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

[LoveThai94]

1 minute ago, Stocky said:

The kid's trolling, just look back a few posts, he's just winding you up - stop taking the bait

I am not trolling him, he jumped into the fire and didn't realized it would get this hot!

He started it while i was busy and jet lagged, its on now.

[Sunnny]

I moved into crypto on 30 of December after reading Neeranam’s post. Now, after I lost 25% of the invested money, I want to know if is time to move out of Crypto, dear Neeranam? Any more bright ideas for the money I have left?

[LoveThai94]

I am out for a few hours.

 

You have some time to search the internet, remember try and understand what you find.

Surprise me.

[lkn]

6 hours ago, SunnyinBangrak said:

Fact remains crypto has a limited supply, in BTC's case it is 21 million

For bitcoin, they can just change the reward scheme once they find out that mining is unsustainable without the subsidy. Of course it requires consensus among minors, but changes to fundamentals have been done in the past, sometimes leading to hard forks, sometimes not.

 

Regardless, nothing is set in stone.

 

And anyway, this limited supply is just a distraction: It’s just numbers in a database. Putting constraints on them does not give them value.

 

What has value is the network itself, not the coins.

[LoveThai94]

1 minute ago, Sunnny said:

I moved into crypto on 30 of December after reading Neeranam’s post. Now, after I lost 25% of the invested money, I want to know if is time to move out of Crypto, dear Neeranam? Any more bright ideas for the money I have left?

Pants on fire.

I do like the joke tho.

[ThLT]

8 minutes ago, LoveThai94 said:

Come on now!

You corrected what ?, the others guys knew to take an exit.

 

Don't reply to the criticism raised?, really when i am sleeping?, I am in a different time zone!

I never back down from a debate.

 

Leave the prove thing alone, next thing you will say you created bitcoin.

You said I was wrong.
I told you to prove it. To show why I am wrong.

 

Now you just reply with no proof, and empty words.

And, contradicting yourself... you even say you "never back down from a debate." ????

 

8 minutes ago, LoveThai94 said:

Leave the prove thing alone

You want me to stop asking you to prove how what you say is true? 

Yes, that would be good for you... It would make you less like a coward every time you ignore posts that refute you. ????

[LoveThai94]

3 minutes ago, lkn said:

For bitcoin, they can just change the reward scheme once they find out that mining is unsustainable without the subsidy. Of course it requires consensus among minors, but changes to fundamentals have been done in the past, sometimes leading to hard forks, sometimes not.

 

Regardless, nothing is set in stone.

 

And anyway, this limited supply is just a distraction: It’s just numbers in a database. Putting constraints on them does not give them value.

 

What has value is the network itself, not the coins.

Do you realize what that would involve?

This is not just some database.

Not impossible but far from easy, this also could be undone easily because the system is saved all over the place.

[LoveThai94]

5 minutes ago, ThLT said:

You said I was wrong.
I told you to prove it. To show why I am wrong.

 

Now you just reply with no proof, and empty words.

And, contradicting yourself... you even say you "never back down from a debate." ????

 

You want me to stop asking you to prove how what you say is true? 

Yes, that would be good for you... It would make you less like a coward every time you ignore posts that refute you. ????

Ignore what?

Logic proves itself, or do i have to explain everything?, i  forgot you have the understanding problem.

What you posted was not logical to prove bitcoin was infinite but obviously  you didn't understand what you post.

You just throw in the basic math like you are the only one that went to school.

 

I will get back to you in a few hours, do some proper research and i will respond to that when i am back.

 

Hey use pen and paper, maybe reading then writing what you found will make you better understand.

 

 

[lkn]

9 hours ago, LoveThai94 said:

Crypto is here to stay based off these 3 key metrics, acceptance, resilience and growth

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).

 

9 hours ago, LoveThai94 said:

Its a ponzi scheme!!!!     This have been said for years and yet more and more people and businesses are going into 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.

[Neeranam]

17 hours ago, Pravda said:

All that matters is the price and it's sinking further. I can now buy cardano for a buck. Less than ???? Stearns.

 

But nothing worry.....it's going 100x

 

 

 

The price is all that matters to some.

I bought 3 coins yesterday as there was an amazing sale, they are up 20, 15, 14% in one day. I expect DOT to reach $150+ in 3-6 months, so x10 from when I bought.

This will be x30 from my initial buy. I doubt it will x100 as you say, but might. 

I could tell you a few that did and will.

 

These swings are normal for crypto, and I understand why some, especially those unwilling to do the research, would rather keep their, cash earning 1% Apr.

I first bought cardano for 30c. When it fell to 3c I bought many many more. When it reached $1.70, I sold my buy in, so am playing with 'house money'.

I welcome dips, I buy.

I never watched the VDO as I hate Rail Pal. I'll admit he knows a little about crypto and investing. He went all in to crypto a couple of years ago, very wisely.

[lkn]

19 minutes ago, LoveThai94 said:

Do you realize what that would involve?

