Poor market sentiment sinks SCB’s multi-billion-baht deal for Bitkub

[snoop1130]

 

Siam Commercial Bank (now named SCB X), Thailand’s oldest commercial bank, created a flutter in the markets in November last year when it announced a multibillion deal to buy a majority stake in Bitkub Online Co, Thailand’s largest digital asset exchange.

 

The 17.8-billion-baht deal made headlines and spurred excitement in the financial and startup communities. SCB X said at the time that the deal was part of its efforts to transform its business and to ride the rapid popularity of digital assets.

 

The deal was expected to hoist Bitkub Capital Group Holdings Co, the parent company of Bitkub Online, to unicorn status — a startup worth over US$1 billion (about 36 billion baht currently) — and make Jirayut Srupsrisopa, the founder and CEO of Bitkub Capital Group, as potentially a new billionaire.

 

Full Story: https://www.thaipbsworld.com/poor-market-sentiment-sinks-scbs-multi-billion-baht-deal-for-bitkub/

 

-- © Copyright Thai PBS 2022-08-29

 

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[dj230]

who would have guessed that investing in a ponzi wouldn't go well....

[Jenkins9039]

Does anyone even use Satang these days? with their continuous KYC demands I haven't used them since, will only use a company that requires KYC once, you don't do it yearly with banks so why do it with an Exchange? 

[Sharp]

16 hours ago, dj230 said:

who would have guessed that investing in a ponzi wouldn't go well....

This comment will not age well!! 

[Sametboy2019]

55 minutes ago, Sharp said:

This comment will not age well!! 

Unfortunately some people don't see what's coming until they're told it's here.

[hotchilli]

32 minutes ago, Sametboy2019 said:

Unfortunately some people don't see what's coming until they're told it's here.

And some still don't believe it then.

[OneMoreFarang]

18 hours ago, snoop1130 said:

The 17.8-billion-baht deal made headlines

The question should be: Why did they buy it at all and for so much money?

Maybe 30% commission for someone?

[shackleton]

Never understood Bitcoin and the others when they started 

Which was probably good news for me 

Reading about the ups and downs people getting conned fleeced ect 

Safer my money in the bank not making much but know its safe ???? 

[tubby johnson]

Have the fartcoins become worthless? I guess the herd has moved on, shuffling behind the next trendy bandwagon. 

[dj230]

9 hours ago, Sharp said:

This comment will not age well!! 

https://fortune.com/2022/06/29/blockfi-valuation-morgan-creek-ftx-three-arrows-capital/

 

How to become a millionaire investing in crypto exchanges, start with a billion dollars ...

Edited August 30, 2022 by dj230

[Sametboy2019]

9 hours ago, shackleton said:

Never understood Bitcoin and the others when they started 

Which was probably good news for me 

Reading about the ups and downs people getting conned fleeced ect 

Safer my money in the bank not making much but know its safe ???? 

If you had bought Bitcoin when it started as you say you would be a considerably more richer than you are now.

The issue is people buy high when its all over the news then it dumps and they panic and sell. If you are down on your investment then just hold to the market improves.

FYI im not a Bitcoin fan and have never held it and wouldnt going forward. Crypto does go beyond Bitcoin!! 

 

[arithai12]

13 hours ago, OneMoreFarang said:

The question should be: Why did they buy it at all and for so much money?

Maybe 30% commission for someone?

They didn't. The news published on this forum are often truncated versions of the original article, which is what you should actually read.

[arithai12]

12 hours ago, shackleton said:

Never understood Bitcoin and the others when they started 

Which was probably good news for me 

Reading about the ups and downs people getting conned fleeced ect 

Safer my money in the bank not making much but know its safe ???? 

First, if you had bought Bitcoin when it started you would be very well off today, even if we are at a fraction of the peak values of end 2021.

Second, cryptos "ups and downs" and "people getting fleeced" are the same as what happens in the general market and with some dubious financial schemes.

What gains  attention in the news are the isolated cases of very few crypto exchanges getting hacked or being insolvent, while the vast majority are ok and in fact anyone who has  a valuable portfolio of cryptos will keep them in a private wallet at home.

