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

[ThLT]

6 minutes ago, Neeranam said:

Do you mean the 91-year-old guy? 

Warren Buffett, the guy who has a net worth of $102 billion from investing. 

Do you even have 0.001% of that as a crypto trader????? 

 

[Brick Top]

3 hours ago, Neeranam said:

Don't you want to maximize your investments?

Do you have any investments?

 

I think the fact that Thailand's oldest bank and the largest in SE Asia has bought Bitkub rules out all the past worries about high risk. 

Try telling that to all the investors who lost money when Lehman Brothers collapsed 

[Neeranam]

5 minutes ago, Brick Top said:

Try telling that to all the investors who lost money when Lehman Brothers collapsed 

Obviously bitcoin would protect such investors from a similar thing happening again, which will happen. 

 

This guy explains it very well.

 

 

[khunken]

As a person who has been familiarising myself with the crypto space for a while, but has not taken the plunge, here's why:

 

I do not wish to buy crypto with a credit/debit card as AFAIK, there is no way to sell back to a fiat currency.

Which exchanges, Thai or overseas, allow a Thai bank account (BBL) to be linked to the exchange for buying AND selling?

[Yellowtail]

1 hour ago, Neeranam said:

Bad timing, BTC was 30k in July at a local bottom, and 67k in November. 

 

How long did you hold it for?

 

I recommend a minimum of 3 years for those who know the basics. 

52 months

[Neeranam]

8 minutes ago, Yellowtail said:

52 months

Well done, you made a very nice profit of I guess 1000%

[Neeranam]

14 minutes ago, khunken said:

As a person who has been familiarising myself with the crypto space for a while, but has not taken the plunge, here's why:

 

I do not wish to buy crypto with a credit/debit card as AFAIK, there is no way to sell back to a fiat currency.

Which exchanges, Thai or overseas, allow a Thai bank account (BBL) to be linked to the exchange for buying AND selling?

You can buy y sending baht from your Thai bank using the phone app instantly, then also instantly back to baht using Bitkub, Coins.th, Satangpro.

Actually, most foreign eschanges allow this. I know Binance and Kraken do.

[OneMoreFarang]

39 minutes ago, Neeranam said:

I have nothing to gain by introducing others to crypto.

That is obviously wrong.

The crypto bubble will only bubble more and more if more and more people put money into crypto.

If nobody would invest anymore then the system would collapse.

 

Obviously it's not you alone who influences other people. But you are one of them and your future profit is proportional to the amount of people who join your club. And obviously you know that.

[Neeranam]

1 minute ago, OneMoreFarang said:

That is obviously wrong.

The crypto bubble will only bubble more and more if more and more people put money into crypto.

If nobody would invest anymore then the system would collapse.

 

Obviously it's not you alone who influences other people. But you are one of them and your future profit is proportional to the amount of people who join your club. And obviously you know that.

Why do you say crypto bubble, it obviously isn't a bubble?

 

 

[khunken]

2 minutes ago, Neeranam said:

You can buy y sending baht from your Thai bank using the phone app instantly, then also instantly back to baht using Bitkub, Coins.th, Satangpro.

Actually, most foreign eschanges allow this. I know Binance and Kraken do.

Thanks for your reply.

But I don't have a phone app for my bank account, nor do I intend to set one up. Can it be done without the phone app?

[Neeranam]

1 minute ago, khunken said:

Thanks for your reply.

But I don't have a phone app for my bank account, nor do I intend to set one up. Can it be done without the phone app?

Yeah, if you have internet banking it is faster. Otherwise, do it from the bank. 

 

Binance is easy, my mum did it there, using her UK credit card. 

[Neeranam]

you might need a phone for Binance but it is simple

 

 

[khunken]

3 minutes ago, Neeranam said:

Yeah, if you have internet banking it is faster. Otherwise, do it from the bank. 

 

Binance is easy, my mum did it there, using her UK credit card. 

Sorry, I don't understand what you mean by 'do it from the bank'.

Also, by using a credit card, how does your mum sell crypto for fiat currency?

[fabruer]

 

4 hours ago, Father of Godfahter said:

 

1. Don't loose money.

2. Never forget rule #1.

 

Now, if you can do then with crypto, than that's an asset class for you to invest. Doesn't mean it's for anyone.

There is people that manage to adhere to above 2 rules when trading futures. Doesn't mean it's for anyone.

 

With regards to risk, any investment that pays high % carries almost always higher risk than an investment that pays less %. It's as simple as that.

[wombat]

why aren't i...when gold shops in Thailand exchange crypto for gold i will.
until that happens crypto in my mind remains a Ponzi scheme for the Tech elite.

[nickmondo]

5 hours ago, Neeranam said:

Thanks for your reply. 

 

So it is hard for you to understand if you bought Bitcoin a year ago, you would be up 100%. 

If you bought it 12 years ago, you'd be up 600,000,000% and anywhere in between you would be well ahead.

 

Not exactly rocket science is it?

 

 

 

 

non regulated, no protection.

past performance is no guide to the future.

if you cannot understand why people in their latter years dont want to risk this.........then clearly you are not the brightest spark in the fire

[ukrules]

1 hour ago, Jingthing said:

On a related note:

 

Buy tulip bulbs!!!!!

Related - the bubbles of history. Note that none of them ever reinflate after they 'pop'. Except for 'Bitcoin' which appears to be somehow different.

 

The first inflation / pop event looked just like the others, that's where the similarity ended.

[ThLT]

10 minutes ago, ukrules said:

 

The only thing your graph shows (which has a typo on the Y axis, by the way) is that Bitcoin hasn't popped yet.
 

