Retirement - are you willing to toss $2700.00?

[Otis Cribelcoblis]

On 2/4/2019 at 5:26 AM, Lacessit said:

You are the OP that was boasting of how clever you were putting your money into gold? I'm not calling it investing, as it's a currency hedge. Is there some reason your OP has more credibility?

Show me where I claimed to be clever.  I'll help you.  It is below.  Where is the word clever?  How is stating a fact boasting? 

 

I would hesitate to call you a liar because possibly your reading comprehension isn't at the level of most people.  I assume you can read.  So read the text that started this thread and do one of two things: Apologize for mischaracterizing my post, or point out where you are correct.  

 

I'll wait.

 

 

I wrote:  "

8 months ago I bought some gold.  Enough gold to fund the bank account to the tune of 800,000 baht. 

 

In the last few months, my gold has appreciated 2770 Dollars as of today's value.

 

How much would I earn by leaving that 800,000b in a Thai bank for 6 months?

 

Anyone here willing to toss that amount of money or am I the only one concerned?"

 

 

 

 

[Pilotman]

On 1/31/2019 at 11:13 PM, jmd8800 said:

Being serious... if expats saw the 800K (or whatever the individual uses to qualify for visa or extension) as a cost of living like food and shelter  ...  then they would realize that that money is not money for investment but rather an expense. It is a part of the expense of you living in Thailand.

no it isn't.  An expense is a cost, the 800K is a deposit, earning interest. 

[dabhand]

14 minutes ago, Otis Cribelcoblis said:

Show me where I claimed to be clever.  I'll help you.  It is below.  Where is the word clever?  How is stating a fact boasting? 

I would hesitate to call you a liar because possibly your reading comprehension isn't at the level of most people.  I assume you can read.  So read the text that started this thread and do one of two things: Apologize for mischaracterizing my post, or point out where you are correct.  

I'll wait.

I wrote:  "

8 months ago I bought some gold.  Enough gold to fund the bank account to the tune of 800,000 baht. 

In the last few months, my gold has appreciated 2770 Dollars as of today's value.

How much would I earn by leaving that 800,000b in a Thai bank for 6 months?

Anyone here willing to toss that amount of money or am I the only one concerned?"

Oh. Otis, still not corrected your story yet? As I noted earlier, the '8 months ago' timescale does not fit your narrative when discussing the price of gold.

Now, to use your own words 'I would hate to call you a liar, etc.......' which, as it happens, was remarkably similar in tone to what I used against you. With good cause, I would have to say.

Your comment questioning the reading comprehension of others is just a trifle rich, no?

All good fun and good luck with your future investments.

 

[Lacessit]

24 minutes ago, Otis Cribelcoblis said:

Show me where I claimed to be clever.  I'll help you.  It is below.  Where is the word clever?  How is stating a fact boasting? 

 

I would hesitate to call you a liar because possibly your reading comprehension isn't at the level of most people.  I assume you can read.  So read the text that started this thread and do one of two things: Apologize for mischaracterizing my post, or point out where you are correct.  

 

I'll wait.

 

 

I wrote:  "

8 months ago I bought some gold.  Enough gold to fund the bank account to the tune of 800,000 baht. 

 

In the last few months, my gold has appreciated 2770 Dollars as of today's value.

 

How much would I earn by leaving that 800,000b in a Thai bank for 6 months?

 

Anyone here willing to toss that amount of money or am I the only one concerned?"

 

 

 

 

My reading and numeracy skills are in the top 0.1% of the English speaking population. On the other hand, your understanding of what implication means appears to be sadly lacking. You implied in your post how clever you were by purchasing gold, and how it has appreciated.

Keep waiting for your apology. I advise you not to hold your breath.

[Otis Cribelcoblis]

10 minutes ago, dabhand said:

Oh. Otis, still not corrected your story yet? As I noted earlier, the '8 months ago' timescale does not fit your narrative when discussing the price of gold.

Now, to use your own words 'I would hate to call you a liar, etc.......' which, as it happens, was remarkably similar in tone to what I used against you. With good cause, I would have to say.

Your comment questioning the reading comprehension of others is just a trifle rich, no?

All good fun and good luck with your future investments.

 

And with all that blather, not one response to my question.  

[roger buttmore]

9 minutes ago, Otis Cribelcoblis said:

And with all that blather, not one response to my question.  

 

The quality of the answer is dependent upon the quality of the question.

[Otis Cribelcoblis]

1 minute ago, roger buttmore said:

 

The quality of the answer is dependent upon the quality of the question.

Evidently, you suffer from the same malady.  I'm sure you must be happy.

 

Ignorance really does equate to bliss.

[HighPriority]

1 hour ago, Otis Cribelcoblis said:

Show me where I claimed to be clever.  I'll help you.  It is below.  Where is the word clever?  How is stating a fact boasting? 

