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

[Father of Godfahter]

 It fails to reach 70 k. When all those who bought it in the 20-50k range will understand that they will not be able to triple or even double their investment (while going through the hell of the insane volatility almost every other month) - then a sell-off will become inevitable. Back to  1k.  Enough to support bitcoin’s main functions: drug dealing, ransom money, tax evasion and similar.

 

Edited December 30, 2021 by Father of Godfahter

[ed strong]

6 hours ago, Stocky said:

I have no need of the extra risk. 

Everything we do is a risk, moving to Thailand was a massive risk and no doubt created some anxiety throughout the process but im bet you are glad you did it.

 

Driving in Thaland is a massive risk, getting married etc,

[Neeranam]

Amazing, some people are so scared of Crypto, they write nothing but give little sad faces on every one of posts ????

[Neeranam]

12 minutes ago, Father of Godfahter said:

Enough to support bitcoin’s main functions: drug dealing, ransom money, tax evasion and similar.

Its been proven that those things mentioned like drug dealing, have 70 times more us dollars used for it than bitcoin. 

Tax evasion is harder as every transaction is recorded, duh. 

 

 

Edited December 30, 2021 by Neeranam

[allanos]

Still the same old crypto FUD by keyboard warriors who know less than nothing about it.

 

It's a vehicle for money laundering, it's unregulated, it has no tangible assets and it scares me $h1tless. 

 

There is NO COMPARISON whatsoever by the amount of drug trafficking, arms dealing, people trafficking, money laundering, in fiat currencies (chiefly the US Dollar), and crypto currencies! Such a comparison speaks to a feeble mind, taking on board the nonsense pushed out by the MSM.

 

It's true that the majority of crypto is unregulated, particularly as there is no FDIC cover available as yet. However, Gary Gensler from the SEC has stated that Bitcoin is a property/ or cryptoasset, and as such is a product which finds favour with the SEC.

 

Fiat dollars are only backed by the word of the US Treasury; America is in debt to somewhere in the region of $28 trillion. For those who are unaware of the enormity, take a look at the US Debt Clock. If something scares you $h*tless, it should be this. Bitcoin is digital gold, and will protect you in future.

 

Bitcoin spot etf markets are legal in Canada. The first Bitcoin futures etf exchange is trading legally in the US of A., and spot etf markets are sure to follow. The future looks brighter every day. And yes, more regulation of bitcoin will be very welcome, it will solidify its premier position in the world of crypto, where the other "rats and mice" will have a hard time staying relevant. And I say this as an owner of some Ethereum, also.

 

Die-hard "oldies"  are having a difficult time envisioning, let alone comprehending, what the digital future looks like, and how it will affect us all. As well as crypto, we have De-Fi, NFT's, and now the METAVERSE beckons, being embraced as it is by Face Book as its name change implies. We need to be part of the solution NOW, not awakening in the future and wondering what the F happened!!!

 

For the last few years, I have been buying small amount of Bitcoin for my five grandchildren on their birthdays. I firmly believe that in the next ten years or so, not only will it pay for their higher education, but will provide a small nest-egg amount for their post-graduate futures, and they will be grateful for the vision I displayed all those years earlier.

 

And I couldn't agree more. Crypto is not for everyone, if they don't have the stomach for it. It takes a certain amount of guts, and a particular attitude toward risk. Never risk more than you can afford to lose is a wise adage. I'm not sure Buffet was the first one to say it, though.

 

The OP who said no one ever lost any money with Bitcoin didn't define it properly. The people who have lost money had "weak hands", selling too soon when confronted with a temporary drop in price. "Diamond hands" are needed, strong enough to hodl when the going gets tough. The rewards inevitably come to those who are prepared to tough it out.

Edited December 30, 2021 by allanos
typo

[Neeranam]

24 minutes ago, ThLT said:

"Squid" coin from 2 months ago:
 

Literal scams abound.

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

 

Anyone uying something called squid coin deserves all they get. 

 

There was a scam using British pounds a while back, dont think that made the news. 

[CH1961]

6 hours ago, Neeranam said:

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

No, it is easy to understand. 

If you bought on 20.Oct 2021 one Bitcoin and want to sell it today, you lose just 630000+ Baht. 

 

You are right, it is not rocket science. 

