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

[OneMoreFarang]

7 minutes ago, KannikaP said:

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

I always thought #33 is the hottest one. But maybe that is only me. ???? 

[Neeranam]

Just now, OneMoreFarang said:

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

Get with the times. 

 

That 1970s tech that takes a week to send money internationally! 

 

https://cryptopotato.com/swift-plans-to-explore-tokenized-assets-in-q1-2022/

[allanos]

 

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. 

 

The above quote is an interesting one, and deserves highlighting. The post it comes from is intelligent and well-reasoned. However, I would respond as follows:

 

If we could use a time machine, and go back 5 000 years, imbued with the abstract reasoning we have today, wouldn't we be saying the same thing about gold (and, to a lesser degree, silver)? It was simply a shiny metal, extremely rare, difficult to mine, yet having no especial utility. What was it backed with, or by? The answer to that rhetorical question is NOTHING, other than its relative scarcity.

 

Yet, it found favour, became a store of value. The rest, as they say, is history.

 

For those who cannot see the parallel with bitcoin, it is pointless trying to explain.

 

But there are many points of departure, one of these being that crypto, specifically Bitcoin, represents the future that we are all destined to occupy for the rest of our individual lives. We might therefore say that crypto is a BET on the future (and which will surely arrive unless Amageddon comes along first)!

 

Another point of departure, particularly for those who keep using the word PONZI, the meaning of which they clearly have no understanding of, is that gold has an inflationary element of around 2%. If we want more, we mine the stuff. Elon has gone so far as to say that one day we will increase its inflation by digging it up on asteroids. Is gold therefore, to such critics of Bitcoin, a PONZI scheme?

 

Bitcoin has an inflationary element of less than 1% p.a., and here's the thing, the reward for mining it is HALVED EVERY FOUR YEARS. The software, for those who understand, cannot therefore be inflated beyond what is embedded in the code.

 

Similarly, no more than 21 million Bitcoin can ever be produced, a built-in hedge of scarcity for the future.

 

I would like the geniuses yelling PONZI to explain how Bitcoin is one such example . . . I'm waiting!

 

As to another valuable point of difference between Bitcoin and gold, try moving a billion dollars of either around the world, in minutes, fully cash-settled, at a low cost.

 

Welcome to the Bitcoin world!

[ThLT]

2 minutes ago, Neeranam said:

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

If you think no one has lost money on crypto, you are even more delusional than I thought. ????

[OneMoreFarang]

4 minutes ago, Neeranam said:

Get with the times. 

 

That 1970s tech that takes a week to send money internationally! 

 

https://cryptopotato.com/swift-plans-to-explore-tokenized-assets-in-q1-2022/

Did you consider being a consultant and training all those bankers who obviously don't know what they are doing?

I am sure they will all be delighted to profit from your wisdom. 

[allanos]

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

 

My argument is almost exclusively about Bitcoin, as 95% of the crypto I hold is Bitcoin. The other 5% is Ethereum, which I hold for a separate reason, and clearly not for diversification purposes as the imbalance would reflect.

 

There is nothing false about ANY of the comments I make on this forum. They are able to be substantiated for anyone who has the wit to research them.

 

And I would certainly AGREE with you, Bitcoin is the BEST COIN (if not the only coin worth mentioning), in existence. 

[clivebaxter]

Ponzi scheme for the greedy and gullible, not that many have not made on it, in the end the bubble will burst. If it were that good why do I get constant emails and messages trying to rope me in?

[ThLT]

13 minutes ago, allanos said:

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. 

 

The above quote is an interesting one, and deserves highlighting. The post it comes from is intelligent and well-reasoned. However, I would respond as follows:

...

Your "crypto is like gold" argument has been refuted numerous times in the past 10 years. 

For one, gold physically exists. For two, it has uses: electronics, jewelry and others. And three: it has existed as an asset for thousands of years.

And, anything can be a store of value. So the argument that crypto is particularly valuable because it can store value was moot right from the start.
 

Edited December 30, 2021 by ThLT

[Walker88]

44 minutes ago, khunjeff said:

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.

 

"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.

And if anonymity is its draw, how does a bank offering crypto do credit analysis? Just assume everyone has a FICO score of 900?

 

That worked well in 2008.

 

'asymmetric bet'  good choice of words.  Also....FEES! Skim a little off the day trading geniuses.

 

Of the major cryptos, .1% of its holders control over 25% of the coins. That makes Bezos', Gates', or Musk's company holding % look like pikers. Don't like to be long when others control the game, because I am their chump whenever they so choose.

 

I think something like btc survives, albeit at a price of maybe $1000, or eth at $100, to be used mostly by preppers, kiddieporn players, drug dealers and terrorists.

Edited December 30, 2021 by Walker88

[ThLT]

9 minutes ago, allanos said:

My argument is almost exclusively about Bitcoin, as 95% of the crypto I hold is Bitcoin. The other 5% is Ethereum, which I hold for a separate reason, and clearly not for diversification purposes as the imbalance would reflect.