 

I would hesitate to call you a liar because possibly your reading comprehension isn't at the level of most people.  I assume you can read.  So read the text that started this thread and do one of two things: Apologize for mischaracterizing my post, or point out where you are correct.  

 

I'll wait.

 

 

I wrote:  "

8 months ago I bought some gold.  Enough gold to fund the bank account to the tune of 800,000 baht. 

 

In the last few months, my gold has appreciated 2770 Dollars as of today's value.

 

How much would I earn by leaving that 800,000b in a Thai bank for 6 months?

 

Anyone here willing to toss that amount of money or am I the only one concerned?"

 

 

 

 

W⚓️

[Naam]

Quote

Otis Cribelcoblis

Advanced Member

 

Posted January 31

8 months ago I bought some gold.  Enough gold to fund the bank account to the tune of 800,000 baht. 

 

In the last few months, my gold has appreciated 2770 Dollars as of today's value.

 

How much would I earn by leaving that 800,000b in a Thai bank for 6 months?

 

Anyone here willing to toss that amount of money or am I the only one concerned?

-gold may 30, 2018 was USD 1,302.-/ounce, gold jan 31, 2019 USD 1,321.-/ounce

-USD/THB may 30, 2018 32.01, USD/THB jan 31, 2019 31.25

-THB 800,000 bought may 30, 2018 USD 24.992.- = 19.20 ounces gold

-Thai Baht value of 19.20 ounces gold jan 31, 2019 = USD 25,363.- = THB 792,600.-

where's the beef man?

 

 

[Otis Cribelcoblis]

4 minutes ago, Naam said:

-gold may 30, 2018 was USD 1,302.-/ounce, gold jan 31, 2019 USD 1,321.-/ounce

-USD/THB may 30, 2018 32.01, USD/THB jan 31, 2019 31.25

-THB 800,000 bought may 30, 2018 USD 24.992.- = 19.20 ounces gold

-Thai Baht value of 19.20 ounces gold jan 31, 2019 = USD 25,363.- = THB 792,600.-

where's the beef man?

 

 

I lost you.  There's no need to change it into Dollars once you have 800,000b.  At that point, the exchange rate doesn't matter.  Gold moves and hopefully up not down.  It went up, it went down, and now up again.  

 

 

[Naam]

1 minute ago, Otis Cribelcoblis said:

I lost you.  There's no need to change it into Dollars once you have 800,000b.  At that point, the exchange rate doesn't matter.  Gold moves and hopefully up not down.  It went up, it went down, and now up again. 

you have to change your gold to fund your THB 800k. this gold would have fetched on 31 jan, 19 only 792,600 Baht, i.e. you lost 7,400 Baht plus the fees buying and selling gold.

 

no more fairy tales please!

 

[Otis Cribelcoblis]

1 minute ago, Naam said:

you have to change your gold to fund your THB 800k. this gold would have fetched on 31 jan, 19 only 792,600 Baht, i.e. you lost 7,400 Baht plus the fees buying and selling gold.

 

no more fairy tales please!

 

I've met you.  You're not stupid.   I bought into gold and I use the Dollar per Ounce even though I bought in baht.  It's more familiar to me and jives with the apps and websites online.  

 

I bought low.  It went up 130+, I sold - I bought in again at 1205 per ounce or thereabouts.

 

How does one lose?  

[Naam]

8 minutes ago, Otis Cribelcoblis said:

I bought low.  It went up 130+, I sold - I bought in again at 1205 per ounce or thereabouts.

this [possible] explanation is not a part of your opening post. without it your OP deserves the attribute "misleading BS". don't you agree?

[Otis Cribelcoblis]

2 minutes ago, Naam said:

this [possible] explanation is not a part of your opening post. without it your OP deserves the attribute "misleading BS". don't you agree?

No.

[moe666]

On 1/31/2019 at 11:29 PM, baansgr said:

Thats just it....its supposed to be for living expenses, however the new rules dont allow spending all of it for 6 months then half for the next 6 months...so in reality it cant be used for expenditure.

If you use it for expenses you have to top up before applying for new extension. Eithr way you have to have the money to live or top up. This argument holds no water though it has been used in error many times

[HuskerDo]

1 hour ago, Otis Cribelcoblis said:

I've met you.  You're not stupid.   I bought into gold and I use the Dollar per Ounce even though I bought in baht.  It's more familiar to me and jives with the apps and websites online.  

 

I bought low.  It went up 130+, I sold - I bought in again at 1205 per ounce or thereabouts.

 

How does one lose?  

Post real-time purchases and sales and then we might believe you.

 

 

[lkn]

I always took the 800,000 baht to be a guarantee, say the retired person gets into an accident and is liable for damages, gets a medical condition that requires treatment not covered by their health insurance, etc.

