Urgent! BX.in.th is closing down!

[MartiniMan]

They dont want to renew the SEC license for trading so I assume either a - the SEC has given a huge increase and its not profitable b - huobi coming means competition and he just isnt up for the fight

Or of course there is c - they know something we dont about the future of crypto which I know you will hate me to say but I am very very bearish on but that is because of technicals and probabilities 

When the creator of Ethereum himself warns that the chain is nearly full and states BTC has the same fate

When the alleged creator of BItcoin if forced to pay half of his possibly non-existant holdings over to Klienman's estate you have to think... hmmm

The good thing is I don't bother playing with it as Gold is good enough and has performed excellent on 500x leverage with my fully certified broker that sponsors premiership football teams (yawn) Sorry guys but really why do you trade this <deleted>? I totally understand for sending money abroad its actually the best option and you cannot argue on that but trading it - come on all it takes is one big wallet holder to dump the markets and all the little boys with their trading view / youtube gurus and oscillators start getting a 'signal' and then going short on the slot machine that is bitmex 

Well I know i wont win any friends with my opinion but atleast i said it. I know people holding btc from 20k 

The word schmuck does come to mind but hey its their choice what they do with money. Now BX is going will it continue to trade in thailand or will people just long gold on leverage? $1800 is really in sight maybe even a new all time high

Buy a ETF use a bank - it wont ever go out of business....

 

[MJKT2014]

2 hours ago, phycokiller said:

you could use electrum on tails on a USB drive.

Thanks  but what does that mean please?

 

In mean time I have tried withdraw bitcoin to my Electrum receiving bitcoin address using Electrum on a laptop but BX says invalid address and does not process? Any idea why?

[Tayaout]

3 hours ago, MJKT2014 said:

Yes, perhaps the BX going has an upside as I will now move my BTC off it. Could I just use a wallet on my laptop like Electrum? No need to buy any hardware then? Is that safer than leaving on an exchange? 

Hardware wallet are supported by electrum. If you are using windows then I would not be very confortable using a software wallet without a hardware wallet. If you have and android phone that is not rooted it would probably be a better choice. Even an old dedicated phone with electrum would be safer. 

[Tayaout]

38 minutes ago, MJKT2014 said:

Thanks  but what does that mean please?

 

In mean time I have tried withdraw bitcoin to my Electrum receiving bitcoin address using Electrum on a laptop but BX says invalid address and does not process? Any idea why?

Tail is an amnesic usb bootable Linux system. 

 

Your problem with the address is that you are probably using a bech32 format wallet (address starting with "bc1"). You need a wallet that use segwit (start with "3") or legacy (start with "1"). You need to create a new wallet and pay attention to the options. 

[Tayaout]

2 hours ago, MartiniMan said:

Well I know i wont win any friends with my opinion but atleast i said it. I know people holding btc from 20k

I'm holding since $5. When I bought my first Bitcoin it just crashed from $30 and people were saying it was doomed. I don't know any asset that performed as well since I got in 2012-2013. But yeah the media announced bitcoin is dead about 5 times since then.

[bearpolar]

2 hours ago, MartiniMan said:

They dont want to renew the SEC license for trading so I assume either a - the SEC has given a huge increase and its not profitable b - huobi coming means competition and he just isnt up for the fight

Or of course there is c - they know something we dont about the future of crypto which I know you will hate me to say but I am very very bearish on but that is because of technicals and probabilities 

When the creator of Ethereum himself warns that the chain is nearly full and states BTC has the same fate

When the alleged creator of BItcoin if forced to pay half of his possibly non-existant holdings over to Klienman's estate you have to think... hmmm

The good thing is I don't bother playing with it as Gold is good enough and has performed excellent on 500x leverage with my fully certified broker that sponsors premiership football teams (yawn) Sorry guys but really why do you trade this <deleted>? I totally understand for sending money abroad its actually the best option and you cannot argue on that but trading it - come on all it takes is one big wallet holder to dump the markets and all the little boys with their trading view / youtube gurus and oscillators start getting a 'signal' and then going short on the slot machine that is bitmex 

Well I know i wont win any friends with my opinion but atleast i said it. I know people holding btc from 20k 

The word schmuck does come to mind but hey its their choice what they do with money. Now BX is going will it continue to trade in thailand or will people just long gold on leverage? $1800 is really in sight maybe even a new all time high

Buy a ETF use a bank - it wont ever go out of business....

 

 

 

wow you're amazing dude, i feel so sad i should never have bought crypto when btc was 1000$. My stupid multi thousand percent ROI is hurting me right now. Shoulda longed gold, id have almost a whole 10% more money than i had back then!!

 

 

seriously, even the alts down 90%.. it just takes a good week, week and a half to turn it around in USD at least.

