Alright guys no more fucking around

Keep it in Korea, buy property in cities like Namyeong-Ju or other C tier towns in/near Gyeonggi-Do. Wait 5-10 years for them to blow up because everyone is tired of living in Seoul.

This was Gangnam in '85.

cant buy property with $10k. Gotta cycle it through at least 20 times to get it to a significant number.

Dude, you can't. Trust me. we tried.
its one of those Occam's razor scenarios.
if you want the breakdown I'll give it to you but basically:

Not a korean national = not really a citizen.
Need bank account to get money out of bitthumb.
Can't get bank account without ARC card.
No, they will not give you one without a good reason.
No crypto isn't a good reason.
Blah blah blah TLDR you need korean bank acc to bank with bitthumb and you can't get one.

If you want the full 100% breakdown let me know guys and I'll give it to you, but trust me it isn't possible, go google it and read articles from 4 years back about it, and trawl through old biz posts and reddit posts about it, and watch ex-pats and korean nationals laughing at people who think they've found the fountain of youth.

And here I just want to send a QTUM I have on Bithumb to my binance account...

true that, but even then I'm making a fair amount of money. What do you think is a good cut percentage?

you see any issues with

Ya the korean version of IRS/money laundering control has been known to freeze accounts with strange activity like this. And "muh cryptocurrency" just doesn't cut it for them yet. Regulation and law is behind the crypto market. Hence the regulatory hammer coming down this year.

So they will freeze my relative's accounts because of suspicious activity? Why would it look suspicious? They're just sending money to their relative in the US

You got a source for this

I'm not going to source all this information again for you. Google it.
If you want to know what i know i'll answer what i can.

There's first hand information that claims to have had bank accounts frozen and the police knocking at his door.
You have to remember they have stricter banking/currency exchange regulation there b/c of the potential of north korea siphoning money off in nefarious ways.

There's also a reddit post somewhere where a guy is claiming that he has been doing it and doing more than 50K, but basically hes probably laundering that money somewhere (my guess is visa gift cards)

I have a korean ARC and a bank account. How do I do it?

Take a flight to canary island as tourist. Buy flat on the beach with your bitcoins. Open bank account at Santander (no question asked). Sell flat. Put money in bank. Spend. Rinse and repeat and get a fucking real suntan with Spanish sluts.

How is it laundering if there's 0% tax on it?

go make bitthumb account.
buy eth in america
deposit eth to bitthumb
sell for korean wan
wire wan to american bank account (eeat wire fee and currecny exchange fee)
profit.
but you're going to run into:
currency exchange regulations (usa's AND koreas)
money laundering investigators
the 50K usd limit on international transfers of money (which you're going to hit in about a week if you know what you're doing)

etc etc. It's not the crypto that will trigger all your woes and problems with this, its the wiring/depositing of currency into your bank account enmasse that will trigger money laundering flags, as well as alert the korean tax authority to your activities.

>the 50K usd limit on international transfers of money (which you're going to hit in about a week if you know what you're doing)

That's exactly the problem. How to get around this? Do we need to start smuggling diamonds out or something?

you guys just need to use your fucking heads for about 2 seconds to realize why this is a thing. crypto whales have known about this problem for quite some time

medium.com/cryptonight/investigating-the-great-korean-bitcoin-arbitrage-opportunity-32e4e547a730
^ 2 year old article on this exact problem.

The core of the issue is that the korean govt is
A: distrustful of cryptos and shady money
B: has a hard limit on wires that you may be able to get around if you were a business BUT:
C: they don't consider crypto to be a valid form of income yet.
So your only solution really is to wash the money on hand IN korea. assuming they give you an arc card (they wont unless you have a REAL job there)
And eventually your account is going to become suspect. Why does a bunch of wan get sent there and then withdrawn right away?

Just take the crypto out of the equation and now it looks like a classic money laundering scheme to the authorities. It's marked up for a reason, that's why all cryptos are about 20% up across the board.

It's also marked up because the entire korean economy is over-inflated like their fake plastic surgery tits.

Another problem, if you have an ARC card you still can't wire money out of the country unless you are AT THE BANK. So theres no
>fly to korea
>open bank
>Fly back
>arbitrage
you have to live/stay in korea for an extended time which requires a visa which requires a JOB.