It is like gambling. 

[Neeranam]

@khunjeff

 

Why the 16 sad faces in this thread? 

 

Is something depressing you? 

 

By the way we only use "khun" for other people, as a term if respect, never to ourselves????

 

I'd love to have a financial discussion with you 'khun' 

 

 

Edited December 30, 2021 by Neeranam

[Sharp]

6 hours ago, Farmerslife said:

Because I know nothing about it. It is a minefield for me in which I would lose my money in nanoseconds. 

All very well if you know what you're doing and can afford to gamble and lose but I don't and have no interest in finding out.

It's a vehicle for money laundering, it's unregulated, it has no tangible assets and it scares me $h1tless. 

That's why. 

CRYPTO or cryptography using blockchain is the most transparent means of money transfer, its because it can't be controlled by the elites is the problem so don't believe the narrative of Government and bankers who's money laundering fines are in the Billions by the way.. Do your research and you will see. 

[Neeranam]

1 minute ago, CH1961 said:

No, it is easy to understand. 

If you bought on 20.Oct 2021 one Bitcoin and want to sell it today, you lose just 630000+ Baht. 

 

You are right, it is not rocket science. 

It is like gambling. 

From the sublime to the ridiculous. 

 

Are you seriously expecting anyone to believe that? 

[Neeranam]

9 minutes ago, allanos said:

Still the same old crypto FUD by keyboard warriors who know less than nothing about it.

 

It's a vehicle for money laundering, it's unregulated, it has no tangible assets and it scares me $h1tless. 

 

There is NO COMPARISON whatsoever by the amount of drug trafficking, arms dealing, people trafficking, money laundering, in fiat currencies (chiefly the US Dollar), and crypto currencies! Such a comparison speaks to a feeble mind, taking on board the nonsense pushed out by the MSM.

 

It's true that the majority of crypto is unregulated, particularly as there is no FDIC cover available as yet. However, Gary Gensler from the SEC has stated that Bitcoin is a property/ or cryptoasset, and as such is a product which finds favour with the SEC.

 

Fiat dollars are only backed by the word of the US Treasury; America is in debt to somewhere in the region of $28 trillion. For those who are unaware of the enormity, take a look at the US Debt Clock. If something scares you $h*tless, it should be this. Bitcoin is digital gold, and will protect you in future.

 

Bitcoin spot etf markets are legal in Canada. The first Bitcoin futures etc exchange is trading legally in the US of A., and spot etf markets are sure to follow. The future looks brighter every day. And yes, more regulation of bitcoin will be very welcome, it will solidify its premier position in the world of crypto, where the other "rats and mice" will have a hard time staying relevant. And I say this as an owner of some Ethereum, also.

 

Die-hard "oldies"  are having a difficult time envisioning, let alone comprehending, what the digital future looks like, and how it will affect us all. As well as crypto, we have De-Fi, NFT's, and now the METAVERSE beckons, being embraced as it is by Face Book as its name change implies. We need to be part of the solution NOW, not awakening in the future and wondering what the F happened!!!

 

For the last few years, I have been buying small amount of Bitcoin for my five grandchildren on their birthdays. I firmly believe that in the next ten years or so, not only will it pay for their higher education, but will provide a small nest-egg amount for their post-graduate futures, and they will be grateful for the vision I displayed all those years earlier.

 

And I couldn't agree more. Crypto is not for everyone, if they don't have the stomach for it. It takes a certain amount of guts, and a particular attitude toward risk. Never risk more than you can afford to lose is a wise adage. I'm not sure Buffet was the first one to say it, though.

 

The OP who said no one ever lost any money with Bitcoin didn't define it properly. The people who have lost money had "weak hands", selling too soon when confronted with a temporary drop in price. "Diamond hands" are needed, strong enough to hodl when the going gets tough. The rewards inevitably come to those who are prepared to tough it out.

You said what I was thinking, very eloquently, thanks. 

[ThLT]

12 minutes ago, allanos said:

It's a vehicle for money laundering, it's unregulated, it has no tangible assets and it scares me $h1tless. 

 

There is NO COMPARISON whatsoever by the amount of drug trafficking, arms dealing, people trafficking, money laundering, in fiat currencies (chiefly

Lol, you're literally talking to yourself. ????
Building a straw man, based on a quote no one has said.