 

But as the money only has to be in a Thai bank account 2 out of 12 months per year, it’s a somewhat soft requirement.

 

Take some of the visa requirements in Europe: If you vouch for a third party (making it possible for them to visit a Schengen country) you have to provide a bank guarantee which you will not get back, incase they violate the terms of their visa.

 

[lkn]

On 2/4/2019 at 4:35 AM, Ks45672 said:

Xrp is the 3rd largest crypto project and it can and will replace the swift network for banks, only the currency exchange and transfer costs a tiny fraction of a penny (something like 1/10,000th) and they've already got over 200+ major financial institutions using it (average tx speed is between 4 and 7 seconds vs a few days and $35 fee +  for conventional banking) 

SWIFT is a cooperative society with financial institutions as members and they provide a network linking more than 11,000 financial institutions.

 

The network is basically just a way to send secure messages between the members, it does not take a few days to send these messages, nor does it cost $35. The delays and fees are introduced by the banks using the network, and at least within Europe, delays have gone down to minutes (if not seconds), and some banks have even lowered their fees for transfers within the European Economic Area to zero (for private individuals, business accounts tend to get less favorable terms).

 

As for XRP, I think you are conflating Ripple’s cryptocurrency with their settlement network. It is the latter which is meant as a competitor to the SWIFT network, but this has nothing to do with cryptocurrencies per se. Where XRP enters the picture is as a possible token to use as an intermediary currency.

 

For example if I send money from a Thai bank (THB) to a bank in Namibia (NAD), there might not be anyone willing to buy the THB and pay with NAD, so what Ripple propose is that instead the bank buys XRP for the THB, and then uses these XRP to buy NAD.

 

However, USD and EUR already works as intermediary currencies, so XRP (the cryptocurrency) is really a contender for USD or EUR, not for SWIFT.

 

As you may know, XRP is controlled by Ripple Labs and they can issue new tokens.

 

So do you really think the world's financial system will move to use XRP? Or even the Ripple Network?

 

Let me be honest though and say that the Ripple Network does have advantages compared to SWIFT, but it has nothing to do with cryptocurrency, and if these advantages are desired by the 11,000+ financial institutions using the SWIFT network, then the far more likely outcome will be that they just evolve the existing network.

 

As for your “200+ major financial institutions” that are already using Ripple: You should dig a little deeper and find out what institutions actually have used Ripple, if it was just an experiment, and if so, what their conclusion was. The few cases I have read about did not make me think that Ripple Labs are going to concur the financial system.

[Ks45672]

5 minutes ago, lkn said:

SWIFT is a cooperative society with financial institutions as members and they provide a network linking more than 11,000 financial institutions.

 

The network is basically just a way to send secure messages between the members, it does not take a few days to send these messages, nor does it cost $35. The delays and fees are introduced by the banks using the network, and at least within Europe, delays have gone down to minutes (if not seconds), and some banks have even lowered their fees for transfers within the European Economic Area to zero (for private individuals, business accounts tend to get less favorable terms).

 

As for XRP, I think you are conflating Ripple’s cryptocurrency with their settlement network. It is the latter which is meant as a competitor to the SWIFT network, but this has nothing to do with cryptocurrencies per se. Where XRP enters the picture is as a possible token to use as an intermediary currency.

 

For example if I send money from a Thai bank (THB) to a bank in Namibia (NAD), there might not be anyone willing to buy the THB and pay with NAD, so what Ripple propose is that instead the bank buys XRP for the THB, and then uses these XRP to buy NAD.

 

However, USD and EUR already works as intermediary currencies, so XRP (the cryptocurrency) is really a contender for USD or EUR, not for SWIFT.

 

As you may know, XRP is controlled by Ripple Labs and they can issue new tokens.

 

So do you really think the world's financial system will move to use XRP? Or even the Ripple Network?

 

Let me be honest though and say that the Ripple Network does have advantages compared to SWIFT, but it has nothing to do with cryptocurrency, and if these advantages are desired by the 11,000+ financial institutions using the SWIFT network, then the far more likely outcome will be that they just evolve the existing network.

 

As for your “200+ major financial institutions” that are already using Ripple: You should dig a little deeper and find out what institutions actually have used Ripple, if it was just an experiment, and if so, what their conclusion was. The few cases I have read about did not make me think that Ripple Labs are going to concur the financial system.

If you don't like it, don't buy it

I'm not their salesman

[Aussieroaming]

I dont think that anyone wants to place 800k baht into an account that receives little or no interest. Unfortunetely the government doesnt accept cash sitting in speculative stocks, gold or other investments as part of the retirement fund. Therefore the money cant be utilized to generate potential income whilst it is in immigration induced limbo.