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?

[Neeranam]

22 minutes ago, lkn said:

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.

Nonsense. Only those who invested in the last year or so could possibly be down.

Do you expect everyone to be in profit in a volatile market immediately? That makes no sense.

Everyone who bought BTC, for example 1-13 years ago is up, some hugely.

I suggest you learn basic arithmetic.

[lkn]

3 minutes ago, Neeranam said:

These swings are normal for crypto, and I understand why some, especially those unwilling to do the research, would rather keep their, cash earning 1% Apr.

LMFAO… we did the research: It’s a negative-sum game. You say so yourself, you make money on the swings. It’s just gambling, not an investment. And lots of the stuff you have mentioned in these threads are way down since you mentioned it, so I really wonder if you are actually making money on this.

 

As for your 1% APY. It is not either money in the bank, or gambling it all at the casino. You can put your money in productive assets and should expect to make 7-9% APY (last couple of years have been > 20% but those were not normal years).

[Neeranam]

50 minutes ago, Sunnny said:

I moved into crypto on 30 of December after reading Neeranam’s post. Now, after I lost 25% of the invested money, I want to know if is time to move out of Crypto, dear Neeranam? Any more bright ideas for the money I have left?

This post?

No way move out of crypto!!!

This would be a silly thing to do.

My good friend bought crypto at the wrong time, in Dec 17, at $15k. He asked a similar question in 2018 when it was $9k.

I said keep it; he did and sold 20% of his stack last year, getting back all his investment, now very happy with 80%.

[Neeranam]

3 minutes ago, lkn said:

LMFAO… we did the research: It’s a negative-sum game. You say so yourself, you make money on the swings.

You often use "we", why?

 

 

[lkn]

5 minutes ago, Neeranam said:

Nonsense. Only those who invested in the last year or so could possibly be down.

Which, according to a previously posted survey, were 70% in one survey.

 

7 minutes ago, Neeranam said:

I suggest you learn basic arithmetic.

You think people bought crypto from 2018-2020 and then stopped buying last year? Then tell me, why was price down from 2018-2020, and only spiked last year? If we set aside price manipulation, it spiked because people bought, it is supply and demand. So clearly, majority of people bought last year, not 2018-2020.

[Neeranam]

7 minutes ago, lkn said:

As for your 1% APY. It is not either money in the bank, or gambling it all at the casino. You can put your money in productive assets and should expect to make 7-9% APY (last couple of years have been > 20% but those were not normal years).

I wouldn't dream of putting my hard earned cash into something to get 7% apr. when fiat is currently losing over 15% of its value per year.  Some of us who know about finance understand we have to stay above inflation. 

I have my major crypto, DOT in a US bank earning 12% pa, not much but I am willing to pay for security. 

I have my Solana/Raydium earning 50% and my EGLD/MEX earning 250%. 

Even if the price of these remained the same, or even went down(God forbid), I would still be above inflation. 

[Neeranam]

1 hour ago, LoveThai94 said:

I am out for a few hours.

 

You have some time to search the internet, remember try and understand what you find.

Surprise me.

 Remind you of anyone?

 

"I'm much more committed to being wring about it than admitting I was wrong about it" 

[lkn]

5 minutes ago, Neeranam said:

You often use "we", why?

It’s academic writing style. In the example you quote, you will find that many people have reached the same conclusion as me, therefore I am not taking credit for “having done the research”, lots of scholars have already come to the same conclusion, therefore it is “we have done the research”, referring to the wider field of skeptics.

[Neeranam]

6 minutes ago, lkn said:

It’s academic writing style. In the example you quote, you will find that many people have reached the same conclusion as me, therefore I am not taking credit for “having done the research”, lots of scholars have already come to the same conclusion, therefore it is “we have done the research”, referring to the wider field of skeptics.

Now you are having a laugh. I taught academic English for 20 years, when I had to work. 

 

It is often considered to be somewhat self-serving and arrogant. It is important to remember that when writing your research results, the focus of the communication is the research and not the persons who conducted the research. 

 

https://www.enago.com/academy/we-vs-they-using-first-or-third-person-in-a-research-paper/

[lkn]

6 minutes ago, Neeranam said:

I wouldn't dream of putting my hard earned cash into something to get 7% apr. when fiat is currently losing over 15% of its value per year.  Some of us who know about finance understand we have to stay above inflation. 

For the last decade, inflation has been just below 2%. What is your source for 15% inflation? Do you live in a third world country? Because none of the official numbers that measure inflation in the developed world can back up your claim, leading me to believe that you are just one of these conspiracy theory nutcases.

 

You realize with 15% inflation, prices would have to double every 5th year, right?

 

Also, wouldn’t dream of 7% APY? Where do you think the money come from? How can a society be sustainable if everyone think they are entitled to passive income of at least 15% p.a. of their current net worth? This is just absurd!

