply #121 on: December 07, 2017, 01:06:46 PM »
Closing in on 19,000 won this morning. This is getting insane.
Honestly, it's got me a little confused and worried. I think you mean 19m won though. Actually insane. I kept thinking, "I'll just wait till it drops again and then buy." Haha..ha... Oh well. Also enjoying Monero's recent spike in price. Hope to see it continue to rise.

Also check this out if you have extra Etherum laying around. It's pretty fun, and it could actually make you money, but don't get your hopes up.  http://cryptokittyworld.com/

I saw online that you can buy bitcoin from Korbit, but I'm not sure if they are a legit company.

Does anyone know where I can buy bitcoin? I don't have a driver license anymore, so I cant buy it from coinbase.

I merged your topic with the current, up-to-date thread about bitcoin and cryptocurrencies. Please search a bit through the site before making a topic in the future.

Korbit is indeed legit. At least a few people here use them for buying and trading cryptocurrencies, including myself. You have to verify your identity with them in order to use their services, usually with your ARC/bank account/proof of residence/etc. Their staff can speak English fine and well.
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Offline jvillalv

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Re: Bitcoin
« Reply #122 on: December 08, 2017, 03:34:48 AM »
Are you in South Korea right now? I'm in the US looking to sell bitcoin to someone in South Korea since the price over there is way higher. Any thoughts how this can be accomplished?

Online zola

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Re: Bitcoin
« Reply #123 on: December 08, 2017, 07:47:57 AM »
At the risk of sounding like a broken record, this is insane. On the cusp of 24,000,000 this morning.

Offline friendofcletus

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Re: Bitcoin
« Reply #124 on: December 08, 2017, 07:54:14 AM »
My co-yeacher mentioned Korean regulation of crypto this morning. Didn't get the details. Any news?

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Offline koreakorea

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Re: Bitcoin
« Reply #126 on: December 08, 2017, 08:28:28 AM »
This must be institutional money entering Bitcoin, surely?  Not sure if that's good or bad lol.

Korbit is legitimate, although there have been a ton of phishing sites pop up so make sure you're visiting korbit.co.kr.

Also recently they changed their depositing bank from Woori to Shinhan.  It's always a bit worrying when exchanges have to change their banks because it could be indicative of tighter local regulation.  Then again I remember reading an article about Shinhan wanting to start a crypto custodial service for its customers. 

Wow...am I reading this right...the price on Bithumb is close to $23,000??!!!  :shocked:

Online kapusta

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Re: Bitcoin
« Reply #127 on: December 08, 2017, 08:36:52 AM »
Yeah, I think some of it is institutional money that is pumping it now, and will then short it once CME futures start. This will continue to be a crazy month, and I hope people don't get burned too badly.

I will bow out of attempting to make any more price predictions. But I do believe that when big money starts to enter the space, the only people who will "win" are big money. Be careful out there!


Offline tunacookie

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Re: Bitcoin
« Reply #128 on: December 08, 2017, 08:41:17 AM »
Anyone having troubles accessing korbit today on their work computers? I can log on with my phone and laptop at home but not on my work computer?

Online SuperDoodle23

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Re: Bitcoin
« Reply #129 on: December 08, 2017, 08:48:51 AM »
I have an account on Korbit but I want to buy with fiat on a U.S based exchange and then sell them on a Korean exchange. Some of the prices on the Korean exchanges are double the price! Does anyone know of an exchange that I can do this without much issue?

Offline koreakorea

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Re: Bitcoin
« Reply #130 on: December 08, 2017, 08:53:37 AM »
Anyone having troubles accessing korbit today on their work computers? I can log on with my phone and laptop at home but not on my work computer?

Yes same for me which is odd because I've never had any problems accessing it at work before.

I have an account on Korbit but I want to buy with fiat on a U.S based exchange and then sell them on a Korean exchange. Some of the prices on the Korean exchanges are double the price! Does anyone know of an exchange that I can do this without much issue?

I suppose Coinbase or Gemini are the two biggest in the US but I'm not sure what the verifiication processes are or how quickly you can buy.  Remember to pay your taxes when you sell!

Online SuperDoodle23

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Re: Bitcoin
« Reply #131 on: December 08, 2017, 09:04:17 AM »
Anyone having troubles accessing korbit today on their work computers? I can log on with my phone and laptop at home but not on my work computer?

Yes same for me which is odd because I've never had any problems accessing it at work before.

I have an account on Korbit but I want to buy with fiat on a U.S based exchange and then sell them on a Korean exchange. Some of the prices on the Korean exchanges are double the price! Does anyone know of an exchange that I can do this without much issue?

I suppose Coinbase or Gemini are the two biggest in the US but I'm not sure what the verifiication processes are or how quickly you can buy.  Remember to pay your taxes when you sell!

Thanks for the heads up. I just tried to get verified through Gemini and they want a utility bill or bank statement as proof of residence but the bills I have are in Korean. I sent them a copy of my ARC and a bill so hopefully that goes through.

