Siam Commercial Bank moving into Crypto, why aren't you?

[Neeranam]

13 minutes ago, EricTh said:

For those who bought bitcoin at the peak price, they have lost part of their investment.

 

That's why it is a pyramid scam.

 

There's a meltdown now (I can't link to BP)

 The newspaper? What has it got to do with crypto and why mention it?

 

Of course Bitcoin isn't a pyramid scheme, this is getting old.  There are pyramid schemes that use btc like there are pyramid schemes that use $US. 

[lkn]

17 minutes ago, fdsa said:

token burn works differently - you destroy _your_ tokens not somebody else's.

The idea is the same: Number of total tokens goes down.

 

But you are welcome to change the model, I mint 10,000 tokens, sell half of them for $10 each, and then I burn one of my tokens, each time I see a sad emoji. Does that make price go up?

 

Utility token pushers try to connect internal ownership ratio changes with external value changes. But from the outside, no value is created, and it is not deflationary.

Edited January 23, 2022 by lkn

[Neeranam]

54 minutes ago, Walker88 said:

Personally, as one who was a hedge fund manager and was successful lucky enough to be able to retire before the age of 40

And you applied for a Work Permit last year?

[Neeranam]

4 minutes ago, lkn said:

uhm… so instead, sellers can scam you, and you have no recourse (unlike now, where you can issue a charge back)?

I've been in crypto for a few years and never been scammed. I've been in 10 different exchanges, used P2P transfers(which are safe by using escrow), in many different decentralized exchanges. Cryptodotcom was hacked recently but they took the loss, not the user like me. I use their debit card for all my shopping online, my daughter's university fees, household bills, etc, getting 4% cashback(in crypto), I also get free airport 1st class lounges, free Netflix, Spotify and more

I have been scammed by stockbrokers, go figure. 

 

[lkn]

46 minutes ago, Neeranam said:

I've been in crypto for a few years and never been scammed

And how many times have you paid for things on eBay with an irreversible crypto transaction (which was touted as something that gives crypto value)?

 

You implicitly made my point yourself, as you are using a VISA card from crypto.com (where you can do chargebacks) or escrow. So irreversible transactions are not an advantage.

Edited January 23, 2022 by lkn

[Walker88]

I'm not sure if the crypto bubble has burst, but we do have some insight into how it eventually ends.

 

Major holders have manufactured enough paper wealth that they can continue the manipulation they have been engaging in for the last few years. They can trade amongst themselves at ever-higher prices again to get the level back up, then hammer the bid side again when it fills in. Rinse and repeat. (If anyone thinks these upside surges are natural, I would submit you have little market experience and don't recognize manipulation. An entity that produces NOTHING, so is incapable of an upside earnings surprise, only trades like these cryptos because of manipulation. Downside sharp moves ARE natural, because when everyone is on the same side of the boat, and many are leveraged, panic ensues as folks try to exit. Look at any famous market chart and this is abundantly clear....1929, 1987, April 2000, Japan 1990, Gold and Silver 1980).

 

Of course with each rise and tumble, fewer people remain enamored of crypto---or else remain enamored but lose all their capital and cannot play anymore---so the market will need more hype, more gurus and more marketing.

 

That manipulative behavior will provide opportunity to trade and make money off crypto, but woe to those who marry the trade and fall prey to the hype.

 

Against that backdrop, there will be more and more bits of interference, such as Russia banning 'mining' or Imams in Indonesia declaring crypto 'haram', or sovereigns placing restrictions or demands on crypto users. All are nicks in the Potemkin edifice of the crypto fantasy.

 

Anyway, good luck to those members of the Crypto Cult. May your digital messiah deliver you from the evil of us heretics, blasphemers and infidels. As the late TV shlockster Robin Leach used to say, "Here's to champagne wishes and caviar dreams !"

[Neeranam]

52 minutes ago, lkn said:

And how many times have you paid for things on eBay with an irreversible crypto transaction (which was touted as something that gives crypto value)?

 

You implicitly made my point yourself, as you are using a VISA card from crypto.com (where you can do chargebacks) or escrow. So irreversible transactions are not an advantage.

I've never used eBay.

[ThLT]

On 1/23/2022 at 9:28 PM, Walker88 said:

Of course with each rise and tumble, fewer people remain enamored of crypto---or else remain enamored but lose all their capital and cannot play anymore---so the market will need more hype, more gurus and more marketing.

