Crypto Crashes

[frantick]

3 hours ago, GrandPapillon said:

that guy is simply not there, what a loon, listen to last 10min, it's hilarious ????

Should've found a brain surgeon, much smarter probably. ????

[JeffersLos]

5 hours ago, Neeranam said:

I actually think it is old and will be overtaken as the top asset soon. 

Which do you think will become top? 

[ozimoron]

1 minute ago, JeffersLos said:

Which do you think will become top? 

The ones that fall the least whenever bitcoin drops and rise the most when bitcoin rises.

[Hummin]

3 hours ago, GrandPapillon said:

that guy is simply not there, what a loon, listen to last 10min, it's hilarious ????

7 min was enough

[fdsa]

16 hours ago, sezze said:

blabla Westernunion blabla 20 baht fee

would you be so kind to show how to pay an invoice to some company that wants a "bank transfer", via the Western Union?

 

14 hours ago, GrandPapillon said:

more like $25, but who is silly enough to do a $100 transfer with SWIFT? nobody ????

1700 THB is 49 USD so shut the ckf up.

 

-- few months ago I had to pay a €100 invoice via SWIFT because of another idiotic KYC-AML-WṪF policy one European company insisted on SWIFT as a confirmation of my name and address.

 

Edited May 18, 2022 by fdsa

[fdsa]

And another funny story: today I was refused to send my fkcing own money to whoever I want. I needed to make a SWIFT transfer to Canada, went to the bank, filled the transfer sheet, and the bank staff said they could not send the money because they want to see a printed invoice from the party I was sending to. "no need invoice if you send money to same passport name, but for different name you need show invoice"

In the perfect world of cryptocurrencies I just send whatever amount I want to whoever I want whenever I want, not only on "business hours" with tons of extra paperwork.

[fdsa]

11 hours ago, lkn said:

If you pay $50 for SWIFT transfers, it’s not due to lack of cheaper options/banks. I think you will actually have to struggle, to find a bank that actually charges this much for SWIFT transfers.

This bank is called Krungsri / Ayutthaya

[Hummin]

18 minutes ago, ozimoron said:

The ones that fall the least whenever bitcoin drops and rise the most when bitcoin rises.

Pure hypothetical question, is there possible there is a time bomb connected to btc? 
 

What happens when last coin is mined? 
 

Is it possible that Bitcoin will vanish?

Conclusion:

It's tough for us (humans and AI alike) to predict the future. However, based on what you know about human behaviour, the current Bitcoin trends, and the inherent nature of mining with proof-of-work algorithms, it's not unlikely that Bitcoin will die once all coins are mined.

https://www.state-journal.com/sponsored/is-it-possible-that-bitcoin-will-vanish/article_2f6dfe76-90d3-11ec-bf4d-53317e923908.html

[lkn]

3 hours ago, atpeace said:

Gold historically has been a great hedge against inflation

Has it really? During the pandemic, the price of gold spiked initially but has underperformed now that inflation has actually arrived.

 

Anything that does not get cheaper to produce, has minimal storage costs, long shelve life, and for which there will not be decreasing demand, is a good hedge against inflation. Therefore real estate would probably be my choice, if I were to hedge against inflation (via a real estate investment trust, so that my investment is easy to convert into cash).

 

But since economic growth generally outpace inflation, I would not just want to hedge against inflation, I want to put my money in productive assets and beat inflation — maybe when I get older, I will be more conservative and happy with I Bonds ????

[Hummin]

2 minutes ago, lkn said:

Has it really? During the pandemic, the price of gold spiked initially but has underperformed now that inflation has actually arrived.

 

Anything that does not get cheaper to produce, has minimal storage costs, long shelve life, and for which there will not be decreasing demand, is a good hedge against inflation. Therefore real estate would probably be my choice, if I were to hedge against inflation (via a real estate investment trust, so that my investment is easy to convert into cash).

 

But since economic growth generally outpace inflation, I would not just want to hedge against inflation, I want to put my money in productive assets and beat inflation — maybe when I get older, I will be more conservative and happy with I Bonds ????

Gold is perfect for not ending up empty handed no matter what, and keep you alive during crises, then I mean real crises. The drawback of gold is to secure and store it. 

[fdsa]

So, to sum up the crypto haters world: "if I do not need it then nobody else needs it"

 

- nobody transfers money outside Thailand

- even if somebody does then they pay with credit cards

- it is impossible that a company outside Thailand does not accept credit card payments

- even if it is possible then it's totally OK to pay the bank transfer fee

- 10 years ago the bank transfer fee was $10 so today it must be the same

- and it's totally OK to wait two days until Monday if it's Saturday

[Hummin]

3 minutes ago, fdsa said:

So, to sum up the crypto haters world: "if I do not need it then nobody else needs it"

 

- nobody transfers money outside Thailand

- even if somebody does then they pay with credit cards

- it is impossible that a company outside Thailand does not accept credit card payments

- even if it is possible then it's totally OK to pay the bank transfer fee

- 10 years ago the bank transfer fee was $10 so today it must be the same

- and it's totally OK to wait two days until Monday if it's Saturday

Why you guys use “haters” I prefer skeptics since hate have another meaning i doubt you understand, proving it by using it over and over in threads about crypto currency’s. 
 