[lkn]

6 minutes ago, Neeranam said:

It is often considered to be somewhat self-serving and arrogant.

I clicked the link, and highest rated answer starts: “Very rarely is 'I' used in scholarly writing (at least in math and the sciences). A much more common choice is 'we'”.

 

Edit: I read a little further, and it even says the opposite of what you took from that link:

 

The use of "I", and especially its overuse, sometimes has a repellent effect, as arrogance or ex-cathedra preaching, and, for that reason, I like to avoid it whenever possible.

 

And you made a living from teaching people that “we” is considered self-serving and arrogant? ????

Edited January 23, 2022 by lkn

[Neeranam]

3 minutes ago, lkn said:

For the last decade, inflation has been just below 2%. What is your source for 15% inflation? Do you live in a third world country? Because none of the official numbers that measure inflation in the developed world can back up your claim, leading me to believe that you are just one of these conspiracy theory nutcases.

 

You realize with 15% inflation, prices would have to double every 5th year, right?

 

Also, wouldn’t dream of 7% APY? Where do you think the money come from? How can a society be sustainable if everyone think they are entitled to passive income of at least 15% p.a. of their current net worth? This is just absurd!

Listen to this guy, he explains it better than 'us' lol.

 

[Mr Meeseeks]

1 hour ago, lkn said:

Michael Sayler of MicroStrategy is also dangerously close to being in the red, not to mention all the retail investors who bought through 2021.

Michael Saylor personally bought 17,732 bitcoin at an average purchase price of $9,882.

 

Bitcoin is currently at $36,000 as of typing this post.

 

250%+ up is not dangerously close to being in the red. ????

[Neeranam]

2 minutes ago, Mr Meeseeks said:

Michael Saylor personally bought 17,732 bitcoin at an average purchase price of $9,882.

 

Bitcoin is currently at $36,000 as of typing this post.

 

250%+ up is not dangerously close to being in the red. ????

The haters are very selective.

 

Have you noticed they came out in force when bitcoin dipped 20%, which is normal? They forget that it had increased 50% immediately before

[Neeranam]

11 minutes ago, lkn said:

I clicked the link, and highest rated answer starts: “Very rarely is 'I' used in scholarly writing (at least in math and the sciences). A much more common choice is 'we'”.

 

Edit: I read a little further, and it even says the opposite of what you took from that link:

 

The use of "I", and especially its overuse, sometimes has a repellent effect, as arrogance or ex-cathedra preaching, and, for that reason, I like to avoid it whenever possible.

 

And you made a living from teaching people that “we” is considered self-serving and arrogant? ????

I stand by what I said. 

And here I thought you were referring to your buddies on this thread, like previously, you said "we told you..."

 

[lkn]

3 minutes ago, Neeranam said:

Listen to this guy, he explains it better than 'us' lol

So your source for 15% inflation is the ramblings of Michael Saylor? Look, consumer prices are measured all the time and reports are published with raw data made available.

 

If inflation was not what the government reports, it should be trivially simple to prove it. So you linking to a guy rambling for ten minutes on YouTube is not convincing me that inflation is 15%, especially as I can look at my own expenses over the last decade, and e.g. management fee in the two buildings where I have a condo, which does not double every fifth year to keep up with inflation.

 

Seriously, this is just a ridiculous claim, and if you can’t understand that, there really is no point in discussing anything with you, as you are a lost cause.

[lkn]

6 minutes ago, Mr Meeseeks said:

Michael Saylor personally bought 17,732 bitcoin at an average purchase price of $9,882.

I was talking about what he bought through MicroStrategy, as we cannot audit his private purchases, and therefore have no idea if he e.g. omitted purchases done in 2021 to make average cost price lower.

 

What he bought with MicroStrategy funds have an average cost price closer to $30k iirc.

[Neeranam]

1 minute ago, lkn said:

So your source for 15% inflation is the ramblings of Michael Saylor? Look, consumer prices are measured all the time and reports are published with raw data made available.

 

If inflation was not what the government reports, it should be trivially simple to prove it. So you linking to a guy rambling for ten minutes on YouTube is not convincing me that inflation is 15%, especially as I can look at my own expenses over the last decade, and e.g. management fee in the two buildings where I have a condo, which does not double every fifth year to keep up with inflation.

 

Seriously, this is just a ridiculous claim, and if you can’t understand that, there really is no point in discussing anything with you, as you are a lost cause.

Ah, when you are proved wrong, you start the insults, this is rather sad.

 

I really can't believe the nonsense you post. You say inflation is under 2%, are you for real?

You are obsessed with links, so please provide 'us' a link to this. 

 

Then you, as a non-native English speaker try to tell us that one can use 'we' in academic writing lol

[lkn]

4 minutes ago, Neeranam said:

And here I thought you were referring to your buddies on this thread, like previously, you said "we told you..."

If I wrote “we told you” then yes, that would refer to me, and other people in this thread, who said the same.

 

It all depends on context, you should know that, as someone who taught English.