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RE: Why is STEEM worth more than 5$ on Bithumb?
Market manipulation on the Korean exchanges is sometimes called "The Kimchi Premium."
Prices are often much higher on Bithumb than elsewhere.
Don't think that you can just open up an account there and then make a lot of money though. It's not possible.
I've heard about the premium but couldn't beleive it's that much. So, they basically manipulate the prices to make a profit? Wow. Why don't people just buy from other exchanges?
Why isn't it possible? Except from the fact that all withdrawals and deposits are currently disabled.
I've tried making accounts on those sites, and I've never been able to make it work. First of all.... it's not legal due to some kind of South Korean law, but even if you could make it work, I don't think you could really make it work.