Topic: Traveling to Korea - Arbitrage - Crazy idea? - page 2. (Read 520 times)
Wouldn't the easiest way to do this be somehow know someone in korea? Thus they can create an account... you buy btc in a us exchange... then send btc to him for him to sell on the korean exchange. Then he sends you portion of the profit back via bank transfer/wire or something similar? Or even bitcoin? And then you can keep doing that? However, arent there regulations like they can only sell up to a certain amount in terms of fiat before there is government intervention?
But why is BTC trading so much higher in Korea??
I would say so. The steps are clear, but I don't think it's going to go that simple. You will have to go through a lot of red tape, and I expect a lot of it in each step. There's also no way of knowing if the prices are going to stay that way. Lots of things can happen within a month, especially when Bitcoin is concerned. There are way too many moving pieces.
But hey, you seem to have a solid plan, and you only live once. If you get this to work, then it's going to pay off big time. If you fail, well, I hear South Korea is beautiful in winter. It's a crazy idea for sure, but the most worthwhile adventures begin from one.
But hey, you seem to have a solid plan, and you only live once. If you get this to work, then it's going to pay off big time. If you fail, well, I hear South Korea is beautiful in winter. It's a crazy idea for sure, but the most worthwhile adventures begin from one.
Are there any other countries besides korea that its possible to do something like this?
It seems to me that more crazy idea I have not heard. Lol. Why do you need such complexity? I think you will be easier to find a companion in Korea. I do not know whether this idea of having financial feasibility. You are going to handle large amounts of bitcoins? I'm not talking about the language barrier.
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??
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??
Actually what I don't understand is why people with family in Korea aren't already doing this (maybe they are?), the arbitrage shouldn't be so high and are there low limits to what you can deposit/withdraw on Korbit?
If you are sure of the process it's not that insane of an idea, especially seeing as it could make you really rich.
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??
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??
Firstly to answer your question, yes it's completely insane but it could be brilliant at the same time. How do you plan to sell the bitcoin outside of Korea, can you do that while in Korea? Are you 100% sure that the steps you've outlined will allow you to set up an account and trade? What about transferring funds to Korea, how do you plan to comply with laws around that?
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??
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??
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