Bitkub takeover adds impetus to Thai digital asset market

[Neeranam]

5 hours ago, me4175 said:

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.

Of course it matters, I suggest you Google to find out who owns it.

[Neeranam]

5 hours ago, me4175 said:

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

Only reason

[me4175]

57 minutes ago, ukrules said:

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

Certainly, right after they restore democracy in HK.

It's China we're talking about, not flip-flop Thailand.

[me4175]

11 minutes ago, Neeranam said:

Of course it matters, I suggest you Google to find out who owns it.

It really doesn't. Do you honestly believe that R10 even remotely cares if Bitkub delists a few funny coins or the gov further regulates the crypto trade?

[lkn]

On 11/7/2021 at 11:06 AM, Pravda said:

Value is market at any given moment someone is willing to pay for something

We generally regulate our markets, have oversight, and consumer protection, because many “products” are too complex for the consumer to fully understand, and therefore calculate a fair value.

 

Especially in the realm of finance, because greed make people do stupid things, like take out a mortgage and invest the money in something someone told them was a sure thing and/or FOMO.

 

If too many people do this, we start to have serious systemic risks, just see how many were affected by the global financial crisis of 2007-8, which started with U.S. banks giving loans to people who couldn’t afford them.

Edited November 10, 2021 by lkn

[Neeranam]

1 hour ago, me4175 said:

It really doesn't. Do you honestly believe that R10 even remotely cares if Bitkub delists a few funny coins or the gov further regulates the crypto trade?

Who is talking about Bitkub delisting coins?

[Neeranam]

39 minutes ago, lkn said:

If too many people do this, we start to have serious systemic risks, just see how many were affected by the global financial crisis of 2007-8, which started with U.S. banks giving loans to people who couldn’t afford them.

This is why Bitcoin was invented, to stop this happening again. Oh wait a minute, Bitcoin has no use.  

[lkn]

12 minutes ago, Neeranam said:

This is why Bitcoin was invented, to stop this happening again. Oh wait a minute, Bitcoin has no use.  

So bitcoin was invented to prevent people lending money? That is a rather ironic statement with Tether issuing unsecured loans to major players in the crypto ecosystem.

 

As for value, you started another thread stating that crypto now has a $3T market cap. Can you explain where this value exists?

Edited November 10, 2021 by lkn

[Neeranam]

7 minutes ago, lkn said:

As for value, you started another thread stating that crypto now has a $3T market cap. Can you explain where this value exists?

It exists in the Metaverse. 

[lkn]

7 minutes ago, Neeranam said:

It exists in the Metaverse. 

In the form of what? Just numbers in a database?

[Sametboy2019]

14 hours ago, Neeranam said:

Do you know who owns SCB?

I do. US regulation will filter out <deleted>/Mene coins. The rest of the world will follow. 

Crypto will cease to give the huge gains it once did in the future and become like stocks.

That's why it's important to be in now. The next 5-10 years won't be as fruitful

[me4175]

3 hours ago, Neeranam said:

Who is talking about Bitkub delisting coins?

It was the start of this discussion.

 

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

A lot of crypto is nonsense which will be soon regulated out.

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

 

[me4175]

2 hours ago, Neeranam said:

It exists in the Metaverse. 

The metaverse, right dude. I'll have what you're having! 

[Neeranam]

Didn't take Bitkub long to try to monopolize the crypto space. 

 

Email from Binance. 

 

Fellow Binancians,

At Binance we constantly evaluate our product and service offerings to comply with local regulations. To this end, we will discontinue Thai language support, effective from Friday, 2021-11-19 06:00 AM UTC (2:00 PM UTC+8). We understand that this is not welcome news for our Thai userbase, and we assure you that we are working diligently with local regulators to rectify the situation.

[Will B Good]

On 11/10/2021 at 2:12 PM, Neeranam said:

It exists in the Metaverse. 

I see there is now real estate for sale in the metaverse.

[ukrules]

4 hours ago, Neeranam said:

Didn't take Bitkub long to try to monopolize the crypto space. 

 

Email from Binance. 

 

Fellow Binancians,

At Binance we constantly evaluate our product and service offerings to comply with local regulations. To this end, we will discontinue Thai language support, effective from Friday, 2021-11-19 06:00 AM UTC (2:00 PM UTC+8). We understand that this is not welcome news for our Thai userbase, and we assure you that we are working diligently with local regulators to rectify the situation.

Just email them in English, problem solved?

[lkn]

5 hours ago, Will B Good said:

I see there is now real estate for sale in the metaverse.

2005: The Million Dollar Homepage. Not sure how he pulled this off without NFTs and blockchain technology ????

