Zcoin Now Spendable Nationwide at over 5 Million Merchants in Thailand

[Don Chance]

https://zcoin.io/zcoin-now-spendable-nationwide-at-over-5-million-merchants-in-thailand/

 

Anyone tried it?

[CaptainNemo]

It'll be interesting to watch. My kids keep asking if the currency in Thailand is Bitcoin.

[jadee]

Thanks for sharing - I haven't heard of or tried it. I read the article and watched the video so I get the basic concept that you need the Satang App to scan a QR code and pay for things, but it's a bit confusing.
Do you need to register with Satang Pro and buy Zcoin first? This is the thing I never get about crypto - the exchanges always charge a fee when buying crypto with fiat, so what's the point of adding 5% on every purchase you make? Where's the advantage? 
I've lived in China where everyone uses WeChat pay so I'm quite used to putting money (RMB) on an app and then paying by scanning QR codes. But crypto is so inconvenient - you always need to pay a fee to buy it before you can use it. 

[Conno]

Just thinking out loud here so be gentle. While this sounds like a step in the right direction, the problem I see is that you can only spend ZCoins by using the Satang App right? So say you had ZCoins on a alternative mobile wallet you won't be able to carry out any transactions using this network?  So considering the Satang App is probably AML/KYC linked to your Satang Pro account there will be zero privacy? Am I understanding this correctly?

 

Improvement from a crypto implementation into the mainstream perspective, but still very much centralised with zero privacy which to me half defeats the main objective? Might as well just use baht and keep your spending data private. Would be happy to be corrected if I am wrong.

Edited September 20, 2019 by Conno

[Don Chance]

Here is someone who is tried, seems it's not fully working yet. Done through the pronto payment system.

 

[Conno]

Good video. HOWEVER, BIG BUT. This worries me as people tend to migrate to what is easiest for them and not what is best. [See the AML/KYC thread I started]

 

AML/KYC remains the issue here. The whole reason for crypto and the desire for it to succeed is for it to be a decentralised privacy rich system. A system that breaks away from the one we are currently locked into. If it doesn't achieve this then all we are doing is moving from one digitised, centralised, data surveiled payment method to another. Sure it sounds cool that you are paying for a coffee with crypto, but are you really doing anything different than paying with a Visa debit card? Cash in this example would be a better option as it is anonymous, for the moment. Hence the Global Elites drive to create the cashLESS society.  

 

So far from what I am seeing in regard to this Satang Pro / Zcoin experiment is something that's just in Thai speak, same same but different. 

 

If I'm understanding this correctly this is how it will/should work from a legal perspective. 

 

1. You will need to open / have a Satang Pro trading account to ramp-on Thai Baht into Zcoin. This requires you to comply with all AML/KYC regs.

Thai SEC law states you should not be spending Zcoins in Thailand that were not purchased with THB. Read the small print T&C of the Thai exchange you are with. Hence the requirement for step 2. 

 

2. Download the Satang Pro app which will be AML/KYC linked to your Satang Pro account and also by default your Thai bank.

 

 3. Buy a coffee / dinner with your mobile using the app. The data for this purchase you can rest assured is collected and monitored. Also what about the tax implications?

 

For example you bought a 1000 baht's worth of Zcoin last month at price X.......30 days later Alt coin season has started to kick in again and the THB value of one Zcoin has now doubled. i.e. Your original 1000 baht in fiat terms is now worth 2000 baht equivalent, Basically you are now buying that coffee at half price. Thai Tax authority rules on crypto state that a reportable Taxable event occurs when you do one of three things.

 

A - Sell a crypto for THB at a profit.

B - Exchange one crypto for another at a profit.

C - Purchase a good or service with crypto at a profit. 

 

Now don't get me wrong in that I have absolutely no idea how the Tax authorities both in Thailand and globally are going to police this. Seems an almost impossible task to enforce to me! However at the time of writing this post this is how it stands right now. Also don't forget that TPTB understand the threat that is looming to their Golden Goose financial control system and are scrambling to do everything and anything to retain control. If I am correct in understanding the mechanics of how this Satang Pro Zcoin payment method is working.......it isn't private.

 

Now if you could buy a coffee with Zcoin that you have earned, purchased, mined from some other source, not using the Satang Pro app but rather any generic mobile wallet that can hold Zcoin, then we would be truly making progress. We need crypto to be what Satoshi Nakamoto envisioned it to be....not what the Elite global planners want to turn it into.

 

Ps. Open to debate and alternative views if you see something wrong in my argument. 

 

Edited September 21, 2019 by Conno

[olfu]

The main problem I see with crypto it start nice but after some time company and/or government change business formula and its all against you or some smarties steal all the money.

[Conno]

olfu -The main problem I see with crypto it start nice but after some time company and/or government change business formula and its all against you.

 Of course. You are describing the ongoing war that I mentioned above. We have to be aware of what's going on and keep supporting and communicating the facts if we plan to win. 

 

or some smarties steal all the money.

Well unfortunately that is human nature and not isolated to the crypto world. You don't leave your fiat leather wallet stuffed full of Baht sitting on a table in an open bar. Likewise there are plenty of ways to safeguard your crypto assets........just be smarter than the smarties. ????