I even looked into getting a business visa and opening an account with a corporation.

for that you need:
>Minimum 50/100K USD depending on what knid of business you are starting/visa you're applying for
FID# (if you are in USA ) [I am]
Need to have paper proof that you are a dispatch of said business (easy if you own/created the business)
ARK CARD!!!!!! (this takes 1-3 weeks depending on time of year
Then you still need to apply for the business visa, which might get rejected. My strat was simply to call myself a finance/capital company.
Then, finally you can open a bank account with for example industrial bank of korea.
but you still are subject to the wire limit.
And you still have to make the withdrawls in person for up to 2 years depending on your status.
there's even more red tape bullshit but you get the picture.
And any deposit withdraw over a certain amount is automatically reported to their tax authority.

I've even spoken to their main consulate in the USA over the phone
I've spoken to their Main Embassy here.
I've spoken to the US embassy in Korea
I've spoken to the immigration authority.

Koreans don't consider foreigners to be their equals, in business or in citizenship. They don't consider crypto to be real income (yet) and the only viable way of doing this transaction involves triggering anti-money laundering infrastructure that's in place. So for the time being, the price will remain as it is.

You can't get an ARC if you don't live in Korea anyway, so yes of course I live in Korea.

And making a business is easy too once you're already in korea. So the only problem I suppose are the goddamn anti-money laundering laws.
I'm gonna ask a bunch of korean accountants for their opinion.

Also, even though there's no getting around the money laundering issue (yet)

There's still the foreign currency exchange regulations (both USA and korean)
and any other developed country will have this rule in place.
Even India, which you Veeky Forums like to shit talk has this rule in place.
The TLDR of this rule is that "you are not allowed to move currency out of the country for the purposes of extricating profit from that money"
so basically, it's litearlly illegal to move funds in and out of the country with the specific purpose of profiting from them in any way without basically using a traditional currency exchange, which you could become, but you need a permit to be. So that means that the very act of moving WAN -> USA or any other country with the explicit purpose of gaining value on that via trade/arbitrage/even currency scalping is illegal.

The reason for this is because in a traditional market this can snowball into value being siphoned out of the currency. This rule is in place to stabilize currency values/buying power.

So even tho, what you're doing is actually good for the market, in the eyes of the Korean Currency regulation, what you are doing is essentially stealing value from the WAN, and that's illegal.

You got a Discord ID or anything you could share with me let me know, cause I'm still actively working on this problem
I'm also looking at India but they have a similar issue it seems.
The Government is just fucking in the way at every goddamn step of the way.

I would love to know what information you get from korean accountants.

essentially you're saying that the only problem is a possibility of an account getting frozen, which because we're not doing anything illegal, will just require some explanation on the behalf of my relative to clear up

I don't really see anything problematic here that won't make me at least 100k this year

I'll join if you make one.

lmao there is a much simpler way to arb money from Korea

To clarify on this, Artbitrage is actually ethically "good" because you are scaling the prices to a more fair average.

But in the eyes of the law, the process by which you are doing it (wiring money in, and then wiring even more out) is "bad" for the functionality of their currency and they view that as stealing.(white collar)

Please enlighten me so I can be a billionaire.

not every coin has the same Korean : Non-korean price ratio.

You mean bitthumb etc has some arb between the crypto pairs right?

I tried that. The difference is so insignificant you risk losing.

there's a few coins where that is not true

problem with that bro is that the percentage is usually well below 5%
Fees eat you up.
Now I will say that if you look at korean Alt markets like the smaller korean exchanges, there's some opportunity there, but those are definitely sketchy small exchanges and many of them are not at all in english.
There's definitely some money to be made however, but the volume is low.

What most people are asking about is the glaring 20% on coinmarketcap

what people are missing is after
transaction Fees
wire fees (if you go this route)
Taxes ( you will have to pay, at least in korea)
Market Movements
etc
you will actually arrive at around 5-9%
Now that's nothing to sneeze at, but again, redtape desu

Care to give an example?

Btw I am in no way disparaging an attempt to solve this puzzle. There's definitely a solution because the markets simply demand it. This Price disparity can't last forever, someone will crack it. But it may simply have to wait on regulation.
I'm just warning you guys not to blow all your money on a flight to korea because you will be very dissapointed and very angry.

don't believe me?
Btw I didn't believe anyone nay-saying me either. So I get it.

Just google "South Korean Arbitrage" and read.

Or go to korean subreddit or Seoul Subreddit and search "arbitrage" and you'll start to get an idea of what im talking about.

Bottom line is, we're not the first idiots to think of this.

There are exchanges that cover BTC transaction fees so you pay 0
Korean banks wire fee is usually fixed $5~$10, so basically nothing.
There is no individual crypto tax in korea, only on companies afaik.

Hey, how can i get in touch with you off-site?

email [email protected]

sent you a DISCORD link, looking forward to hearing from you.