People do not understand how the new age have been seperated from each other by terms and using terms like you do. Using simple strong words like this, only serve to diverse the society mor than necessary. 
 

People have become so used to abuse these words, and do not even think about it when and where they placing them. Be it investments, politics, race, culture or religion to news and media. 
 

Man Im happy Im over the top, and can sit back and see it all unfold and no kids behind me. A huge tragedy this is the future manipulated by egocentric low class wannabes.  

[lkn]

10 minutes ago, fdsa said:

This bank is called Krungsri / Ayutthaya

Kasikorn charges 250 baht (for transfers below 20,000 baht). You might get it cheaper via DeeMoney, but I have no personal experience with them, just heard good things about their service and fees.

 

This isn’t about SWIFT though, but a combination of greedy banks and the capital controls of Thailand that probably limits competition from third party money transferers.

 

I think you have previously implied you are Russian, so with current sanctions, your options are probably more limited, but I have recently become a customer of Revolut. I absolutely love this product! I have a single IBAN that can receive most currencies, and then I will just have a balance in that currency, plus I can exchange money at spot prices. For someone who travels a lot and have income and expenses in multiple currencies, it is just phenomenal!

 

They also have some other really nice features, for example I can send you a money request, and you can pay me with your debit/credit card or even Apple/Google Pay, and neither of us pays any fees for this.

[lkn]

15 minutes ago, Hummin said:

Gold is perfect for not ending up empty handed no matter what, and keep you alive during crises, then I mean real crises

To hedge against inflation and survive a real crisis I would stock up on freeze dried food and propane gas — price of this will at least follow inflation, it has very long shelve life, and I won’t need to find a broker to sell my gold when <deleted> hits the fan ????

[placeholder]

19 minutes ago, fdsa said:

So, to sum up the crypto haters world: "if I do not need it then nobody else needs it"

 

- nobody transfers money outside Thailand

- even if somebody does then they pay with credit cards

- it is impossible that a company outside Thailand does not accept credit card payments

- even if it is possible then it's totally OK to pay the bank transfer fee

- 10 years ago the bank transfer fee was $10 so today it must be the same

- and it's totally OK to wait two days until Monday if it's Saturday

Seems very strange to place a significant portion of one's cash in such a high risk investment in order to save on transfer fees.

[fdsa]

6 minutes ago, lkn said:

I think you have previously implied you are Russian, so with current sanctions, your options are probably more limited, but I have recently become a customer of Revolut.

Thanks to our despot I can not open any bank account remotely now, with Revolut and Transferwise being among the first to forbid registrations of the Russian nationals regardless of them not being Russian residents for almost ten years already.

[placeholder]

What is the point of crypto?

Crypto is a solution in search of a problem — or problems.

https://www.vox.com/the-goods/23071245/bitcoin-price-crypto-ethereum-nfts-defi-stablecoin

[Hummin]

5 minutes ago, lkn said:

To hedge against inflation and survive a real crisis I would stock up on freeze dried food and propane gas — price of this will at least follow inflation, it has very long shelve life, and I won’t need to find a broker to sell my gold when <deleted> hits the fan ????

Of course food and clean water for at least 3 years is a good investment to keep in your underground bunker together with weapons, armor  protection and your chemical suits for the whole family ????

 

 

[Lemsta69]

the FUD on here is unbelievable. I think we need an exorcism. 

[Hummin]

4 minutes ago, Lemsta69 said:

the FUD on here is unbelievable. I think we need an exorcism. 

I post for you, so you do not need to google

 

Cryptocurrency Slang: What does HODL, FOMO, BTFD or FUD mean

 

https://irishtechnews.ie/cryptocurrency-slang-what-does-hodl-fomo-btfd-or-fud-mean/amp/

[Lemsta69]

3 minutes ago, Hummin said:

I post for you, so you do not need to google

 

Cryptocurrency Slang: What does HODL, FOMO, BTFD or FUD mean

 

https://irishtechnews.ie/cryptocurrency-slang-what-does-hodl-fomo-btfd-or-fud-mean/amp/

ser, don't forget SAFU, NGMI & WAGMI. oh and wen moon & wen Lambo.

 

????????????????

[LarrySR]

CoinBase stock +55.25% since May 12.

[lkn]

58 minutes ago, fdsa said:

So, to sum up the crypto haters world: "if I do not need it then nobody else needs it"

No, that is a wrong summary. What I was saying is that you point to one problem you had, here it was Krungsri’s high transfer fee for international transfers, and then you use that to justify crypto.

 

But crypto does not actually solve your problem. I.e. what does it cost you, with your funds in Thailand, to pay a $100 invoice in another country? Can you even do it? That is my point!

 

Furthermore, there already are many cheap/free ways to move money internationally, so if you pay a high fee to do this, it is not because we need new technology, like the blockchain, because this problem is already solved.

 

In fact, as I pointed out in a previous comment, the cost of a single bitcoin transaction is at least $50-$75. This is currently subsidized with mining rewards, but it basically proves that blockchain, in its current form, will not give us cheap international transfers, on the contrary, it is much more expensive than the system it wants to replace.