 

Edited December 30, 2021 by ThLT

[Walker88]

Okay, let me ask the question this way instead.....

 

Raise your hand if you DIDN'T issue a crypto this year.

 

One crypto might be finite, but there is ZERO barrier to entry, so cryptos are infinite, but lack the taxing authority of a sovereign who issues fiat.

 

I hear crypto day-trading geniuses who 'diversify' into other 'finite cryptos', failing to see the irony.

 

Get a cute name, an even cuter logo, and amaze your friends by being Satoshi 2.0......or is that Satoshi 2x10^5?

 

Besides being a horrendous waste of energy, crypto will never replace banks. Too volatile and no efficient way to hedge. Borrow at btc 20K but repay ar btc 50K? How do you say 'default' in crypto-speak? Also, if it's anonymous, how are debt collectors going to know whose legs to break? Sell a Tesla for 3 btc at 60K on a Friday, and on Monday the 'value' is half what it was? Volatility makes crypto a mere speculation, always in need of the proverbial Greater Fool.

 

Yes, nobody has to work anymore. Nobody has to make anything. We'll all just sit in our jammies on the sofa trading crypto and get rich rich rich!.

 

"Nothing from nothing leaves nothing"---Billy Preston

 

(I spent many years as a successful hedge fund trader. I know one can make money trading this passing fad, just as one could have made money being long Pets.com until April 2000. Just don't marry a trade, especially when the Shoeshine Boys are now arriving in droves on the scene.)

[khunjeff]

6 hours ago, Neeranam said:

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?

The same could be said of many Ponzi schemes and other scams - there's a reason that potential investors are always warned that "past performance is no guarantee of future results." Buying anything just because its price has been going up is just FOMO, which is the force that's motivating most new crypto speculators.

 

2 hours ago, Neeranam said:

Most of my family own crypto, except my older brother. My children, wife, sister, nephews, neices, mother, aunt, uncle. My Thai mother-in-law is asking how to buy Bitcoin.  

"Bitcoin now has started to grab the attention of the average punter — the Wall Street Journal is running articles about grandmas and grandpas looking for ways to buy in and students debating bitcoin over their Thanksgiving turkey. That’s another red flag that speculation may be getting out of hand."

 

https://www.latimes.com/business/hiltzik/la-fi-hiltzik-bitcoin-bubble-20171201-story.html

 

The problem with Bitcoin isn't its volatility or newness, it's that it isn't based on anything other than its own self-created rarity. Crypto fanboys usually start yelling "But Blockchain!!" at this point, and I agree that Blockchain is a very promising technology with a lot of practical uses. But Blockchain and Bitcoin are NOT the same thing - it's entirely possible, if not probable, that the former will succeed spectacularly and the latter will crash and burn.

 

Are established financial institutions getting into crypto? Yes, in amounts that are tiny compared to their overall assets. Why? Partially as an asymmetrical bet with a small amount of money, just in case, and partially because their customers want it, and there's money to be made making customers happy even if what you're selling them is trash.

[Neeranam]

34 minutes ago, Etaoin Shrdlu said:

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

Bitcoin was invented so you don't have to deal with crooks like Morgan. 

 

I think you are just trolling now. 

[Neeranam]

47 minutes ago, KannikaP said:

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. 

Indeed, if you bought at 67k 6 weeks ago and sold today you would be in loss. 

Forget the 600, 000,000 % increase since 2009, that is totally irrelevant! 

[ThLT]

2 minutes ago, Neeranam said:

I think you are just trolling now. 

Some people don't believe in cryptos, and say why.
At first you said you felt attacked. Now you feel trolled. ????

[Neeranam]

41 minutes ago, ThLT said:

 

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/

You are not forced to buy all the coins. 

 

Are you serious? 

 

How many top 100 coins are in the negative from 1,2,3,4 or 5 years ago. 

 

 

[ThLT]

1 minute ago, Neeranam said:

Indeed, if you bought at 67k 6 weeks ago and sold today you would be in loss. 

Forget the 600, 000,000 % increase since 2009, that is totally irrelevant! 

The good old "imagine if you had invested that in the past" argument... ???? 
As amateur investing as it gets.

[Neeranam]

56 minutes ago, OneMoreFarang said:

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.