[lkn]

5 hours ago, Neeranam said:

Didn't take Bitkub long to try to monopolize the crypto space. 

It’s not like we have hundred years of history showing that companies aim for market domination. Regulation is normally what we use to try to limit these monopolities from forming (sometimes more successful than others), it is therefore extremely naive to think that the same things will not happen in an unregulated space (on the contrary, we also have hundred years of history with unregulated finance to learn from).

 

That said, Binance (and Tether) are actually the dominant players in crypto, not Bitkub, and I sincerely doubt that the cease-and-desist that Binance has probably received, has anything to do with Bitkub.

[Will B Good]

1 hour ago, lkn said:

2005: The Million Dollar Homepage. Not sure how he pulled this off without NFTs and blockchain technology ????

Yes....remember that at the time. Can't believe it was that long ago......where did my life go??????

[Neeranam]

16 hours ago, ukrules said:

Just email them in English, problem solved?

Not all Thais can write English. I think it's the start of more things to follow. The Binance P2P is very popular with people I know in Thailand

[Neeranam]

15 hours ago, lkn said:

That said, Binance (and Tether) are actually the dominant players in crypto, not Bitkub, and I sincerely doubt that the cease-and-desist that Binance has probably received, has anything to do with Bitkub.

Don't underestimate the influence Bitkub, and they new chiefs have. 

[lkn]

5 hours ago, Neeranam said:

Don't underestimate the influence Bitkub, and they new chiefs have. 

“Binance has suffered somewhat due to investigations in the US and UK into money laundering and tax offenses. Several banks have banned its customers from sending money to Binance. Similar bans are in effect in China, Japan and Thailand.”

 

As said, this has nothing to do with Bitkub or SCB, and everything to do with Binance operating an unregulated offshore exchange with a shady history.

 

It is probably the largest crypto-exchange in the world, with their own coin currently (according to CoinMarketCap) being the third largest measured in market cap (only eclipsed by Bitcoin and Ethereum).

 

Not very decentralized…

[ukrules]

1 hour ago, lkn said:

Not very decentralized…

Neither is Bitkub but then again - it's not supposed to be nor claims to be decentralised.

[lkn]

1 hour ago, ukrules said:

Neither is Bitkub but then again - it's not supposed to be nor claims to be decentralised.

So @Neeranam should probably rephrase his question! ????

 

Btw: I am still waiting for SCB or any other Thai bank to allow me to put my Thai debit card on my phone or watch, this technology has been mainstream for at least five years, and still not offered by a single Thai bank, so I wouldn’t trust them to know where the puck is going regarding finance…

[Neeranam]

15 hours ago, lkn said:

So @Neeranam should probably rephrase his question! ????

 

Btw: I am still waiting for SCB or any other Thai bank to allow me to put my Thai debit card on my phone or watch, this technology has been mainstream for at least five years, and still not offered by a single Thai bank, so I wouldn’t trust them to know where the puck is going regarding finance…

What question?

 

SCB have a phone app.

 

I'd like to say more about SCBs business practices, but obviously can't.

 

[lkn]

4 hours ago, Neeranam said:

What question?

 

SCB have a phone app.

 

I'd like to say more about SCBs business practices, but obviously can't.

I was referring to your question/thread “Will DeFi kill banks?”.

 

As for phone-app: I am referring to NFC-enabled contactless payments via phone, watch, or other wearable device. This is *not* scanning a QR code or similar cumbersome task. Simply hold up your phone/watch in front of the payment terminal, and you have paid. No other actions required.

 

The interchange fee for debit cards in Europe is capped at 0.2% (via regulation), which is why small vendors will generally accept your card even if it is foreign and you are just buying a bottle of water, bus ticket, or ice cream from a street vendor, and with a virtual card from Revolut or Wise, you don’t need to worry about bad exchange rates or fees (for the countries in Europe which have their own currency).

[Caldera]

17 hours ago, lkn said:

As for phone-app: I am referring to NFC-enabled contactless payments via phone, watch, or other wearable device. This is *not* scanning a QR code or similar cumbersome task. Simply hold up your phone/watch in front of the payment terminal, and you have paid. No other actions required.

That's ultimately a personal preference, but I prefer the Thai way. When I scan a QR code with my phone (which, to me, isn't cumbersome at all), I get to see the payment details on my own screen before authorizing the payment.

[lkn]

3 hours ago, Caldera said:

That's ultimately a personal preference, but I prefer the Thai way. When I scan a QR code with my phone (which, to me, isn't cumbersome at all), I get to see the payment details on my own screen before authorizing the payment.

And some prefer cash, but that shouldn’t stop banks from exploring new and easier payment methods ????