Also banks do occasionally go bankrupt.

 

This said, the crypto market is at the moment very volatile, thanks to a very uncertain global economic situation, thanks to we know what. Entering the crypto at this time is risky, granted.

[Mac Mickmanus]

3 hours ago, Sametboy2019 said:

If you had bought Bitcoin when it started as you say you would be a considerably more richer than you are now.

The issue is people buy high when its all over the news then it dumps and they panic and sell. If you are down on your investment then just hold to the market improves.

FYI im not a Bitcoin fan and have never held it and wouldnt going forward. Crypto does go beyond Bitcoin!! 

 

So, let me get this straight .

You need to buy Bitcoin and then sell it at a higher price than what you bought it for ?

[Sharp]

23 hours ago, dj230 said:

https://fortune.com/2022/06/29/blockfi-valuation-morgan-creek-ftx-three-arrows-capital/

 

How to become a millionaire investing in crypto exchanges, start with a billion dollars ...

Get rich quick scams with unattainable yields was always going to end badly !

Im talking about tokens with utility, Blockchain,Bitcoin payment rails i could go on and on but i do understand peoples opinions towards something they dont truly understand .

11 years in this space has treated me very well and educated me beyond belief but we are still early compared to the present outdated system so i stand by my comment and hope you in the end see the light .

 

[Sametboy2019]

On 8/31/2022 at 1:06 AM, Mac Mickmanus said:

So, let me get this straight .

You need to buy Bitcoin and then sell it at a higher price than what you bought it for ?

Correct if you are a Bitcoin fan. I wouldnt buy it with your money!

Edited September 2, 2022 by Sametboy2019

[Emdog]

Nothing is better than bitcoins.... no wait... bitcoins are nothing, literally. They all depend on "the greater fool" theory, hoping someone is even dumber than you and will pay more for nothing.

Or maybe they are less than nothing. The amount of energy it takes to "mine" coins is insane, comparable to small countries and for what? Let's promote climate change burning up electricity to make or do.... nothing.

[Sametboy2019]

6 minutes ago, Emdog said:

Nothing is better than bitcoins.... no wait... bitcoins are nothing, literally. They all depend on "the greater fool" theory, hoping someone is even dumber than you and will pay more for nothing.

Or maybe they are less than nothing. The amount of energy it takes to "mine" coins is insane, comparable to small countries and for what? Let's promote climate change burning up electricity to make or do.... nothing.

Indeed but alot of crypto is climate friendly!

[Emdog]

4 minutes ago, Sametboy2019 said:

Indeed but alot of crypto is climate friendly!

really? how can that be? hmmm use lots of energy to make essentially nothing... ah, that's it: nothing to go into landfills or cause ocean pollution; nothing to recycle; no hazardous waste in the product....

[Sametboy2019]

16 minutes ago, Emdog said:

really? how can that be? hmmm use lots of energy to make essentially nothing... ah, that's it: nothing to go into landfills or cause ocean pollution; nothing to recycle; no hazardous waste in the product....

Obviously you need to go do some reading. Here is a couple of pics incase reading isnt your strong point

 

Bitcoin-Ethereum-XRP-electricity-consumption (1).webp

Edited September 2, 2022 by Sametboy2019

[Emdog]

1 hour ago, Sametboy2019 said:

Obviously you need to go do some reading. Here is a couple of pics incase reading isnt your strong point

 

Bitcoin-Ethereum-XRP-electricity-consumption (1).webp 25.92 kB · 0 downloads

Help me out here, please. This seems to be about "transactions"... does that mean buying and selling bitcoins? "Watt hour per transaction". Okay

What I think I was referring to was the so-called "creation" of bit coins: the amount of power and computers required to produce a "virtual coin" aka something that doesn't exist in the world we inhabit. You cannot show me a bit coin, can you? The computers and power consumed to make these nothing burgers is real. The pollution generated to make nothing is real.