[Jingthing]

Bitcoin is not an investment.

Its a ponzi scheme.

It depends on an infinite parade of suckers.

But even suckers aren't infinite.

 

 

[ukrules]

3 minutes ago, Jingthing said:

Its a ponzi scheme.

Ponzis offer a rate of return, Bitcoin doesn't - that nullifies your hypothesis.

 

[Neeranam]

There's a sore I used about 4.5 years ago that gives free bitcoin. 

 

I see they are still operating. Every hour press a button and you get a little. 

 

A good introduction to owning btc, if you are scared. 

 

I am not giving my referral code BTW. 

 

 

https://freebitco.in/?op=home

[KhruGin]

4 hours ago, Neeranam said:

Nobody who bought bitcoin has lost money, except those who bought exactly 6 weeks  ago and sold since then. Of course, anyone who did that was extremely stupid. 

Not true. 

 

Coinglass "Bitcoin profitable days" snapshot 4.20 pm today. Simple, green in profit, red in loss as to todays spot price. Without pedantically counted the exact days, its about 50 50 for the whole year bar 1 day as its the 30th.

 

4 hours ago, ThLT said:

Crypto is a bubble.
Imaginary assets. Almost 100% speculation. 

 

I'm not saying it's bad, or that I won't buy any... but it is what it is.

There is always that chance with an immature market. I feel that it isn't and that it could well be the next step in financial evolution that will carry on way beyond our lives on this planet .....but you never know. Thus .....

 

3 hours ago, Neeranam said:

Never invest more than you can afford to lose is a great piece of advice.  

 

Exactly what I have done for more than 3 years and its worked out fantastic and now all that's left is pure profit to continue speculating with. Feb 2021 I recouped all my original investment and shipped it back into baht which is a move I'm very happy with to this day.

 

Crypto is indeed a minefield, the wild west, high risk, madly manipulated, full of people with <deleted> advice and so on. Keep that in mind, watch out for the moonboys, shills, fomo and fud and you may be fine with it. DYOR do you own research is an absolute key to this game and if you can't be bothered then stay away imo. 

Crypto, it ain't for everyone at the end of the day.

[ThLT]

12 minutes ago, ukrules said:

Ponzis offer a rate of return, Bitcoin doesn't - that nullifies your hypothesis.

So ponzi schemes aren't as bad as Bitcoin? ????

[OneMoreFarang]

1 hour ago, Neeranam said:

Why do you say crypto bubble, it obviously isn't a bubble?

Personally I think it is a bubble. I don't know the exact definition of that. But it seems to me the whole crypto movement is almost totally disconnected from reality. It might get bigger and maybe people including you and maybe even new investors will make a lot of money with it. But maybe not. Because what has crypto to do with reality? As far as I see very little. IMHO it's an independent bubble.

 

And obviously I am not pretending I am the expert here, I am not. And just for that reason I think it's a good idea for me and all the other non-experts to assume it is a bubble and it will or at least could burst.

 

 

[KannikaP]

5 hours ago, Neeranam said:

Thanks for your reply. 

 

So it is hard for you to understand if you bought Bitcoin a year ago, you would be up 100%. 

If you bought it 12 years ago, you'd be up 600,000,000% and anywhere in between you would be well ahead.

 

Not exactly rocket science is it?

 

 

 

 

And if you bought in the last month or so? As all adverts for investing (gambling) say, past performance is no indication of future. Your capital can go down as well as up. 

[jesimps]

6 hours ago, FritsSikkink said:

How many people lost money on bitcoin? 

Those that panicked and sold for lower than what they bought, however many that may be. There are a lot of patient millionaires in crypto who started with next to nothing. Patience is the secret.

[ThLT]

 

4 minutes ago, jesimps said:

Those that panicked and sold lower than what they bought, however many that may be.

It's almost 2022. The correct question would be "how many have lost in cryptocurrencies." So many scam coins, so many coins that crashed and don't exist anymore.

https://www.coinopsy.com/dead-coins/

[ThLT]

"Squid" coin from 2 months ago:
 

Quote

This happens when the promoter of a digital token draws in buyers, stops trading activity and makes off with the money raised from sales.
 

Squid coins's developers have made off with an estimated $3.38m

Literal scams abound.

https://www.bbc.com/news/business-59129466

 

[Etaoin Shrdlu]

Morgan Stanley has started to offer crypto-related investments to its clients. In order to be able to buy these securities, a client must have at least $2 million in assets invested with MS (twice the amount needed to be an accredited investor) and have a very aggressive risk tolerance based upon MS's metrics. Additionally, MS advisors are not allowed to sell crypto-related investments to their clients in excess of 2.5% of the value of their portfolios.

 

MS goes to great lengths to try to describe the risks associated with investing in crypto, both those specific to technical issues such as a breakdown in the computer code underlying the system as well as the fact that there is no tangible asset or revenue stream underpinning the valuation. This tells me that MS does not believe that crypto is a Ponzi scheme, but that it is an extremely risky investment and only appropriate for certain investors.

 

So far, crypto seems to be enduring longer than historical bubbles, but it may also be the first bubble to be able to draw upon a truly global pool of potential participants, thus extending its life compared to previous ones. But some other schemes have lasted a long time, too, such as those run by Bernie Madoff and, closer to home, Mae Chamoy Thipyaso.

 

Perhaps if I were thirty years younger and had time to re-coup possible losses, I'd put some money in crypto. But for me right now it carries more risk than I am prepared to accept and that's discounting the question of whether it is a bubble like the Dutch Tulip Mania or South Sea Company.

 

[chicowoodduck]

I don’t buy because my name is Billy, not silly! ????????????