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

[Sametboy2019]

1 hour ago, peterfranks said:

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

"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."

Why do you need to keep it in Euros when it gets changed to Baht when it hits your Thai bank?

 

As i said earlier the cost would be under a cent! Thats the incentive with a crypto like XRP and other crypto coins and the 3-5 seconds it takes to finalize. 

You could send Euros using EUROC (a digital Euro backed coin) but i wouldnt know the cost. The end game for XRP is for retail to not even know they are using it. Essentially its for Central banks. If they adopt it fully then you will be just sending the currency of your country and the banks would use XRP as the settlement mechanism which would then be converted to the currency of the country that it is being sent to.

 

 

[peterfranks]

1 minute ago, Sametboy2019 said:

"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."

Why do you need to keep it in Euros when it gets changed to Baht when it hits your Thai bank?

 

As i said earlier the cost would be under a cent! Thats the incentive with a crypto like XRP and other crypto coins and the 3-5 seconds it takes to finalize. 

You could send Euros using EUROC (a digital Euro backed coin) but i wouldnt know the cost. The end game for XRP is for retail to not even know they are using it. Essentially its for Central banks. If they adopt it fully then you will be just sending the currency of your country and the banks would use XRP as the settlement mechanism which would then be converted to the currency of the country that it is being sent to.

 

 

Looks like you only want to divert from the real issue.

 

It doesn't convert to Thai baht when hitting a foreign currency account. In fact it remained in Euro for the following 5 years, until I decided to exchange at the rate applicable on that day.

 

My question was, what will be the cost, which you avoid answering, since you know it will be much higher than 25 Euro, and you wont even be able to withdraw it into Thai baht for that amount.

[Photoguy21]

Had they bought it I wonder if they would be very strict on scammers and hackers?

[phetphet]

On 8/29/2022 at 6:03 PM, Jenkins9039 said:

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? 

Eveb BitKub periodically redoes KYC. I know as am currently prevented from trading while waiting approval once again. They have even asked me to do a "Suitability Test".

[Sametboy2019]

31 minutes ago, peterfranks said:

Looks like you only want to divert from the real issue.

 

It doesn't convert to Thai baht when hitting a foreign currency account. In fact it remained in Euro for the following 5 years, until I decided to exchange at the rate applicable on that day.

 

My question was, what will be the cost, which you avoid answering, since you know it will be much higher than 25 Euro, and you wont even be able to withdraw it into Thai baht for that amount.

Im sorry i didnt know you planned to keep it in Euro on Thailand. Not sure why you didnt leave it in the Euro account if you planned to keep it for 5 years but up to you as they say here.

Ive told you the cost twice now....with XRP its less than a cent!!

Now if you wanted to keep it in Euro then buy XRP to send (less than a cent) when in your other account buy EUROC {Fee is just over a cent) leave it until you plan to sell to Baht i presume!

[peterfranks]

1 minute ago, Sametboy2019 said:

Im sorry i didnt know you planned to keep it in Euro on Thailand. Not sure why you didnt leave it in the Euro account if you planned to keep it for 5 years but up to you as they say here.

Ive told you the cost twice now....with XRP its less than a cent!!

Now if you wanted to keep it in Euro then buy XRP to send (less than a cent) when in your other account buy EUROC {Fee is just over a cent) leave it until you plan to sell to Baht i presume!

There are plenty of posts on this forum, that have posted evidence that it will cost a LOT more to transfer crypto to Thailand, then using a SWIFT, because the fee is not your only concern.

 

Also you will not be able to withdraw 10 million baht worth in crypto in one go.

 

So please stop spreading false information

 

https://aseannow.com/topic/1021786-withdraw-bitcoin-to-thai-baht/?do=findComment&comment=12648138

 

https://aseannow.com/topic/1205316-use-crypto-currency-to-transfer-money-into-los/?do=findComment&comment=16237580

 

https://aseannow.com/topic/1214216-withdraw-bitcoin-to-bangkok-bank/?do=findComment&comment=16401219

 

 

[Sametboy2019]

1 hour ago, peterfranks said:

There are plenty of posts on this forum, that have posted evidence that it will cost a LOT more to transfer crypto to Thailand, then using a SWIFT, because the fee is not your only concern.

 

Also you will not be able to withdraw 10 million baht worth in crypto in one go.