Online Life Improvement

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Re: Bitcoin
« Reply #132 on: December 08, 2017, 09:12:01 AM »
Remember to pay your taxes when you sell!

This holds true in Korea? I read there's no taxes on it in South Korea as of yet, though the government's looking to introduce them. Will they be retroactive, I don't know. And since we are Western citizens, pay capital gains taxes to our home country? Even when living overseas? This is new, so a bit of a gray area?

Offline koreakorea

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Re: Bitcoin
« Reply #133 on: December 08, 2017, 09:18:58 AM »
Remember to pay your taxes when you sell!

This holds true in Korea? I read there's no taxes on it in South Korea as of yet, though the government's looking to introduce them. Will they be retroactive, I don't know. And since we are Western citizens, pay capital gains taxes to our home country? Even when living overseas? This is new, so a bit of a gray area?

Yes I think you're right; very gray!  I haven't been able to find anything online about it  :lipsrsealed:

Offline lifeisgood6447

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Re: Bitcoin
« Reply #134 on: December 08, 2017, 09:42:06 AM »
Remember to pay your taxes when you sell!

This holds true in Korea? I read there's no taxes on it in South Korea as of yet, though the government's looking to introduce them. Will they be retroactive, I don't know. And since we are Western citizens, pay capital gains taxes to our home country? Even when living overseas? This is new, so a bit of a gray area?

Yes I think you're right; very gray!  I haven't been able to find anything online about it  :lipsrsealed:

I was listening in on the radio this morning, and they were talking about it. They said that the government doesn't consider it "real" currency at this point, and neither does the tax part of the government. They were talking about the government lacking those regulations on it, and some other stuff about consumer protection. It was 101.3.

Here is the link to the site. https://tbs.seoul.kr/eFm/index.do

Although I haven't checked through, I think they said at one point there is supposed to be a way to listen to some past shows from the air. The one I heard it on this morning was This Morning, hosted by Alex Jensen. It aired around 7:20am

Offline gagevt

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Re: Bitcoin
« Reply #135 on: December 08, 2017, 10:30:21 AM »
Yeah, some of the price differences are striking. When I checked earlier this morning it was nearing $17k on Bitfinex, but after converting from KRW to USD, $22.5k on Korbit...

I'm also curious about taxes, but could find little reputable information about them.

In other news, has anyone started playing the cryptokitties game with ethereum? It's pretty fun, but make sure you budget out money first, and don't get addicted. People have literally payed thousands of dollars (in ETH) for some cats. Biggest purchase was over $100k lol.
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Online kapusta

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Re: Bitcoin
« Reply #136 on: December 08, 2017, 12:04:19 PM »
Dang, the Korean premium was up over 20% this morning. If it held I was going to take advantage of the arbitrage this afternoon, but it looks like it's coming back down. As someone who used to use bitcoin for remittance, I get pretty annoyed when those premiums pop up. But I'll take advantage of it once it's profitable enough.




Offline gagevt

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Re: Bitcoin
« Reply #137 on: December 08, 2017, 01:53:04 PM »
Dang, the Korean premium was up over 20% this morning. If it held I was going to take advantage of the arbitrage this afternoon, but it looks like it's coming back down. As someone who used to use bitcoin for remittance, I get pretty annoyed when those premiums pop up. But I'll take advantage of it once it's profitable enough.





This is exactly what I was thinking. Price is still 3k more than coinbase though, I might give it a go this evening since I need to send money home anyways.

EDIT: Only thing that starts to get sketchy is tax implications, not because you don't pay them, but does it count as self-employment that could get your E-2 cancelled? Or is counted differently?
« Last Edit: December 08, 2017, 06:47:54 PM by gagevt »
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Online JNM

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Re: Bitcoin
« Reply #138 on: December 09, 2017, 08:03:44 AM »
Dang, the Korean premium was up over 20% this morning. If it held I was going to take advantage of the arbitrage this afternoon, but it looks like it's coming back down. As someone who used to use bitcoin for remittance, I get pretty annoyed when those premiums pop up. But I'll take advantage of it once it's profitable enough.





This is exactly what I was thinking. Price is still 3k more than coinbase though, I might give it a go this evening since I need to send money home anyways.

EDIT: Only thing that starts to get sketchy is tax implications, not because you don't pay them, but does it count as self-employment that could get your E-2 cancelled? Or is counted differently?

Investing is not employment.

Most countries treat investment income different than employment income, and currency trades are often handled differently as well.

I am not an accountant, but I recommend you talk to one.

Offline raysmith

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Re: Bitcoin
« Reply #139 on: December 09, 2017, 11:25:57 AM »
How does one put a value on bitcoin?

* If investing in shares/stocks, one can use the PE ratio or PEG ratio because there are reported earnings and we know the share price.  There may also be earnings per share growth forecasts compiled by analysts.

* If investing in an apartment we know the monthly rental income and we know the price of the apartment.

* If investing in corporate bonds/debentures we know the annual rate of interest.

« Last Edit: December 09, 2017, 11:31:08 AM by raysmith »