 

There is nothing false about ANY of the comments I make on this forum. They are able to be substantiated for anyone who has the wit to research them.

Clearly the topic of this thread isn't "allanos' crypto wallet"—or "statistical facts about allanos' wallet"?

 

The topic is about cryptocurrencies.

Edited December 30, 2021 by ThLT

[allanos]

18 minutes ago, OneMoreFarang said:

Did you consider being a consultant and training all those bankers who obviously don't know what they are doing?

I am sure they will all be delighted to profit from your wisdom. 

 

Pretty facile comment from someone with your obvious intelligence. No one has stated that bankers (or should we say "bangsters") don't know what they are doing. In point of fact, it is the reverse. 

 

Crypto, De-Fi, the NFT standard and the Metaverse represent the BIGGEST existential threat to the world of commercial banking, not to mention CENTRAL BANKING, that they have ever faced. 

 

Edited December 30, 2021 by allanos
typo

[Neeranam]

7 minutes ago, clivebaxter said:

Ponzi scheme for the greedy and gullible, not that many have not made on it, in the end the bubble will burst. If it were that good why do I get constant emails and messages trying to rope me in?

The mistake my mum made before seeing the light. 

I get more emails and letters about investing in things using baht. 

[Neeranam]

1 minute ago, allanos said:

Crypto, De-Fi, the NFT standard and the Metaverse represent the BIGGEST existential threat to the world of commercial banking, not to mention CENTRAL BANKING, that they have ever faced. 

And they are desperately trying to drop the price by spreading FUD, so they can get in cheaper. 

[Neeranam]

22 minutes ago, ThLT said:

If you think no one has lost money on crypto, you are even more delusional than I thought. ????

Strange how we haven't heard from any. 

[ThLT]

Just now, Neeranam said:

Strange how we haven't heard from any. 

Yeah, no physical trees in this forum. I guess they don't exist. ????
No prostitution in Thailand either. Police haven't found any. ????

[allanos]

9 minutes ago, ThLT said:

Your "crypto is like gold" argument has been refuted numerous times in the past 10 years. 

For one, gold physically exists. For two, it has uses: electronics, jewelry and others. And three: it has existed as an asset for thousands of years.

And, anything can be a store of value. So the argument that crypto is particularly valuable because it can store value was moot right from the start.
 

Is that your best shot?

It doesn't deserve an intelligent response.

 

Someone else said it best, "there are none so blind as those who will not see".

 

I am out of the discussion on this thread now.

[ThLT]

12 minutes ago, Neeranam said:

And they are desperately trying to drop the price by spreading FUD, so they can get in cheaper. 

Or people trying to advertise it, so they can increase the value. Kind of like this thread? ????

More people join in, more money people already in the game make. Sounds similar to something... 
 

Edited December 30, 2021 by ThLT

[Father of Godfahter]

January 8, 2021 price 41 k… Today’s price 47 k… and several huge swings (30%+) during the year. Not a dream investment by any standards.

[ballpoint]

[Pravda]

44 minutes ago, allanos said:

 

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. 

 

The above quote is an interesting one, and deserves highlighting. The post it comes from is intelligent and well-reasoned. However, I would respond as follows:

 

If we could use a time machine, and go back 5 000 years, imbued with the abstract reasoning we have today, wouldn't we be saying the same thing about gold (and, to a lesser degree, silver)? It was simply a shiny metal, extremely rare, difficult to mine, yet having no especial utility. What was it backed with, or by? The answer to that rhetorical question is NOTHING, other than its relative scarcity.

 

Yet, it found favour, became a store of value. The rest, as they say, is history.

 

For those who cannot see the parallel with bitcoin, it is pointless trying to explain.

 

But there are many points of departure, one of these being that crypto, specifically Bitcoin, represents the future that we are all destined to occupy for the rest of our individual lives. We might therefore say that crypto is a BET on the future (and which will surely arrive unless Amageddon comes along first)!

 

Another point of departure, particularly for those who keep using the word PONZI, the meaning of which they clearly have no understanding of, is that gold has an inflationary element of around 2%. If we want more, we mine the stuff. Elon has gone so far as to say that one day we will increase its inflation by digging it up on asteroids. Is gold therefore, to such critics of Bitcoin, a PONZI scheme?

 

Bitcoin has an inflationary element of less than 1% p.a., and here's the thing, the reward for mining it is HALVED EVERY FOUR YEARS. The software, for those who understand, cannot therefore be inflated beyond what is embedded in the code.

 

Similarly, no more than 21 million Bitcoin can ever be produced, a built-in hedge of scarcity for the future.

 

I would like the geniuses yelling PONZI to explain how Bitcoin is one such example . . . I'm waiting!

 

As to another valuable point of difference between Bitcoin and gold, try moving a billion dollars of either around the world, in minutes, fully cash-settled, at a low cost.