 

 

Its obvious you are not an expert, no need to say. 

 

Do you know what NFTs are? 

Have you heard of DeFi? 

Did you know banks do cross border payments using cryto? 

 

Bubble, my bottom! 

 

 

[ThLT]

11 minutes ago, Neeranam said:

You are not forced to buy all the coins. 

 

Are you serious? 
 

How many top 100 coins are in the negative from 1,2,3,4 or 5 years ago. 

Top 100 coins. Out of how many total? 1689 as of right now. 

How many of those top 100 coins will exist in the future?
 

Edited December 30, 2021 by ThLT

[khunjeff]

13 minutes ago, Neeranam said:

@khunjeff

 

Why the 16 sad faces in this thread? 

 

Is something depressing you? 

 

By the way we only use "khun" for other people, as a term if respect, never to ourselves????

 

I'd love to have a financial discussion with you 'khun' 

That was actually a "confused" face, and I've added several more - my post above may explain why.

 

Thank you for the (accurate) comment about my username. Your advice on Thai culture is nearly as valuable to me as your insights on finance ????

[Neeranam]

1 hour ago, KhruGin said:

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.

How can an asset that started the year at 30k have been at a loss for 50% the year when it never went below 30k and reached 67k?

[KannikaP]

9 minutes ago, Neeranam said:

Indeed, if you bought at 67k 6 weeks ago and sold today you would be in loss. 

Forget the 600, 000,000 % increase since 2009, that is totally irrelevant! 

And if I had picked number 34 in last weeks' lottery, instead of 67, I would be a good few percent up.

[Phoenix Rising]

3 hours ago, Neeranam said:

The asymmetrical opportunity of a lifetime. I have nothing to gain by introducing others to crypto. The upside is so much higher than the downside, unless you invest in a low cap altcoin that no one has heard of. You really can't go wrong if you invest in the top 50 coins. Sure, you may have to wait a couple of years for the huge gains.

 

I think that reflect the demographics of ThaiVisa, ie retirees. 

Most of my family own crypto, except my older brother. My children, wife, sister, nephews, neices, mother, aunt, uncle. My Thai mother-in-law is asking how to buy Bitcoin.  

And in an earlier thread you started about the exact same subject you claimed you MIL was dealing in crypto already. Don't know about the rest of you guys but my BS meters is showing a strong and steady reading....

Edited December 30, 2021 by Phoenix Rising

[ThLT]

28 minutes ago, allanos said:

The OP who said no one ever lost any money with Bitcoin didn't define it properly. The people who have lost money had "weak hands", selling too soon when confronted with a temporary drop in price. "Diamond hands" are needed, strong enough to hodl when the going gets tough. The rewards inevitably come to those who are prepared to tough it out.

With your argument, you fallaciously only present it by using the best coin in existence. Of course your argument seems strong. ????

But how many have lost money with crypto?

 

Edited December 30, 2021 by ThLT

[OneMoreFarang]

8 minutes ago, Neeranam said:

Its obvious you are not an expert, no need to say. 

 

Do you know what NFTs are? 

Have you heard of DeFi? 

Did you know banks do cross border payments using cryto? 

 

Bubble, my bottom! 

I actually read about NFTs. Another crazy bubble.

And I thought banks use SEPA or SWIFT. That must be my ignorance. 

 

And about being an expert or no expert: Are you an expert? What makes you an expert?

[Neeranam]

1 minute ago, ThLT said:

But how many have lost money with crypto?

I'd love to hear from them as I know none, yet know many who made lots. 

 

Anyone here lost money on crypto? 

 

It would be almost impossible, unless you went all in on only one of them. 

 

[Stocky]

37 minutes ago, ed strong said:

Everything we do is a risk, moving to Thailand was a massive risk and no doubt created some anxiety throughout the process but im bet you are glad you did it.

 

Driving in Thaland is a massive risk, getting married etc,

Yes, as I said I have no need of the EXTRA risk

[KannikaP]

17 minutes ago, Neeranam said:

Indeed, if you bought at 67k 6 weeks ago and sold today you would be in loss. 

Forget the 600, 000,000 % increase since 2009, that is totally irrelevant! 

You are correct........totally irrelevant, as were last weeks' lottery numbers.