 

And, somewhat repeating myself, but crypto is a closed system, just like PayPal is a closed system, you need on/off ramps when it comes to paying a $100 invoice abroad, so you are not solving anything by using “crypto rails” to move the money.

 

Edit: And regarding closed system, if your answer is “but the merchant should just accept crypto” you might as well have said that they should just accept debit/credit card, PayPal, or that the payer should use a bank that does not charge $50 for a simple IBAN transfer.

Edited May 18, 2022 by lkn

[lkn]

3 minutes ago, LarrySR said:

CoinBase stock +55.25% since May 12.

And -72.12% YTD, not sure what your point is.

[placeholder]

18 minutes ago, Lemsta69 said:

haters gonna hate

Only someone emotionally invested in crypto could possibly believe that a mild comment like mine was somehow rooted in hate. The fact that you offer only a comment about my alleged emotional state and offer no fact-based rebuttal to my comment only confirms that what you're really engaged in is the psychological phenomenon known as "projection."

[Lemsta69]

4 minutes ago, lkn said:

No, that is a wrong summary. What I was saying is that you point to one problem you had, here it was Krungsri’s high transfer fee for international transfers, and then you use that to justify crypto.

 

But crypto does not actually solve your problem. I.e. what does it cost you, with your funds in Thailand, to pay a $100 invoice in another country? Can you even do it? That is my point!

 

Furthermore, there already are many cheap/free ways to move money internationally, so if you pay a high fee to do this, it is not because we need new technology, like the blockchain, because this problem is already solved.

 

In fact, as I pointed out in a previous comment, the cost of a single bitcoin transaction is at least $50-$75. This is currently subsidized with mining rewards, but it basically proves that blockchain, in its current form, will not give us cheap international transfers, on the contrary, it is much more expensive than the system it wants to replace.

 

And, somewhat repeating myself, but crypto is a closed system, just like PayPal is a closed system, you need on/off ramps when it comes to paying a $100 invoice abroad, so you are not solving anything by using “crypto rails” to move the money.

ser, crypto is not just about money transfers it's about reshaping the world. taking the power from the haves to the have-nots. well that's the idea at least and I hope it succeeds because the 1% have had it too good for too long. 

 

you seem to be hung up on the cost of BTC transfers. that ship sailed a long time ago. there are plenty of other blockchains that process transactions for pennies. BSC being a notable example. last BEP20 transfer I did get from Beyoncé to Trust Wallet only cost me fifty cent.

[Lemsta69]

3 minutes ago, placeholder said:

Only someone emotionally invested in crypto could possibly believe that a mild comment like mine was somehow rooted in hate. The fact that you offer only a comment about my alleged emotional state and offer no fact-based rebuttal to my comment only confirms that what you're really engaged in is the psychological phenomenon known as "projection."

lol. it's a modern expression, the equivalent of "talk to the hand". if you ain't a player you're a hater.

[fdsa]

16 minutes ago, lkn said:

I.e. what does it cost you, with your funds in Thailand, to pay a $100 invoice in another country?

 

4% commission is approx 5 USD, plus transaction fees, so it will be about 7 USD to transfer 100 USD in Litecoins.

 

  

16 minutes ago, lkn said:

the cost of a single bitcoin transaction is at least $50-$75.

and the cost of a single Stellar Lumen transaction is about $0.01. I used LTC as an example above only because it is much more simple to buy here compared to XLM.

 

Bitcoin really sucks in terms of transactions, as it is extremely slow (compared to other cryptos, not to the cfking banks) and expensive. It is good only as a store of value.

Edited May 18, 2022 by fdsa

[placeholder]

10 minutes ago, LarrySR said:

CoinBase stock +55.25% since May 12.

https://www.google.com/search?q=conbase+stock+graph&sxsrf=ALiCzsZxFZ1DQV1waSKv_ezP3DUu24140A%3A1652865499614&ei=27mEYqeUJZKiptQPrPe4wAc&ved=0ahUKEwjn7dzn2-j3AhUSkYkEHaw7DngQ4dUDCA4&uact=5&oq=conbase+stock+graph&gs_lcp=Cgdnd3Mtd2l6EAMyCQgAEA0QRhD6ATIGCAAQFhAeMgYIABAWEB4yBggAEBYQHjIGCAAQFhAeMgYIABAWEB4yBggAEBYQHjIGCAAQFhAeMgYIABAWEB4yBQgAEIYDOgcIABBHELADOgoIABCxAxCDARAKOgcIABCxAxAKOgQIABAKOgQIABANSgQIQRgASgQIRhgAUI0HWNoRYLcWaAFwAXgAgAH4AogB-xCSAQMzLTaYAQCgAQHIAQjAAQE&sclient=gws-wiz

[Lemsta69]

1 minute ago, fdsa said:

 

4% comission is approx 5 USD, plus transaction fees, so it will be about 7 USD to transfer 100 USD in Litecoins.

4% commission? ouch. I guess they're taking advantage of the KYC situation like true Wall Street types. are you in Bangkok?