 

Welcome to the Bitcoin world!

What a dumb post.

 

I'm investor idiot and even I know gold and other metals have practical usage....such as computers and graphic cards which are ironically used to mine bitcoins....which is nothing more than a computer hash lol

Edited December 30, 2021 by Pravda

[allanos]

Of the major cryptos, .1% of its holders control over 25% of the coins.

 

A comment like this has been pulled out of someone's an*s if it is also supposed to relate

to Bitcoin.

 

The Tier One solution which is Bitcoin is built upon a blockchain foundation, transactions -purchases and sales movements - are transparent and fully open to scrutiny. As an example, how do we think the FBI has tracked down so-called "ransoms" paid to hackers?

 

Bitcoin is decentralised, unlike altcoins like Ethereum, Solana, XRP and others, which are under a central control. 

 

Ownership addresses are also transparent. Therefore it can be quantified as to how much Bitcoin is owned by the bigger players. Even combined, they do not total 25% of the amount in circulation.

 

In any case, it is almost impossible to manipulate Bitcoin in one direction or another, if that is the poster's prime concern.

[Jingthing]

17 minutes ago, ballpoint said:

Yeah its like a religion.

[allanos]

9 minutes ago, Pravda said:

What a dumb post.

 

I'm investor idiot and even I know gold and other metals have practical usage....such as computers and graphic cards which are ironically used to mine bitcoins....which is nothing more than a computer hash lol

An even dumber response. Read the full post. I can explain it to you but I can't understand it for you.

[mvdf]

8 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?

 

 

 

 

Spare yourself the stress and unrequited love. They will never understand. It's like talking to a wall. Most do not have the intellectual capacity to understand how this works. Their gears of paranoia and illiteracy are well oiled.  

[Walker88]

allanos said:

 

Crypto, De-Fi, the NFT standard and the Metaverse represent the BIGGEST existential threat to the world of commercial banking, not to mention CENTRAL BANKING, that they have ever faced. 

 

No. The biggest threat to the world of commercial banking----"existential" or otherwise, is themselves.  Failure to understand how the banking system works leads some to predict crypto replacing banks.

 

Crypto is not a threat. Too volatile. If it ceases to be volatile, by the way, it will cease to draw in the Shoeshine Boys (see Joe Kennedy, 1929), because they cannot fantasize about being day trading geniuses. As it is wildly volatile (try to price options off of it!), 'borrowers' face an enormous risk. I guess lenders would, too, since they cannot find an efficient hedge. Then there's the supposed anonymity....how to do credit analysis on an anonymous borrower? If it's not anonymous, it loses a good part of its appeal, so might as well just borrow fiat (since banks create much more of that than sovereign govts do). Also, if a bank lends crypto, what are the reserve requirements? If it's like when a bank loans fiat, and reserve requirements are, say, 10%, then the velocity of crypto approaches that of fiat, which is to say it is anything but finite. If there are 100% reserve requirements, then lending is severely limited and world GDP flatlines or---because of defaults---shrinks in a vicious circle of decline until we go back to slaughtering each other just to get something to eat.

 

In terms of use for payments, volatility is also a major drawback. No way to hedge revenue efficiently, so a seller has risk.

 

It doesn't seem to bother folks that something conjured from nothing, that uses more energy than the combined energy of Google, Apple, Netflix and Amazon---entities that produce actual products and services---is a wasteful use of a finite resource (fossil fuels)---and that's just btc, not the other 5000 existing and growing cryptos. Also, a single btc transaction uses more energy than 200 Visa or Mastercard transactions. Hardly climate friendly, but hey, I'm going to get mine before the seas rise!

[gearbox]

8 hours ago, Neeranam said:

No, according to onchain analysis it is WELL undervalued. 

 

Do some research, you can't expect to invest in something without researching. 

Easy peasy for you then, get a loan from SCB using your crypto as collateral, buy more crypto, pay  back and keep the profit. Oh wait, they'll probably want your house as collateral.

[Etaoin Shrdlu]

1 hour ago, Neeranam said:

 

I think you are just trolling now. 

I am not trolling:

 

https://www.cnbc.com/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html

Investing in Cryptocurrency.pdf

[gearbox]

6 minutes ago, mvdf said:

Spare yourself the stress and unrequited love. They will never understand. It's like talking to a wall. Most do not have the intellectual capacity to understand how this works. Their gears of paranoia and illiteracy are well oiled.  

No need to be a genius to understand it. Get early in some coin, find enough suckers, pump and dump, exit, go to the next coin. There are more than 5k of them, next year would be probably more than 10k.

[Mises]

I have some tulips and South Sea Company shares for sale if anyone is interested.

[ukrules]

2 hours ago, Neeranam said:

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

 

I think you are just trolling now. 

Bitcoin is going mainstream and some of the big investment banks are already involved. Likely front running their eventual clients by accumulating huge amounts during this year.

SCB being involved is another similar sign.