South Korean Friend

[goodvibes8]

Hi guys! Thank you for this amazing forum.
I'm searching a South Korean friend for doing Kimchi Premium Trading.
Anyone available?
gain 50/50

 

[Silvio]

Interesting, what's Kimchi Premium trading?

bla bla bla word count

 

[troubled soul]

Arbitrage trading

 

[goodvibes8]

i think that you are not Korean with that beautifull avatar pic 😉

 

[holywater]

Too low premium now.

check kimpga website.

bla bla ooooo

 

[holywater]

Also we have limit of sending money abroad that is quite low as 50,000 USD/year.‌

 

[goodvibes8]

For the limit i think i have the solution ...‍ if you’re interested write me in private

 

[holywater]

Cannot PM you coz i'm new to forum‍ PM me if you can.

btw if your solution is buying USDT or any kind⁠ of stable crypto and send it is impossible.

 

[holywater]

Also it is illegal in Korea doing that.‍

Good luck on finding Korean who wanna do that with gaining only 50%.

If Koreans⁠ do it with their money they can get 100%, why would they do that for⁤ you?

 

[IBO Panama]

seems like some people take koreans for idiots for letting them take all the risk‌ and get only 50% of the spoil...

 

[Dreamwalker]

Agreed.
Still the premium is too low.‍

 

[holywater]

Exactly.

 

[holywater]

Yes for now‌ it isn't worth to take the risk actually it isn't high for profit also.

 

[khinkali]

Back in 2017 if I remember, the premium was 10%-20% for month after month, with‌ billions being traded. Some people must have made a lot of money by knowing how‍ to convert large sums of KWR back to BTC (presumably via USD).

My guess was⁠ by exporting electronics or something similar. USD -> US exchange -> BTC -> KR exchange⁤ -> KRW -> electronics -> ship to USA -> USD. Of course a very friendly⁣ banker might provide an easier route.

Non-Koreans can't trade on Korean crypto exchanges any more⁢ (but maybe can own a Korean company that does?). Iran and Venezuela seem to have︀ a premium for obvious reasons, but again it's hard to trade the loop.

 

[oiernfoiuebnf]

This interview is a good one on the japan premium trade (starts talking about it‌ at 23 mins), but yeah I'm sure some people got round the closed off KRW.‍

 

[holywater]

Companies can trade cryptocurrency but cannot deposit or withdraw KRW.

Foreigners with︁ proper VISA can trade.
But I don't know if it is hard for foreigners to︂ get bank account in Korea.

 

[khinkali]

That is an interesting approach. Allow crypto in principle but isolate it from the official‍ currency.

They can with a residence card and proof of⁠ employment. I don't think it's easy to convert large amounts of KRW to USD at⁤ the published exchange rates. Hence my guess that you would buy some other commodity to⁣ export.

I've had luck when some specific crypto is more popular in one country than⁢ another. e.g. OMG had quite a premium over BTC in SE Asia for a while.︀ Then XRP. It's much easier to trade something like BTC -> US Exchange -> OMG︁ -> Asian Exchange -> BTC than involve fiat currency, but the spreads and volumes tend︂ to be smaller.

 

[timelord]

Kimchi premium could be very lucrative (as SBF has done with Japan) but its very‌ hard to legally exit KRW and close the loop unless you set up some export‍ company and withdraw over long duration...