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254 sats \ 7 replies \ @south_korea_ln OP 3 Dec \ on: South Korean president declares emergency martial law news
https://kimpga.com/
Kimchi premium hitting -10% on some altcoins as soon as he made the announcement.
Why is it going down? Are they stopping withdrawals or something like that?
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A friend told me Bithumb was down earlier. Back up now.
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It's still a 5-6% kimchi discount if I'm calculating correctly. Seems like a great arbitrage opportunity, so I'm wondering why it's not being exploited.
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Well, like every arbitrage opportunity, one needs to be able to close the loop.
In 2017 I managed to do it a little, it's much harder now with all the capital control regulations. At least for the little man. I'm sure some people are exploiting it.
In a crypto chat I'm in, people are just trying to buy some coins at a discount in the anticipation that'll reverse again soon.
EDIT: Some shitcoins even hit -80%. Gotta be fast.
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I know they have regulations on dollars flowing out (exchanging KRW->USD). Do they have them for dollars flowing in (USD->KRW)? Because if you can withdraw BTC, you can sell them elsewhere pretty instantly for USD (or even USDT) and exchange them for KRW to close the loop. I'm sure I'm missing something about what's happening which is why I ask.
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You're right, it's always harder to send out than to send in. So negative premium might be easier than the usual positive premium. I'm testing it out now~~
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Didn't last long. Premium went back down before I finished the loop.
Well, at least I got to exchange some fiat for BTC.
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