 

So please stop spreading false information

 

https://aseannow.com/topic/1021786-withdraw-bitcoin-to-thai-baht/?do=findComment&comment=12648138

 

https://aseannow.com/topic/1205316-use-crypto-currency-to-transfer-money-into-los/?do=findComment&comment=16237580

 

https://aseannow.com/topic/1214216-withdraw-bitcoin-to-bangkok-bank/?do=findComment&comment=16401219

 

 

Again you keep showing me stuff about bitcoin.

I'm not talking about bitcoin.

I have shown you information that you can verify in 10 mins using Google but you keep choosing to dance around the information I'm giving you.

Also yes you can withdraw 10 million baht. There are people moving much more.

 

You obviously know nothing about the subject and I can't be bothered to keep going round in circles 

[Emdog]

On 9/3/2022 at 1:41 PM, Sharp said:

 

Have a read up of the future of finance 

would be nice if you showed the ENTIRE link! No purpose for making big other than hide, a person might think. 60% growth in sustainable energy usage for mining is meaningless without knowing what the baseline for sustainable is to begin with (if any). "Bitcoin Mining Council" now that's a name to put your faith in! Hey it sucks up energy and produces nothing of intrinsic use or worth, except for maybe drug dealers, grifters, illegal arms dealers, cheaters, etc

I did go to 'news" at that site and got this:

"The Bitcoin ecosystem consists of a global network of stakeholders, including the miners that secure the network and drive the issuance of the Bitcoin currency, the traders who speculate on this radically market-driven asset, and the builders working to onboard people to the cryptocurrency paradigm." Gobbeldeegook nonsense "...working to onboard people to the cryptocurrency paradigm."

[jacko45k]

On 9/4/2022 at 12:34 PM, 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.

 

 

So you cite a transfer not involving a currency change to compare to one that does?

[peterfranks]

15 hours ago, jacko45k said:

So you cite a transfer not involving a currency change to compare to one that does?

Maybe you can explain how transfer fees are affected by the fact if the transferred sum is exchanged to another currency or not.

 

International Transfer Fee

 

Whenever you send money internationally, your bank will typically charge a fixed money transfer fee. You could pay up to $50 to transfer the money, but the fee will depend upon the bank that you're using, as well as how much money you're sending.

Edited September 6, 2022 by peterfranks

[jacko45k]

7 hours ago, peterfranks said:

Maybe you can explain how transfer fees are affected by the fact if the transferred sum is exchanged to another currency or not.

 

International Transfer Fee

 

Whenever you send money internationally, your bank will typically charge a fixed money transfer fee. You could pay up to $50 to transfer the money, but the fee will depend upon the bank that you're using, as well as how much money you're sending.

You don't know?

[peterfranks]

2 hours ago, jacko45k said:

You don't know?

Feel free to explain how the transfer fee is affected, or stop trolling, because the exchange happens after the money has arrived and has nothing to do with the cost of the transfer, since that is a fixed cost

[jacko45k]

9 minutes ago, peterfranks said:

Feel free to explain how the transfer fee is affected, or stop trolling, because the exchange happens after the money has arrived and has nothing to do with the cost of the transfer, since that is a fixed cost

The 3-5 % you commented on was relating to the exchange rate.... per the post you quoted.

Did you perhaps forget what your comment was? 

 

Then you moved the goal posts. 

My transfer costs are zero from origin....

Edited September 7, 2022 by jacko45k

[peterfranks]

10 minutes ago, jacko45k said:

The 3-5 % you commented on was relating to the exchange rate.... per the post you quoted.

Did you perhaps forget what your comment was? 

 

Then you moved the goal posts. 

My transfer costs are zero from origin....

My apologies, I did miss that, however the claim in itself is false, since there is no exchange involved with a Swift transfer, since that either happens at the sending bank (bad idea) or at the receiving bank, so where the 3-5% is taken from is still a mystery.

 

My point still stands, that using crypto, I would never be able to transfer 300K Euro for a total cost of 25 Euro.

 

Also, how do you transfer at zero cost?

 

My bank also doesn't charge a cost to transfer, though there is always an intermediary bank involved in an international transfer, of which neither the sending nor receiving bank have any control over.

 

The 25 Euro I was charged is from Deutsche Bank, with who I don't have an account, or to who I didn't give any instructions for the transfer, but is the intermediary bank in most international transfers.