The recent multibillion-baht acquisition of digital exchange Bitkub has stunned Thailand’s finance sector, especially the digital asset market.

 

On November 2, Siam Commercial Bank announced its acquisition of a 51 percent stake in Bitkub Online Company from Bitkub Capital Group Holding Co for Bt17.85 billion. The deal makes SCB Securities Co (SCBS) the majority shareholder of Bitkub.

 

The takeover follows a major rebranding and restructuring exercise undertaken by SCB Group, one of Thailand’s older banks and a leader in local financial services.

 

Full story: https://www.thaipbsworld.com/bitkub-takeover-adds-impetus-to-thai-digital-asset-market/

 

-- © Copyright Thai PBS 2021-11-06

 

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Or rather: SCB gets into the gambling business.

Korn Chatikavanich has some interesting history with this crowd.

https://www.facebook.com/KornGoThailand/posts/437128311109069

5 minutes ago, me4175 said:

Or rather: SCB gets into the gambling business.

What are you talking about? Another Luddite in love with WISE?

 

SCB have been doing cross border remittances for some time with XRP/XLM.

3 hours ago, Neeranam said:

What are you talking about? Another Luddite in love with WISE?

 

SCB have been doing cross border remittances for some time with XRP/XLM.

What has that got to do with Bitkub, please? What actual purpose does Bitkub serve, please? Apart from people hoping to make a quick buck from speculation?

2 minutes ago, me4175 said:

What has that got to do with Bitkub, please? What actual purpose does Bitkub serve, please? Apart from people hoping to make a quick buck from speculation?

 

Oh dear

And despite their great RippleNet, it still takes up to 5 days to transfer funds. Great improvement I have to say. LOL

 

 

4 minutes ago, Pravda said:

 

Oh dear

Appropriate response to this whole crypto BS. 

3 hours ago, me4175 said:

Or rather: SCB gets into the gambling business.

Good point......I can't imagine that SCB have a clue what they are doing money wise.

That acquisition was a nice little earner for those of us who had KUB.

17 hours ago, me4175 said:

What has that got to do with Bitkub, please? What actual purpose does Bitkub serve, please? Apart from people hoping to make a quick buck from speculation?

Oh dear ???? 

18 hours ago, me4175 said:

Appropriate response to this whole crypto BS. 

I guess he is bitter and missed the boat. 

9 minutes ago, Neeranam said:

I guess he is bitter and missed the boat. 

I don't think it is all about missing the boat.

 

It is just the usual failure to adapt or accept that some others are interested in this product and use it.

 

Next will come the usual quick look over there....everyone is money laundering.

18 hours ago, Will B Good said:

Good point......I can't imagine that SCB have a clue what they are doing money wise.

I'm sure they know exactly what they are doing having been in the banking business since 1904.

1 hour ago, userabcd said:

I'm sure they know exactly what they are doing having been in the banking business since 1904.

I have no doubt. Gambling has always been a profitable business.

9 minutes ago, me4175 said:

I have no doubt. Gambling has always been a profitable business.

you're a winner mate, keep up the good work ????

Alot of crypto is nonsense which will be soon regulated out.

Look into the Iso20022 in banking and then find the iso20022 coins.

2 hours ago, Sametboy2019 said:

Alot of crypto is nonsense which will be soon regulated out.

Look into the Iso20022 in banking and then find the iso20022 coins.

The biggest oldest bank in the country which is literally representative of all the old money in the county (and I mean all of it) just 'aped' into the cryptocurrency business.

 

If there's one company in the entire country that knows the direction the country is going to take with regard to laws, etc in the future then SCB is it.

 

This is news of such great magnitude that it's hard to appreciate immediately.

 

4 hours ago, userabcd said:

I don't think it is all about missing the boat.

 

It is just the usual failure to adapt or accept that some others are interested in this product and use it.

 

Next will come the usual quick look over there....everyone is money laundering.

Adapt to or use for what, please? I'm at a loss here. Give me a real use case for any "product" traded on Bitkub which adds measurable value compared to the previous solutions in place. I'm all ears.

Besides your mentioned money laundering, crypto is of course also great for the drug trade, dark web commerce, ICO scams, ransomware, and many other creative misuses. The only use as an actual currency is by a small number of failed states who cannot keep their currencies afloat. They are happy campers right now, but they will have a rough awakening when the market goes south or their wallet apps get hacked and phished and people's fund suddenly disappear. Not to mention the astronomical transaction fees.

