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

[ThLT]

Just now, ukrules said:

What's the limit on dollar divisibility?

 

There is no limit, is there?

Yes, there is. $0.01, and a few more decimal place in some cases.

[ThLT]

It's like saying: there are only 21 million tons of rice left in Thailand (population: 70 million). "Hurry up! There are only 21 million tons left. 49 million people won't get to eat this week if we don't buy one of those 21 tons!!!"

Edited January 23, 2022 by ThLT

[LoveThai94]

2 minutes ago, ThLT said:

Yes, there is. $0.01, and a few more decimal place in some cases.

I am going to the bank to tell them my $5 is actually $50 because i divided it up.

[LoveThai94]

1 minute ago, ThLT said:

It's like saying: there are only 21 million tons of rice left in Thailand (population: 70 million). "Hurry up! There are only 21 million tons left. 49 million people won't get to eat!!!"

That is garbage.

Only 21 million people can eat well!

 

Oh maybe we will divided it up and give it to everyone!

 

Really!, i want to see you come in a divide up my property.

 

Nonsense!

[ukrules]

8 hours ago, Neeranam said:

Right, I was not asked for my WP when I registered with Bitkub. 

Yeah, if there's going to be any tax at all they're talking about a withholding tax.

 

How exactly they would work out what's profit and what's not is beyond ,me, and, I suspect them.

 

For example, lets say I buy 200k Baht worth of various various crypto currencies of which 150k Baht of them disappear into the ether of the internet forever (maybe I spend them or lose it on a leveraged trading liquidation) and they never find their way back to Thailand but at some point I send 50k Baht worth of coins (not necessarily the same ones I purchased) back to the exchange, sell it then withdraw to the my local bank account.

 

Is that 'profit' ?

 

If they do charge a withholding tax then I suspect it will be 'held' like interest payments on bank accounts for those of us who don't have local tax id numbers, you can claim it back if applicable but that requires tax registration which requires a reason, no work permit is required if you have a reason.

 

[ThLT]

4 minutes ago, LoveThai94 said:

That is garbage.

Only 21 million people can eat well!

 

Oh maybe we will divided it up and give it to everyone!

 

Really!, i want to see you come in a divide up my property.

 

Nonsense!

I repeat:

I guess you're the person who would be panicking if there would be only 21 million tons of rice left. Thinking: "I need to buy a ton before all the tons are gone!" 

 

Edited January 23, 2022 by ThLT

[LoveThai94]

Just now, ThLT said:

I repeat:

I guess you're the person who would be panicking if there would be only 21 tons of rice left. Thinking: "I need to buy a ton before all the tons are gone!" 

Nice switch.

I am the person who will buy when you sell and sell when you buy!

You got me confused!

Come again.

[ThLT]

3 minutes ago, LoveThai94 said:

You got me confused!

Come again.

Read it again:

I guess you're the person who would be panicking if there would be only 21 million tons of rice left. Thinking: "I need to buy a ton before all the tons are gone!" 

Now replace with "BTC":

I guess you're the person who would be panicking if there would be only 21 million BTC. Thinking: "I need to buy one BTC before all the BTC are gone!" 

Edited January 23, 2022 by ThLT

[LoveThai94]

On 1/24/2022 at 3:18 AM, ThLT said:

 

 

Illustration

I bought .005 of amazon shares, did they issue more?

 

Logic

Bill Gates owns all the land in Texas for me to share this land up what will i have to do?

[LoveThai94]

On 1/24/2022 at 3:21 AM, ThLT said:

 

you want me to break this down?

That i am going to be panicking that something is going to run out and i need to get in?

 

Ok

This is me.

The guy that will be pulling rope on one side and switch to the other side to keep my advantage.

 

[ThLT]

On 1/24/2022 at 3:29 AM, LoveThai94 said:

 you want me to break this down?

That i am going to be panicking that something is going to run out and i need to get in?

The point is that you are the kind of person panicking to buy 1 ton of rice, because you tell yourself that there are only 21 million tons left, and 70 million people in Thailand. Because you don't seem to understand that tons can be divided into bags.