 

Next month, next year, in 2 years.. doesnt it matter? it's still thousand more %'s of ROI for doing jack <deleted>.

[sillyfool]

10 minutes ago, bearpolar said:

 

 

 

 

seriously, even the alts down 90%.. it just takes a good week, week and a half to turn it around in USD at least.

 

i got in to alts right after the 90 percent correction. been waiting patiently since. 

 

crypto and ledgers are the future. period. i will wait as long as it takes. 

 

 

[MJKT2014]

28 minutes ago, Tayaout said:

you are probably using a bech32 format wallet (address starting with "bc1"). You need a wallet that use segwit (start with "3") or legacy (start with "1").

Thanks. If I chose segwit the address was also bc1, so I tried legacy and that address starting with 1 worked with BX.

 

This is first transfer I have tried to Electrum wallet - just sending a very small amount of BTC to test it. It says status "Pending". Do I need to keep the app running until it doesn't say pending or how long does it take?

[phycokiller]

35 minutes ago, MJKT2014 said:

Thanks. If I chose segwit the address was also bc1, so I tried legacy and that address starting with 1 worked with BX.

 

This is first transfer I have tried to Electrum wallet - just sending a very small amount of BTC to test it. It says status "Pending". Do I need to keep the app running until it doesn't say pending or how long does it take?

no, you dont need to keep the app running, it works on servers rather then the app. Im not sure what the pending is, I would guess it waits for 3 confirmations so would take about 30 minutes, depending on the fee which is about 25c last I looked. you can check whats happening on a site like https://www.blockchain.com/explorer . just put in the address you sent it to

[MJKT2014]

1 hour ago, MJKT2014 said:

how long does it take?

Ok, it took about 20 minutes all up to get money into wallet on the PC. Cost minimum transfer fee 0.0001 BTC about 30THB.

[Tayaout]

38 minutes ago, MJKT2014 said:

Ok, it took about 20 minutes all up to get money into wallet on the PC. Cost minimum transfer fee 0.0001 BTC about 30THB.

You can enable manual fees when sending from electrum. If I'm not in a hurry I pay around 10 satoshis per byte or $0.03 otherwise $0.20+ is more reliably fast. Often there isn't much difference in delay but in rare occasion it can take over 24h.

 

https://bitcoinfees.earn.com/

 

Also using address using segwit and starting with "3" or "bc1" reduce the fees. Not all site or wallet support segwit address with bech32 format (bc1) so this is why the address starting with "3" are used. The address starting with "1" are the oldest format. 

[chonburi12]

On 9/3/2019 at 2:48 PM, MartiniMan said:

They dont want to renew the SEC license for trading so I assume either a - the SEC has given a huge increase and its not profitable b - huobi coming means competition and he just isnt up for the fight

Or of course there is c - they know something we dont about the future of crypto which I know you will hate me to say but I am very very bearish on but that is because of technicals and probabilities 

When the creator of Ethereum himself warns that the chain is nearly full and states BTC has the same fate

When the alleged creator of BItcoin if forced to pay half of his possibly non-existant holdings over to Klienman's estate you have to think... hmmm

The good thing is I don't bother playing with it as Gold is good enough and has performed excellent on 500x leverage with my fully certified broker that sponsors premiership football teams (yawn) Sorry guys but really why do you trade this <deleted>? I totally understand for sending money abroad its actually the best option and you cannot argue on that but trading it - come on all it takes is one big wallet holder to dump the markets and all the little boys with their trading view / youtube gurus and oscillators start getting a 'signal' and then going short on the slot machine that is bitmex 

Well I know i wont win any friends with my opinion but atleast i said it. I know people holding btc from 20k 

The word schmuck does come to mind but hey its their choice what they do with money. Now BX is going will it continue to trade in thailand or will people just long gold on leverage? $1800 is really in sight maybe even a new all time high

Buy a ETF use a bank - it wont ever go out of business....

 

And this my friend tells me you are a seasoned investor - exactly my thoughts Sir! You have to understand the matrix and this is all dog <deleted>.

[MJKT2014]

Just got an email from Bx saying they will start charging a monthly fee for accounts with positive balances from November, presumably until the accounts run to zero. 

[twig]

On 9/2/2019 at 7:42 AM, how241 said:

Anyone know where a USA expat, living full time in Thailand,  can trade/sell coins in Thailand. Most of the Thai exchanges will not accept USA customers due to all the paperwork required by the USA Govt. 

https://bisq.network/

 

Not much liquidity there yet, but the more governments do, the more popular such decentralized exchanges will be.
Just a matter of time and patience.

[how241]

3 hours ago, twig said:

https://bisq.network/

 

Not much liquidity there yet, but the more governments do, the more popular such decentralized exchanges will be.
Just a matter of time and patience.