Makes sense doesn't take much power to transact nothing. Like the song goes

"Nothin' from nothin' leaves nothin'
You gotta have somethin' if you wanna be with me
Nothin' from nothin' leaves nothin'
You gotta have somethin' if you wanna be with me
That's right, ha, yeah

Gotta have somethin' if you wanna be with me
You gotta bring me somethin' girl
If you wanna be with me"

[Sharp]

Remember when everyone laughed at the Internet and that @ thingy!

It's useless and will consume all the electricity they said! 

I leave it there! 

[Sametboy2019]

6 hours ago, Emdog said:

Help me out here, please. This seems to be about "transactions"... does that mean buying and selling bitcoins? "Watt hour per transaction". Okay

What I think I was referring to was the so-called "creation" of bit coins: the amount of power and computers required to produce a "virtual coin" aka something that doesn't exist in the world we inhabit. You cannot show me a bit coin, can you? The computers and power consumed to make these nothing burgers is real. The pollution generated to make nothing is real.

Makes sense doesn't take much power to transact nothing. Like the song goes

"Nothin' from nothin' leaves nothin'
You gotta have somethin' if you wanna be with me
Nothin' from nothin' leaves nothin'
You gotta have somethin' if you wanna be with me
That's right, ha, yeah

Gotta have somethin' if you wanna be with me
You gotta bring me somethin' girl
If you wanna be with me"

Again im talking about other cryptos that are eco friendly!  Yes bitcoin is a energy nightmare....and might get banned because of that!

Many coins are pre mined like XRP and eco friendly or some coins like Ethereum are moving from pow to pos to become more eco friendly. Yes i cant show you a bitcoin, but i wont be able to show you a CBDC when they come into use but you will be able to spend it. The future is digital!

[Sharp]

1 hour ago, Sametboy2019 said:

Again im talking about other cryptos that are eco friendly!  Yes bitcoin is a energy nightmare....and might get banned because of that!

Many coins are pre mined like XRP and eco friendly or some coins like Ethereum are moving from pow to pos to become more eco friendly. Yes i cant show you a bitcoin, but i wont be able to show you a CBDC when they come into use but you will be able to spend it. The future is digital!

 

[Emdog]

13 hours ago, Sharp said:

 

Source of the chart? Essentially meaningless: of course banking uses more energy etc as billions of people use the banking system.. I could make a chart (use one you posted): instead of mining, perhaps "total gas consumption by Ferraris and Lambos per year" and replace "banking system" with "total gas consumption by Toyotas".

How can some imaginary product that intentionally sucks up vast amounts of computer power and electricity be considered "eco friendly".

And don't need the future to "go digital money": what do you think online shopping, atms and all that are? Chopped liver?

maybe check out this article, a bit here "The process of creating Bitcoin to spend or trade consumes around 91 terawatt-hours of electricity annually, more than is used by Finland, a nation of about 5.5 million." NY Times on energy used to make bitcoins

[Sharp]

3 hours ago, Emdog said:

Source of the chart? Essentially meaningless: of course banking uses more energy etc as billions of people use the banking system.. I could make a chart (use one you posted): instead of mining, perhaps "total gas consumption by Ferraris and Lambos per year" and replace "banking system" with "total gas consumption by Toyotas".

How can some imaginary product that intentionally sucks up vast amounts of computer power and electricity be considered "eco friendly".

And don't need the future to "go digital money": what do you think online shopping, atms and all that are? Chopped liver?

maybe check out this article, a bit here "The process of creating Bitcoin to spend or trade consumes around 91 terawatt-hours of electricity annually, more than is used by Finland, a nation of about 5.5 million." NY Times on energy used to make bitcoins

 

3 hours ago, Emdog said:

Source of the chart? Essentially meaningless: of course banking uses more energy etc as billions of people use the banking system.. I could make a chart (use one you posted): instead of mining, perhaps "total gas consumption by Ferraris and Lambos per year" and replace "banking system" with "total gas consumption by Toyotas".

How can some imaginary product that intentionally sucks up vast amounts of computer power and electricity be considered "eco friendly".