Exactly like the false scarcity of 21 million Bitcoins, to incite FOMO that "there are only 21 millions coins, buy now before they are all gone!" Since each individual BTC can be divided into individual Satoshis/0.00000001 BTC. There is no scarcity. It's just a FOMO tactic. 

The more BTC increases in monetary value, the more the 1 BTC unit of measurement becomes irrelevant. At a certain point—exactly like at the moment—people will be talking more and more in Satoshis—of which there can be 2,100,000,000,000,000 (2.1 quadrillion). In the future, theoretically, exactly like 1 BTC right now, 1 Satoshi (0.00000001 BTC) could be worth $36,000, meaning there would be 2,100,000,000,000,000 (2.1 quadrillion) units of BTC each worth $36,000 in circulation, rather than 21 million. The scarcity that there are only 21 million coins/units is a false scarcity.

 

[LoveThai94]

If you have 1 meter and divided it up into millimeters you still have 1 meter.

 

The other guy understand that it would take a reformat to add more which means they have to get the coordination of the vested parties.

 

Companies split stocks when the prices is high to bring in new people, this also moves the price up with no added value but accepted so don't even think about going there.

 

[ukrules]

1 hour ago, ThLT said:

Yes, there is. $0.01, and a few more decimal place in some cases.

So there's a firm limit or not?

[ThLT]

On 1/24/2022 at 5:27 AM, LoveThai94 said:

Infinite numbers does not equal to infinite supply.

Cryptos is fixed, unlike gold, currency, oil etc.

Crypto is fixed?

Unlike gold? ???? Unlike oil? ????

 

There isn't a fixed/finite amount of gold, and especially oil on this planet? ????????????

 

 

[jmccarty]

1 hour ago, ThLT said:

The point is that you are the kind of person panicking to buy 1 ton of rice, because you tell yourself that there are only 21 million tons left, and 70 million people in Thailand. Because you don't seem to understand that tons can be divided into bags.

Exactly like the false scarcity of 21 million Bitcoins, to incite FOMO that "there are only 21 millions coins, buy now before they are all gone!" Since each individual BTC can be divided into individual Satoshis/0.00000001 BTC. There is no scarcity. It's just a FOMO tactic. 

The more BTC increases in monetary value, the more the 1 BTC unit of measurement becomes irrelevant. At a certain point—exactly like at the moment—people will be talking more and more in Satoshis—of which there can be 2,100,000,000,000,000 (2.1 quadrillion). In the future, theoretically, exactly like 1 BTC right now, 1 Satoshi (0.00000001 BTC) could be worth $36,000, meaning there would be 2,100,000,000,000,000 (2.1 quadrillion) units of BTC each worth $36,000 in circulation, rather than 21 million. The scarcity that there are only 21 million coins/units is a false scarcity.

 

When you put it in US$ exchange perspective @ $36,000, if your BTC1 loses one or more decimal place the other direction, on the way toward 2.1 quadrillion like these currencies https://www.fleur-de-coin.com/articles/worthless-money did.  Albeit,  BTC is supposed to be immune to the reasons for and behind these examples.  And it already has behaved diametrically opposed for complete other reasons that can't be pinpointed.  How many BTC do you get for $1? 0.0000283.  This scares the uninitiated that have seen fiat currencies devalue fast and BTC behave as it has for no known reason.  Scarcity? They are not scarce at all as THLT points out. 

So if in this perspective, buying into BTC now, all it has to do is continue to drop decimal places and the BTC owner wins.  (Check my math) You have $10 when it gets to 0.00000283. 

[ThLT]

On 1/24/2022 at 5:27 AM, LoveThai94 said:

Cryptos is fixed, unlike gold

Cyptos are fixed, exactly like gold, which is almost entirely fixed/finite. That was the intention of Satoshi Nakamoto. To make "digital gold."

 

 

[ThLT]

6 minutes ago, jmccarty said:

Scarcity? They are not scarce at all as THLT points out. 

So if in this perspective, buying into BTC now, all it has to do is continue to drop decimal places

Thank you. ????

