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Bitcoins In Thailand

BuffaloRescue
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SunSeek01 Senior Member

SunSeek01

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I read a story of it recently, like last week. It's money, in some places like Argentina where they have currency controls and raging (like 100% a year) inflation. The thing is, the story said, the value of the bitcoin goes up and down, a lot. I don't know much else, I think they are just virtual somehow. But they are accepted in some places as real value trades.

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topt Ruby Member

topt

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I read a story of it recently, like last week. It's money, in some places like Argentina where they have currency controls and raging (like 100% a year) inflation. The thing is, the story said, the value of the bitcoin goes up and down, a lot. I don't know much else, I think they are just virtual somehow. But they are accepted in some places as real value trades.

I bolded your text as have just seen this about a small hiccup.........http://www.theregister.co.uk/2013/04/11/bitcoin_currency_meltdown/

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BuffaloRescue Gold Member

BuffaloRescue

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I read a story of it recently, like last week. It's money, in some places like Argentina where they have currency controls and raging (like 100% a year) inflation. The thing is, the story said, the value of the bitcoin goes up and down, a lot. I don't know much else, I think they are just virtual somehow. But they are accepted in some places as real value trades.

I bolded your text as have just seen this about a small hiccup.........http://www.theregister.co.uk/2013/04/11/bitcoin_currency_meltdown/

Certainly does!

Im very interested in all this. Ill be watching it closely. Makes sense that it would be very volatile.. as there are so few coins and no backing of course. I just wonder how far it will fall, and what will come after it.. other "currencies" that perhaps could be traded more easily.. such as a smart phone app where you could quickly buy and sell things face to face.. in a shop.

Where is this going?

Edited by BuffaloRescue
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bendejo Ruby Member

bendejo

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Investing in these would be crazy, almost as crazy as buying into the current bull market in the US.

At some point they'll be busted, maybe they already have been, but instead of shutting it down it could work as a tool for catching people with illegal intent. But even if you're just in it for speculation you may find yourself answering some rudely-asked questions about your attraction to this netherworld.

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FunFon Gold Member

FunFon

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It's actually less of a scam IMO than government-sponsored central banks, but that's not saying much.

You can see here the impact of Cyprus on international mainstream interest, which IMO is behind the recent spike:

http://analytics.topsy.com/?q=bitcoin&period=1%20month

Some background links:

http://www.businessweek.com/articles/2013-03-28/bitcoin-may-be-the-global-economys-last-safe-haven

http://www.wired.com/magazine/2011/11/mf_bitcoin/all/

Expensify is a web service for international companies to manage expense accounts, lets you use Bitcoins now.

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taninthai Platinum Member

taninthai

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On one of the threads the mod claims its a pyramid scheme and agaisnt forum rules to discuss,certain mods seem to be on one this week and are deleting everything dont expect this post to last long,shame as the other thread was very interesting and informative unlike most of the topics in the general forum that are not thai relatedvat all and contain bashing of everyone and everything yet them threads stay open, some strange rules here for sure with no real explanations given

Sent from my GT-P7500 using Thaivisa Connect Thailand mobile app

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taninthai Platinum Member

taninthai

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This thread seems to have disappeared ph34r.png

As did this one? http://www.thaivisa.com/forum/topic/473237-bitcoin-first-post/

I wonder if this thread is soon to follow?

save seen as you were the main contributor to the other thread maybe contact the mods to re open it as said a lot of good info there yet they seem to have completely removed the thread
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dave111223 Platinum Member

dave111223

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Price is going crazy today, as Mt. Gox (the largest bitcoin exchange) is having major hardware issue...basically they cannot handle the traffic (like 20,000 new accounts per day).

Whenever their system starts lagging people start panic selling and you get massive price movement. From 250 down to 105, back to 180, now back to 150. There is big money to made (or lost) if you've got the nerve for it.

Personally I'm not much of gambler to haven't gotten into that kind of day trading; but prefer to look at the long term.

Edited by dave111223
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mccw Platinum Member

mccw

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Under no definition is bit coin a pyramid scheme. That's no to say I'd "invest" in it. But its wrong to say its a pyramid scheme. Pump and dump maybe; but no reason to close threads. If anything they are providing links and info to help people avoid or educate themselves about the topic.