Yes, exactly. For every person that made money in crypto, a certain number of idiots had to lose their money. There are always more fools, yes, but how long will there be wealthy fools to get on the crypto train, to then lose their money for those making the earnings. And regulations are just starting. It happens for every new technology (privacy violations with social media companies/advertising, drones that now need permits and have no-fly zones and governmental laws, etc.).

...

especially in the long run, maybe 20 will lose money, which in the end will be more money in the crypto pot.  The winners of crypto climb hills with megaphones to tell everyone about how crypto will make you rich, while those who lost all of their money (which maybe they couldn't afford to lose, but some guy on an Internet forum told them crypto would make them rich), such people retreat in the shadows. That's how crypto works. More hype, more market cap. Rinse/repeat.

 

[Neeranam]

On 1/23/2022 at 9:28 PM, Walker88 said:

I'm not sure if the crypto bubble has burst, but we do have some insight into how it eventually ends.

Please explain, what insight?

I bought bitcoin 4/5 years ago under 90k baht, I also bought some at 120k baht a couple of years ago. I sold between 1.3 and 2 million baht a year or so ago to buy EGLD at 1000 baht and it's now at 4000 baht.

Bubble lol,

[lkn]

On 1/23/2022 at 10:10 PM, ThLT said:

Why is he trying to encourage people to get into crypto?

In the “tokens are not stocks” video I linked to a few pages ago, an excellent point was made: Holders of stocks do not care whether or not you buy the stock they hold, they would much rather you buy goods or services from the companies of which they are holding stocks ????

 

...

 

I’ve disclosed before I hold APPL, it makes me happy to see people buy iPhones, but people talking about the stock or its price? I don’t care, though I do follow their quarterly earnings, which again, is not about their stock price, but about how they are doing as a business.

 

Anyway, I am sure I am just preaching to the choir ????

[lkn]

3 minutes ago, Neeranam said:

to buy EGLD at 1000 baht and it's now at 4000 baht.

Bubble lol, you are funny

You bought at 1,000 THB, it’s now at 4,000 THB, but it peaked at almost 20,000 THB 3 months ago, and has only gone down since then… sure, not a bubble at all… and I am sure that no-one bought in the last 3 months, so no-one lost any money, and soon it will 10x…

 

 

[ThLT]

2 minutes ago, Neeranam said:

I bought bitcoin 4/5 years ago under 90k baht, I also bought some at 120k baht a couple of years ago. I sold between 1.3 and 2 million baht a year or so ago to buy EGLD at 1000 baht and it's now at 4000 baht.

Bubble lol, you are funny.

That's a decent description of characteristics a bubble. 

 

It's ironic that you so eloquently describe characteristics of a bubble, only to then turn around and say: "this is... not a bubble." 

[Neeranam]

On 1/23/2022 at 10:24 PM, lkn said:

In the “tokens are not stocks” video I linked to a few pages ago, an excellent point was made: Holders of stocks do not care whether or not you buy the stock they hold, they would much rather you buy goods or services from the companies of which they are holding stocks ????

 

...

 

I’ve disclosed before I hold APPL, it makes me happy to see people buy iPhones, but people talking about the stock or its price? I don’t care, though I do follow their quarterly earnings, which again, is not about their stock price, but about how they are doing as a business.

 

Anyway, I am sure I am just preaching to the choir ????

I am not encouraging anyone to buy crypto.

 

All I've done is given recommendations to certain people who asked for recommendations.

 

3 coins I've recommended in the last few years, Bitkub coin, EGLD, Holoride, but ONLY to those asking for the best coins.

 

 

[Neeranam]

8 minutes ago, lkn said:

You bought at 1,000 THB, it’s now at 4,000 THB, but it peaked at almost 20,000 THB 3 months ago, and has only gone down since then… sure, not a bubble at all… and I am sure that no-one bought in the last 3 months, so no-one lost any money, and soon it will 10x…

 

 

Seriously?

You missed part of the graph when I bought it!

1000 baht to 4000 in a year is fine with me.

Tomorrow, or Tuesday m going to be buying a lot more.

Let's revisit in 3 months.

 

[ThLT]

On 1/23/2022 at 10:36 PM, Neeranam said:

 

3 coins I've recommended in the last few years, Bitkub coin, EGLD, Holoride, but ONLY to those asking for the best coins.

