The question everybody is asking but nobody has shared the solution to yet - page 4.

joesmoe2012

hero member

Activity: 882

Merit: 501

Ching-Chang;Ding-Dong

Quote from: r3wt on August 17, 2013, 12:44:36 PM

Quote from: joesmoe2012 on August 17, 2013, 12:39:09 PM

Quote from: r3wt on August 17, 2013, 12:32:24 PM

thats a short sighted view. The question we should be asking is, how do we make this thing scalable? we already know the system can only support a certain amount of transactions (around 150,000)per second. how do we scale this thing to handle 2 million transactions per second?

Confused....?

We don't need 2 mil a second, we need 1 or 2 large transfers a day coming out of gox to a domestic japanese account. That would equalize the price at gox and the other exchanges so people could start moving their money elsewhere to trade.

I thiknk its best for the community that we pool together our thinking abilities and find an easy way to start arbing the difference between bitstamp/btc-e/campbx and gox so that the prices equalize. This will free up millions of dollars of fiat and thus incrase volume on the other exchanges.

Good for the goose and the gander.

*facepalm*no i mean that bitcoin its self faces serious scalability issues if its every to be adopted even moderately. the system its self can only support a limited amout of transactions per second

That's a discussion for a different place.

This is a thread to discuss how we as a group of fellow bitcoiners can solve the problems of a large group of fellow bitcoiners having alot of money stuck at gox...

Your point is still valid though, I don't mean to dismiss it, but just don't want to discuss it here.

r3wt

hero member

Activity: 686

Merit: 504

always the student, never the master.

Quote from: joesmoe2012 on August 17, 2013, 12:39:09 PM

Quote from: r3wt on August 17, 2013, 12:32:24 PM

thats a short sighted view. The question we should be asking is, how do we make this thing scalable? we already know the system can only support a certain amount of transactions (around 150,000)per second. how do we scale this thing to handle 2 million transactions per second?

Confused....?

We don't need 2 mil a second, we need 1 or 2 large transfers a day coming out of gox to a domestic japanese account. That would equalize the price at gox and the other exchanges so people could start moving their money elsewhere to trade.

I thiknk its best for the community that we pool together our thinking abilities and find an easy way to start arbing the difference between bitstamp/btc-e/campbx and gox so that the prices equalize. This will free up millions of dollars of fiat and thus incrase volume on the other exchanges.

Good for the goose and the gander.

*facepalm*no i mean that bitcoin its self faces serious scalability issues if its every to be adopted even moderately. the system its self can only support a limited amout of transactions per second

joesmoe2012

hero member

Activity: 882

Merit: 501

Ching-Chang;Ding-Dong

Quote from: r3wt on August 17, 2013, 12:32:24 PM

thats a short sighted view. The question we should be asking is, how do we make this thing scalable? we already know the system can only support a certain amount of transactions (around 150,000)per second. how do we scale this thing to handle 2 million transactions per second?

Confused....?

We don't need 2 mil a second, we need 1 or 2 large transfers a day coming out of gox to a domestic japanese account. That would equalize the price at gox and the other exchanges so people could start moving their money elsewhere to trade.

I thiknk its best for the community that we pool together our thinking abilities and find an easy way to start arbing the difference between bitstamp/btc-e/campbx and gox so that the prices equalize. This will free up millions of dollars of fiat and thus incrase volume on the other exchanges.

Good for the goose and the gander.

r3wt

hero member

Activity: 686

Merit: 504

always the student, never the master.

thats a short sighted view. The question we should be asking is, how do we make this thing scalable? we already know the system can only support a certain amount of transactions (around 150,000)per second. how do we scale this thing to handle 2 million transactions per second?

joesmoe2012

hero member

Activity: 882

Merit: 501

Ching-Chang;Ding-Dong

I was recommended by others to look into two possibliities....

Here's a quote from another forum...

"Talk to a Union Bank branch in the United States. Union Bank is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group. They may be able to set you up with an account in Japan which can accept domestic Japan wire transfers. "For more information, call Union Bank's Foreign Exchange Specialists at 1-866-868-4034."

The other person told me to open a USA HSBC account then call their global department and ask for it to be multi-denominated into JPY so that I can receive and send domestic transfers in japan.

joesmoe2012

hero member

Activity: 882

Merit: 501

Ching-Chang;Ding-Dong

Quote from: OhShei8e on August 17, 2013, 11:26:28 AM

Quote from: joesmoe2012 on August 17, 2013, 11:01:17 AM

Okay so how does a european or american open an account in japan?

How about opening an account with HSBC USA/EU then asking them about opening a secondary account in Yen...?

Most of the large brokerages/banks will allow you to receive SWIFT payments through an intermediary in japan, but will not be able to forward on domestic transfers...

In addition gox won't allow you to add a memo to the domestic transfer (i.e. like you would normally do when sending a wire to a forex clearing house).

Any insight permitted.

For the sake of bitcoin, let's get these prices equalized.

I think it's complicated. If you as a foreigner for example wants to open a bank account in Germany, you must first find a bank with an English registration form. I know banks that grant accounts to foreigners, so far no problem, but none of them have a English registration form. Plain stupid. In Japan, the situation will be similar. It is possible, but without the help of a local almost impossible. The problem is simply the language. If we would speak Japanese, we could call a bank and would soon find a solution. I'm pretty sure. If you can talk directly with people, you can always find a solution. Perhaps it's best to try it via email.

From what i've read I don't think a foreigner who doesn't have a visa valid for at least 3 months can open a japanese bank account.

Now obviously you could form a corporation (around 500k JPY to form, plus you have to hire someone to be your local representative, which cost 1-10mil JPY a year...as they have to take the risk for you, if you violate japanese banking law somehow, they are the one's who will get fined).

I had a student visa to live in japan, but it expired long ago and I never setup an account there.

Anybody got citibank? give them a call and see if they will let you open a JPY account for use in japan....

OhShei8e

legendary

Activity: 1764

Merit: 1059

Quote from: joesmoe2012 on August 17, 2013, 11:01:17 AM

Okay so how does a european or american open an account in japan?

How about opening an account with HSBC USA/EU then asking them about opening a secondary account in Yen...?

Most of the large brokerages/banks will allow you to receive SWIFT payments through an intermediary in japan, but will not be able to forward on domestic transfers...

In addition gox won't allow you to add a memo to the domestic transfer (i.e. like you would normally do when sending a wire to a forex clearing house).

Any insight permitted.

For the sake of bitcoin, let's get these prices equalized.

I think it's complicated. If you as a foreigner for example wants to open a bank account in Germany, you must first find a bank with an English registration form. I know banks that grant accounts to foreigners, so far no problem, but none of them have a English registration form. Plain stupid. In Japan, the situation will be similar. It is possible, but without the help of a local almost impossible. The problem is simply the language. If we would speak Japanese, we could call a bank and would soon find a solution. I'm pretty sure. If you can talk directly with people, you can always find a solution. Perhaps it's best to try it via email.

joesmoe2012

hero member

Activity: 882

Merit: 501

Ching-Chang;Ding-Dong

Okay so how does a european or american open an account in japan?

How about opening an account with HSBC USA/EU then asking them about opening a secondary account in Yen...?

Most of the large brokerages/banks will allow you to receive SWIFT payments through an intermediary in japan, but will not be able to forward on domestic transfers...

In addition gox won't allow you to add a memo to the domestic transfer (i.e. like you would normally do when sending a wire to a forex clearing house).

Any insight permitted.

For the sake of bitcoin, let's get these prices equalized.

Topic: The question everybody is asking but nobody has shared the solution to yet - page 4. (Read 4093 times)