And don't need the future to "go digital money": what do you think online shopping, atms and all that are? Chopped liver?

maybe check out this article, a bit here "The process of creating Bitcoin to spend or trade consumes around 91 terawatt-hours of electricity annually, more than is used by Finland, a nation of about 5.5 million." NY Times on energy used to make bitcoins

Have a read up of the future of finance 

[Sametboy2019]

On 9/3/2022 at 10:37 AM, Emdog said:

Source of the chart? Essentially meaningless: of course banking uses more energy etc as billions of people use the banking system.. I could make a chart (use one you posted): instead of mining, perhaps "total gas consumption by Ferraris and Lambos per year" and replace "banking system" with "total gas consumption by Toyotas".

How can some imaginary product that intentionally sucks up vast amounts of computer power and electricity be considered "eco friendly".

And don't need the future to "go digital money": what do you think online shopping, atms and all that are? Chopped liver?

maybe check out this article, a bit here "The process of creating Bitcoin to spend or trade consumes around 91 terawatt-hours of electricity annually, more than is used by Finland, a nation of about 5.5 million." NY Times on energy used to make bitcoins

Crypto is more than Bitcoin!!! Lets take the issue of Banking. The system being used (Swift) was made in the 70's. Its way behind all other technology and 6% of all Swift transactions fail! That coupled with the fact that it can take 2-5 days to finalize, 24 hours is possible if it is the same bank. Lets not forget the 3-5% exchange rate. For all this to take place trillions of dollars are held in Nostro/Vostro accounts.

 

All of these issues could be solved by crypto. Lets use Ripples's XRP for a example as their plan is to try to topple Swift (more likely integrate).

3-5 seconds finalization! No Nostro/Vostro accounts needed. No mistakes!! Can run offline! Transaction cost is less than a cent.

The new iso20022 messaging system starts implementing in Banks from November this year and the whole World banking will be using this system by 2025.

https://finance.yahoo.com/news/iso-20022-cryptos-5-compliant-194204661.html

Nothing to see here????

 

 

[peterfranks]

5 minutes ago, Sametboy2019 said:

The system being used (Swift) was made in the 70's. Its way behind all other technology and 6% of all Swift transactions fail! That coupled with the fact that it can take 2-5 days to finalize, 24 hours is possible if it is the same bank. Lets not forget the 3-5% exchange rate.

Completely untrue.

 

I transferred 300.000 Euro from my home country to a foreign currency account with Kasikorn, so not the same bank.

 

Transfer took less than 24 hours to arrive, so not 2-5 days.

 

Total cost was 25 Euro and 520 baht at Kasikorn, so not 3-5%.

 

I couldn't have made this transaction for that cost using crypto.

 

 

[Sametboy2019]

3 minutes ago, peterfranks said:

Completely untrue.

 

I transferred 300.000 Euro from my home country to a foreign currency account with Kasikorn, so not the same bank.

 

Transfer took less than 24 hours to arrive, so not 2-5 days.

 

Total cost was 25 Euro and 520 baht at Kasikorn, so not 3-5%.

 

I couldn't have made this transaction for that cost using crypto.

 

 

You might want to specify which parts were untrue. All of my comments were sourced from Google so you can take that up with them. Also you could of made that transaction for way less...Note my XRP example!

[peterfranks]

18 minutes ago, Sametboy2019 said:

You might want to specify which parts were untrue. All of my comments were sourced from Google so you can take that up with them. Also you could of made that transaction for way less...Note my XRP example!

I already pointed out what was untrue, it didn't take 2-5 days to arrive, didn't cost 3-5% in transaction cost either.

 

I haven't seen google writing a post on this forum, what I saw was you making that post and claiming the above as facts,

 

Now tell me how I would transfer 300.000 Euro to a foreign currency account with Kasikorn, and keep the balance in Euro using crypto.

 

Also tell us all, that even IF it was possible, which isn't. what would be the costs.

 

https://www.gobankingrates.com/investing/crypto/how-to-minimize-crypto-fees/

 

Edit to correct: Looked the transaction up in my passbook, and there was no fee at the Kasikorn side at all. Euro's arrived in my account was 25 Euro less of what I sent

Edited September 4, 2022 by peterfranks