Thanks....Do you know if someone was to sell BTC  there would they be able to transfer the funds to a Thai bank ?

[twig]

7 hours ago, how241 said:

Thanks....Do you know if someone was to sell BTC  there would they be able to transfer the funds to a Thai bank ?

This type of exchange doesn't need to connect to any banks the way centralized exchanges do.
The counterparty buying your BTC would simply transfer the funds to your Thai bank account from theirs, using their banking app or the bank's cash deposit machine or a bank branch.

Once you see the THB in your bank account, you release your escrowed BTC in the app.

Watch these two tutorials:

 

 

 

If you still don't understand after that, there's a lot more detail on their site, in their Youtube channel, and their forum.

[how241]

Thanks twig !!!....I will do some watching and reading up on this.  I have heard about these types of new exchanges but didn't really see the advantages.  Now I am starting to  get it as a USA person,  the crazy USA laws on everything concerning money makes it hard to play around with a few coins.  Thanks again !!!

[twig]

6 hours ago, how241 said:

Thanks twig !!!....I will do some watching and reading up on this.  I have heard about these types of new exchanges but didn't really see the advantages.  Now I am starting to  get it as a USA person,  the crazy USA laws on everything concerning money makes it hard to play around with a few coins.  Thanks again !!!

Welcome! Be careful: if Bitcoin is "being your own bank", Bisq is being your own exchange. So, the process is much different than nanny exchanges.

 

With respect to your situation selling BTC for fiat, here's what I learned so far:

• You can trade in any fiat currency where you have an acceptable payment method, without connecting that payment method to Bisq - you just list it in the offer. However, takes patience in small, new Bisq markets, because liquidity is low.
• It's not for high frequency trading or very small amounts.
• Have to leave Bisq always online for best results, unless you are in Euro or USD, where there's always liquidity for the takers.
• It cost much more to be the taker than the maker.
• You can lower your trading fees by using its internal BSQ token, the way you can on Binance and such. Don't buy BSQ though, until you are sure you will continue to trade on Bisq. Just use BTC for fees at first.
• You pay the mining and trading fees up front when you set the offer. You can change it, but if you try to cancel the offer completely, you will forfeit the mining and the trading fee. For the taker, that's naturally not an issue. I think you can claim for trading fee refund with the Bisq DAO, but I never tried. Few times I did cancel an offer, I just write it off as a small donation to Bisq development.
• You are not really limited by the low initial trading limit or the maxumum limits, because you can put up as many offers as you wish. That costs more in fees, but also spreads the risk among several offers.
• Selling BTC for Cash deposit is safer than National/Same bank transfer. (For buying BTC, doesn't matter, because you know that you are not a scammer.) Scammers are naturally lazy, stealthy people, who don't want to appear on cash deposit machine cameras or at a bank branch. (With online banking app transfer, they can later say they transferred the money to you in error, and try to have the bank reverse the payment. Hard to do after showing up at a CDM or a branch...) If they try to force you to change payment to online banking by pushing the trade into arbitration, just request damages for a broken deal from the arbitrator during the dispute, in the amount of mining and trading fees.
• You can  communicate with the counterparty - by email or in the app - once the trade begins. If the buyer wants to use cash deposit machine, most cash deposit sellers will allow the buyer to round down to the smallest fiat note the deposit machine will accept.
• Everyone wants the best deal, with a small spread. So, for best results, if you set offers, set the kind of offers you yourself would be willing to take, if you were the counterparty.

[how241]

Thanks again, twig !!! I will definitely carefully read through what you have posted.  I see that Binance also has a DEX exchange. I have never used it or even really looked into it. I have traded on Binance before with no problems but it is only crypto-to-crypto.  Would you recommend using the Binance DEX, as they are a big company ? I don't know if the Binance DEX  can sell/trade for cash/money. Being that bitcoin and others are still down and I believe that they will go higher soon I am not really looking to sell right now but I am looking into cash-out ways when the time is right. Thanks for all of your help.

[twig]

14 minutes ago, how241 said:

Thanks again, twig !!! I will definitely carefully read through what you have posted.  I see that Binance also has a DEX exchange. I have never used it or even really looked into it. I have traded on Binance before with no problems but it is only crypto-to-crypto.  Would you recommend using the Binance DEX, as they are a big company ? I don't know if the Binance DEX  can sell/trade for cash/money. Being that bitcoin and others are still down and I believe that they will go higher soon I am not really looking to sell right now but I am looking into cash-out ways when the time is right. Thanks for all of your help.

 

I think it's debatable whether Binance DEX is really a DEX. Their position is that being "decentralized" is a range, kind of like being pregnant can be a matter of degree - from a little bit pregnant to really pregnant, right?... ????