 

Edited January 23, 2022 by ThLT

[LoveThai94]

18 minutes ago, ThLT said:

Cyptos are fixed, exactly like gold, which is almost entirely fixed/finite. That was the intention of Satoshi Nakamoto. To make "digital gold."

 

In five words you managed to display your ignorance both about traditional economics and crypto. That's quite a feat. ????

 

How much gold do we have in the world?

Where does gold comes from?

Digital gold is taken out of context.

[LoveThai94]

19 minutes ago, ThLT said:

Thank you. ????

 

The idea is to increase in value, this just not take away from the limitation.

 

 

 

Splitting and increasing two different things.

 

 

[LoveThai94]

Maybe its time to switch sides.

 

Crypto is not a good investment.

 

Pay attention now.

[Pravda]

Bitcoin as a currency has limited supply.

 

Crypto as a whole has unlimited supply.

 

Every day there are more cryptos on the market hence diverting the investment from Bitcoin into other "digital currencies". 

 

Technology is ever evolving. Bitcoin may well become worthless. I don't understand why some who are invested in this refuse to acknowledge this fact, unless they are lying to themselves.

 

 

[Mr Meeseeks]

16 hours ago, ThLT said:

Those are Thai laws you are describing?

If Bitkup requires to provide nationality, or further documents to have an account, then that's that for foreigners trading with Bitkup.

 

Have you ever tried getting a Thai tax number on a tourist visa? The 15% tax will soon be compulsory. How do you do that on a tourist visa?

I'm a permanent resident, why would I do anything on a tourist visa?

 

I pay personal income tax at 35% on all my income. 

[Neeranam]

Average correction in BTC is 57%.

Average gains after dip - 362%

 

 

[Mr Meeseeks]

8 hours ago, LoveThai94 said:

Who buys and hold a meme coin?

I made quarter of a million dollars from a $4000 investment in a meme coin. ????

[Mr Meeseeks]

16 hours ago, lkn said:

Distinguishing between the network and the token. Much of what you mention are related to having an international payment network (like Wise, Western Union, SWIFT, etc.), and people pay to use those networks, even the bitcoin network, you pay to use that network, so its value can be measured in transaction fees collected.

 

To some degree, you can include the inflation caused by block rewards in calculating the value of the network.

 

But tokens themselves have zero value.

You are again not able to understand what intrinsic value of BTC is based on.

 

Bitcoin does not require to trust a third party to send money between parties as the centralised systems you mentioned do. 

 

Thus there is no risk, it is more secure, cannot be hacked, is verifiable etc.

 

Everything those centralised networks are not.

[suzannegoh]

3 hours ago, Mr Meeseeks said:

I made quarter of a million dollars from a $4000 investment in a meme coin. ????

Did you sell?

[lkn]

3 hours ago, Mr Meeseeks said:

You are again not able to understand what intrinsic value of BTC is based on.

 

Bitcoin does not require to trust a third party to send money between parties as the centralised systems you mentioned do. 

 

Thus there is no risk, it is more secure, cannot be hacked, is verifiable etc.

 

Everything those centralised networks are not.

You seem to be confused about what I am referring to with the bitcoin network.

 

Do you know Bitcoin Gold? It is a hard fork of Bitcoin, so it should have all the same properties, right?

 

But several attacks have been made against it, one resulting in $18M worth of USD lost from various exchanges due to double-spend attacks.

 

How could this happen if bitcoin is all the things you say it is?

 

It happened because the security is relative to the network size, ergo, it is the network that provides the security and thus value. But the network also costs money to run, and you pay to use the network, both directly via mining fees, and indirectly, via block rewards.

 

[Pravda]

3 minutes ago, suzannegoh said:

Did you sell?

 

Of course. Guys like him always sell at the top.

[Muzzique]

On 1/21/2022 at 10:45 AM, ThLT said:

Yes, cryptocurrencies are dependent on blockchain/cryptography, but they are still different things.

No they're not. 

[ThLT]

4 minutes ago, Muzzique said:

No they're not. 

There can be blockchain without it being cryptocurrency. So, yes, they are two different things. A car motor and a steering wheel are different things, even if a car requires both.