I am not a fan of Chinese politics, but their blanket ban on crypto was actually a step in the right direction.

2 minutes ago, me4175 said:

Adapt to or use for what, please? I'm at a loss here. Give me a real use case for any "product" traded on Bitkub which adds measurable value compared to the previous solutions in place. I'm all ears.

I also think crypto is a Ponzi. However you are missing a point. If majority of people decided it's not a ponzi and are gambling on it (crypto markets are open 24/7 and unlike stocks the whole world has access to it) then who are you to decide if it has value or not. Value is market at any given moment someone is willing to pay for something.

 

Personally I think Tesla stock is garbage, but many people are buying it. What is it? A piece of paper supposedly telling me I own a share in a company. Yeah...right.

There are heavy tones on here of "The TV! It will never catch on". "The internet. It's just a fad" 

9 minutes ago, Pravda said:

I also think crypto is a Ponzi. However you are missing a point. If majority of people decided it's not a ponzi and are gambling on it (crypto markets are open 24/7 and unlike stocks the whole world has access to it) then who are you to decide if it has value or not. Value is market at any given moment someone is willing to pay for something.

 

Personally I think Tesla stock is garbage, but many people are buying it. What is it? A piece of paper supposedly telling me I own a share in a company. Yeah...right.

The assets traded on Bitkub are not ponzi schemes. SQUID was a scheme, and "investors" got what they deserved. Can't fix stupid.

Unlike crypto, Tesla has physical assets, human capital and IP. Cars, batteries, solar panels, property, factories, software and patents will always have a value in the real world, because people actually need these things. Nobody needs Bitcoin.

Jury out on whether this is a good thing for 'expats', but for SCB and Thai's it certainly is, mind Bitkub isn't the best example of a crypto exchange, but its user base is second to none.

 

I imagine sharing of data, tax implications, AMOL intervention and a restrictive position for expats when this goes through.

 

 

On 11/7/2021 at 5:43 PM, me4175 said:

The assets traded on Bitkub are not ponzi schemes. SQUID was a scheme, and "investors" got what they deserved. Can't fix stupid.

Unlike crypto, Tesla has physical assets, human capital and IP. Cars, batteries, solar panels, property, factories, software and patents will always have a value in the real world, because people actually need these things. Nobody needs Bitcoin.

Crypto does go beyond Bitcoin which I agree nobody needs.

On 11/7/2021 at 5:00 PM, me4175 said:

am not a fan of Chinese politics, but their blanket ban on crypto was actually a step in the right direction.

You are clutching at straws now.why do you think China banned crypto?

 

 

 

On 11/7/2021 at 12:38 PM, Sametboy2019 said:

Alot of crypto is nonsense which will be soon regulated out.

Do you know who owns SCB?

4 hours ago, Sametboy2019 said:

Crypto does go beyond Bitcoin which I agree nobody needs.

So in your opinion, what crypto actually serves some value-adding purpose? 

 

 

3 hours ago, Neeranam said:

Do you know who owns SCB?

Does it matter? If a few of the funny coins disappear, people will still trade in others. First coin I'd regulate out is Tether. That would actually do some good and prevent people from losing serious cash. Tether's meltdown is not a question of if, but how soon.

3 hours ago, Neeranam said:

You are clutching at straws now.why do you think China banned crypto?

Many good reasons, from their POV.

The Chinese government believes (as they also state in their latest five-year plan) that the financial system should primarily serve the real economy. They are very opposed to financial speculation and crypto trading is very much only alive because of speculation.

Mining furthermore consumes a lot of energy, which they see as totally unproductive. Makes them also look good in terms of taking climate change action.

Crypto is also difficult to control and people use it to move money out of the country.

And lastly, they launched their own state-sponsored cryptocurrency and do not appreciate any alternatives to that.

4 hours ago, me4175 said:

Many good reasons, from their POV.

The Chinese government believes (as they also state in their latest five-year plan) that the financial system should primarily serve the real economy. They are very opposed to financial speculation and crypto trading is very much only alive because of speculation.

Mining furthermore consumes a lot of energy, which they see as totally unproductive. Makes them also look good in terms of taking climate change action.

Crypto is also difficult to control and people use it to move money out of the country.

And lastly, they launched their own state-sponsored cryptocurrency and do not appreciate any alternatives to that.

Give it a year or two and Crypto will be back in China more than ever before.