 

I personally would not use Binance DEX, because I think decentralization is binary - full or not at all.

If Binance retains control of its DEX, the powers that should not be will always be able to create the kind of censorship problems for their users that you have experienced through KYC/AML...

If Binance plans to relinquish control of its DEX, and have it disrupt itself out of business, why would a sane, responsible corporate leadership do that?

 

I think the answer is that Binance's DEX is a marketing gimmick, the way unrelated companies were putting the word "Blockchain" in their names over the  past few years...

 

You are right that it's not a good time to sell Bitcoin and such, if one has a long-term view of it.

Clearly, we're very early in the crypto era.

 

The evidence is that the only exchange - Bisq - that can be called decentralized today for - Bitcoin - the most decentralized cryptocurrency, has barely any users in Thailand - the 20th most populous territory in the world!

 

So, seems like a good time to experiment with small amounts on such free-market, decentralized exchanges, rather than keep risking someone else interfering through KYC/AML with your funds or ability to trade on centralized, corporate exchanges, no matter how "decentralized" they pretend to be.

[how241]

32 minutes ago, twig said:

 

I think it's debatable whether Binance DEX is really a DEX. Their position is that being "decentralized" is a range, kind of like being pregnant can be a matter of degree - from a little bit pregnant to really pregnant, right?... ????

 

I personally would not use Binance DEX, because I think decentralization is binary - full or not at all.

If Binance retains control of its DEX, the powers that should not be will always be able to create the kind of censorship problems for their users that you have experienced through KYC/AML...

If Binance plans to relinquish control of its DEX, and have it disrupt itself out of business, why would a sane, responsible corporate leadership do that?

 

I think the answer is that Binance's DEX is a marketing gimmick, the way unrelated companies were putting the word "Blockchain" in their names over the  past few years...

 

You are right that it's not a good time to sell Bitcoin and such, if one has a long-term view of it.

Clearly, we're very early in the crypto era.

 

The evidence is that the only exchange - Bisq - that can be called decentralized today for - Bitcoin - the most decentralized cryptocurrency, has barely any users in Thailand - the 20th most populous territory in the world!

 

So, seems like a good time to experiment with small amounts on such free-market, decentralized exchanges, rather than keep risking someone else interfering through KYC/AML with your funds or ability to trade on centralized, corporate exchanges, no matter how "decentralized" they pretend to be.

Thanks !!!   You make a lot of good points.  I was kind of thinking along the same lines as Binance definitely controls everything.  They are way too big not to want to have control over what happens in their exchanges.  They want to be totally compliant with all the KYC/AML  rules and regs which is probably not such a bad thing BUT  the USA uses this info to try and tax you  on every trade or transaction.  I don't believe that bitcoin is a large player in money laundering.  Cash has always been the preferred money laundering device and  major big banks are totally dirty as they move millions/billions around .  Thanks for all of your advise. 

[Tayaout]

"In a move that shocked local markets earlier this year, Bitcoin Co unexpectedly closed the county’s most popular exchange, BX Thailand. It was reported at the time that regulators in the military-appointed government were demanding unreasonable amounts of transaction data from the firm and its clients."

https://bitcoinist.com/thailand-sec-to-tweak-existing-crypto-regulations/

[Global Guy]

On 9/2/2019 at 2:33 AM, sillyfool said:

anyone here believe in xrp........? 

Yes, XRP using the Ripple platform is transforming the movement of value globally. Global adoption of it is happening, not if, but when.

 

[FruitPudding]

On 9/2/2019 at 8:09 AM, Neeranam said:

ALWAYS KEEP A PRUDENT RESERVE

The last time I used the word "prudent" when talking about crypto, I got a slap on the face.

[Neeranam]

Bitkub is serving me well, fast cadhout depoit times.

Sstang pro is <deleted> for trading but fast fir cashout.

I keep mist my dtack on nano ledger but also a lot on binance. Like 1 million VET im not sure how to save elsewhere,   and ADA, BNB, OMG

[Tayaout]

I'm not sure it was mentioned in this thread but I've been using Everex. Cashout takes usually 3h and their exchange rate is good (no other fees). 

 

For trading, I use Binance and started run a node for RenDex. It's still in testing phase so not much liquidity but it's like a DEX but that will allow crosschains: https://chaosdex.renproject.io/

[Muhammad Naufan]

I just opened my email regarding the warning to take balance on bx.in.th on september 2019, but I just opened the email yesterday and my balance is still on the website. Can I still retrieve the balance on the website? please help because I have quite a lot of BTC and DOGE coins on the website

[Jenkins9039]

What ever happened to Bx.in.th last i heard Criminal Charges were being filed for moving crypto to a wallet (embezzlement/fraud)?

 

Did he leave Thailand never to return? What happened etc?

 

Need some records of there.