"I'm not pumping crypto coins... I only pump crypto coins when people ask for it." ????

[lkn]

On 1/23/2022 at 10:36 PM, Neeranam said:

I am not encouraging anyone to buy crypto

You sure don’t come off this way. In one post you even offered to help me create an account so I could buy, and you have repeatedly quoted the gains with rhetorical questions about why not buy? And pretty close to claiming it was a sure bet. Saying you cannot lose money, etc. In my book, that sure is trying to get others to buy.

 

I said you might not be aware of it and asked where you got your signals from, in order to assess whether you are just picking up random stuff, or if you are actually in a telegram group where coins are being “suggested” to you.

 

You never disclosed where you get your information from.

 

Are you aware of these telegram groups? Do you know how many people in these groups don’t realize they are being used?

 

[lkn]

11 minutes ago, Neeranam said:

You missed part of the graph when I bought it!

The point is that it is a bubble, which the graph shows. Not that you made money from it. In every bubble, lots of people make money.

[ThLT]

4 minutes ago, lkn said:

The point is that it is a bubble, which the graph shows. Not that you made money from it. In every bubble, lots of people make money.

Even more, people make lots of money, particularly in a bubble. Sounds like crypto, doesn't it?

[fdsa]

2 hours ago, lkn said:

uhm… so instead, sellers can scam you, and you have no recourse (unlike now, where you can issue a charge back)?

exactly! ????

 

and also you could scam the uninformed seller by sending a transaction, receiving the (usually digital) goods and then reversing the transaction with Replace-By-Fee before the transaction gets 1st network confirmation.

[fdsa]

2 hours ago, Neeranam said:

Cryptodotcom was hacked recently

nice! Where could I download the passport scans of the cryptodotcom users who passed KYC?

Edited January 23, 2022 by fdsa

[fdsa]

59 minutes ago, Neeranam said:

I bought bitcoin 4/5 years ago under 90k baht, I also bought some at 120k baht a couple of years ago.

On 1/20/2022 at 7:57 PM, Neeranam said:

I never bought any gold or Bitcoin.

 

????

[ThLT]

32 minutes ago, fdsa said:

1 hour ago, Neeranam said:

I bought bitcoin 4/5 years ago under 90k baht, I also bought some at 120k baht a couple of years ago.

On 1/20/2022 at 7:57 PM, Neeranam said:

I never bought any gold or Bitcoin.

????

Nice find... ????

[Neeranam]

If you are going to quote me, quote the whole thing.

 

I bought bitcoin 5 years ago.

 

I didnt but gold or bitcoin last year.

 

 

[Neeranam]

On 1/23/2022 at 10:52 PM, lkn said:

 

Are you aware of these telegram groups? Do you know how many people in these groups don’t realize they are being used?

 

Do they suggest pumping their coins on web forums that have mostly retirees?

 

Would one not pump coins in the crypto forum if one was wanting others to buy?

 

Seriously. No, I've never used telegram.

 

[LoveThai94]

On 1/23/2022 at 6:08 PM, ThLT said:

"Logic proves itself"?  ???? That's your response? ????

If that were the case, all lawyers wouldn't have a job. ????

 

Still waiting for you to show how what I said is wrong. About the issue with Bitcoin being divided to Satoshis (0.00000001 BTC), meaning there is no "limited supply," and resulting in there being essentially an unlimited amount.

You haven't done that yet.

 

It seems you're changing the subject, again, like a coward... exactly like your 10 or so other posts a few pages back, that were refuted but that you mostly didn't reply to the objections raised.

 

 

You basis of infinite supply based off the diving logic is not the same as central banks printing money.

 

 

[LoveThai94]

9 hours ago, lkn said:

Yes, and it can be done. Proof: Miners have agreed to code changes in the past.

 

Do you understand what effect it will have on mining, when block rewards disappear?

 

Do you understand it will be in the interest of everyone who holds BTC or have invested in mining equipment to “fix” this problem?

 

There might be debate, and it might result in another hard fork, but trust me, miners will continue on the most lucrative branch, and if one branch gives zero mining rewards, and the other gives e.g. 2 BTC in mining rewards, which one do you think they will chose?

Explanation taken.

This is not the same as a company selling new shares, or the irresponsible printing of money.

 

[ThLT]

 

On 1/24/2022 at 2:00 AM, LoveThai94 said:

You basis of infinite supply based off the diving logic is not the same as central banks printing money.

I never talked about central banks! You're clearly mis-comprehending things. That you think I talked about central banks, when I didn't is tangible proof that you are mis-comprehending.

 

Fact is: since each BTC can be subdivided into units as small as equivalent to 0.00000001 BTC, there is a maximum 2,100,000,000,000,000 possible units of Bitcoin. More than enough for it to be considered essentially unlimited—and for every single citizen out of 8 billion on this planet to each own more than 250,000.

 

So the FOMO tactic that "Bitcoin is limited to only 21 million coins, buy now while there are still some available!" is... just that, a FOMO tactic—propagated by people who barely understand math and economics, to induce FOMO.

 

[ThLT]

33 minutes ago, LoveThai94 said:

10 hours ago, lkn said:

Yes, and it can be done. Proof: Miners have agreed to code changes in the past.

 

Do you understand what effect it will have on mining, when block rewards disappear?

 

Do you understand it will be in the interest of everyone who holds BTC or have invested in mining equipment to “fix” this problem?

 

There might be debate, and it might result in another hard fork, but trust me, miners will continue on the most lucrative branch, and if one branch gives zero mining rewards, and the other gives e.g. 2 BTC in mining rewards, which one do you think they will chose?

Explanation taken.

@lkn Can you explain to LoveThai94 how the scarcity of "there will only be 21 million BTC in existence, buy now!" is false and completely irrelevant, if each BTC can be divided into units of 0.00000001 BTC?

And how, for example, theoretically 1 Satoshi (0.00000001 BTC) in the future could be worth the same as 1 BTC today, essentially resulting in a new and equivalent supply of 2,100,000,000,000,000 units?

 

If it comes from you, maybe he'll understand.

 

Edited January 23, 2022 by ThLT

[LoveThai94]

9 hours ago, lkn said:

A bit of a straw man there. Sure, it might be here to stay, just like gambling or drugs. But it is not changing financial markets as we speak, it is still just an unproductive speculative asset / negative sum game, it contributes significantly to pollution / global warming, and the value is only in allowing regulatory arbitrage (if we disqualify running a scam as value, even though the person who runs it, does get some value from it).

 

If you want to disprove it is a ponzi, just explain how everyone buying into the same unproductive asset can magically create more value than what was put into it. You can’t, and that is why everyone who understands basic finance calls it a ponzi (or zero-sum / negative-sum).

 

People warned about Bernie Madoff 9 years before his scheme actually collapsed.

 

With crypto though, people are already looking at lots of losses. Just look at the table posted in this thread about how Nayib Bukele has bought for $86M of bitcoin which is now worth $65M. Michael Sayler of MicroStrategy is also dangerously close to being in the red, not to mention all the retail investors who bought through 2021.

Good one with the straw man reference but stay on point.

 

Each individual coin is a separate entity.

 

Gold, diamond and oil mining is making the environment better, i love the hypocrisy.

 

Madoff is a bad reference, unrelated but he never came under the scrutiny as with crypto, let compare crypto with the covid vaccine.

 

MicroStrategy, Melvin Capital, Evergrande and all the other Hedge funds that get called on margin is the same.

 

Crypto came at a time when things started to heat up in the stock market, people want money now and lots of it.

 

You are in the times of inflated everything, look at all the clean energy, tech and biotech stocks!

 

The feds saved a lot of company from going under in 2020, what is junk bond buying?

 

With the introduction of electronic trading comes a new beast, greed

 

Check the amount of suicides from stock loss in 2020

 

In my eyes all investments are the same, get in at the right time, get out at the right time and know when to cut your loss.

 

People need to mitigate and mange risk, investment in some cryptos is bad as with investments in some stocks.

 

Who buys and hold a meme coin?

 

 

[ukrules]

8 hours ago, ThLT said:

Did you fail high school math? ????

 

Whatever you want to call it, Bitcoin can be divided into 2,100,000,000,000,000 units. It's not rocket science.

A Satoshi can be worth $0.01, $0.10, $1 or $10. There are still 2,100,000,000,000,000 units available to trade.

What's the limit on dollar divisibility?

 

There is no limit, is there?