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BuffaloRescue Gold Member

BuffaloRescue

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Bullsh maybe but what currency isnt? Gold is not bullsh? There are very few uses for gold these day, OK silver is a different story. But if Gold or silver become currency.... they will be too valuable for industrial use anyway

I think bitcoin will die, but will open way for a new currency that can be traded more quickly. The problem with BC is the lag.. that makes it volatile. You cant pay someone for goods and services when the price is jumping around all over the place.

In theory if theres a currency you can quickly pay someone for someting.. ie, in a shop and make the instant transaction without a middleman. I cant see a way that it could be shut down by governments because its peer to peer. Their only angle of attack is preventing banks transferring money for bit coins.. but even that is hard to prove. And if labor & real products are directly sold for BCs, then there doesnt necessarily need to be other currencies transferred into the system (used to buy BC)

I honestly dont know why the BC threads were shut down, very strange indeed nothing illegal being discussed here as far as I know bitcoins are legal in all countries at the moment? OK they can be used for illegal activities but so can all currencies - and the threads were related to Thailand (where to get BC in Thailand etc). BC is not a MLM/Pyramid scam or anything of that nature and this topic is being discussed on CNN, BBC, FOX etc why not here? They didnt shut down the, where to buy an Amway water filter thread.

They should get someone like Julian Assange on board, behind a currency - someone people would "trust" - because trust is the only thing that gives currency a value, well apart from military force wink.png

I dont think it is "BS", i think its pretty *** interesting. I didnt "invest" although I nearly bought a few for a bit of fun

Edited by BuffaloRescue
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jbrain Ruby Member

jbrain

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On one of the threads the mod claims its a pyramid scheme and agaisnt forum rules to discuss,certain mods seem to be on one this week and are deleting everything dont expect this post to last long,shame as the other thread was very interesting and informative unlike most of the topics in the general forum that are not thai relatedvat all and contain bashing of everyone and everything yet them threads stay open, some strange rules here for sure with no real explanations given Sent from my GT-P7500 using Thaivisa Connect Thailand mobile app

In the land of the blind, the one-sided eyed man is king.

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BuffaloRescue Gold Member

BuffaloRescue

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Another one bites the dust? Shutdown until...............tomorrow??

http://www.huffingtonpost.com/2013/04/11/hackers-bitcoin_n_3052648.html

Come on.. hackers could target any trading platform and cause people to lose confidence. That isnt what happened anyway I think.

Bit Coin isnt "hackable". Some agents that buy/sell or provide escrow service for Bit Coin traders have been Ddosed and a few got hacked.

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BuffaloRescue Gold Member

BuffaloRescue

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Bitcon wallets are vulnerable because they rely on private keys. If somebody steals your private keys, they can steal all your bitcoins, Andresen said. If those keys are on a computer and the computer becomes infected with malware, "you're in trouble," he said.


"Even if you encrypt your wallet with a passphrase, the malware can lie in wait and steal your wallet the first time you go to spend some bitcoins and type your passphrase," Andresen said.




... you can say that about anything cant you. Your trading account, bank account. Nothing is 100% secure. There are always keyloggers and suchlike,

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dave111223 Platinum Member

dave111223

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There is always going to be issues with hacking as long as mt. gox controls 80% of the trading market.

Hopefully all the issues they (mt gox) are having will help to drive some of their market share over to some of the other international exchanges like btc-e, bitstamp and bitfloor etc...once the exchange base is a lot more spread around hackers will not be able to manipulate the price by attaching a single weak point.

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dave111223 Platinum Member

dave111223

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Looks like we made it through the night... I have to say it was worried when the price was nose driving. But it appears to have bottomed at above $70.

Mt Gox is still offline, but other exchange seem to be holding at $70. (Looks like the recovery is beginning as it's back up to $85).

They'll never be a cheaper time to buy in than now.

If you believe that the fundamental concept and technology is sound, then the wild price swings are not so worrying. We are in price discovery mode for at least the next few years.

Edited by dave111223
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Sophon Gold Member

Sophon

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Bitcon wallets are vulnerable because they rely on private keys. If somebody steals your private keys, they can steal all your bitcoins, Andresen said. If those keys are on a computer and the computer becomes infected with malware, "you're in trouble," he said.

"Even if you encrypt your wallet with a passphrase, the malware can lie in wait and steal your wallet the first time you go to spend some bitcoins and type your passphrase," Andresen said.

... you can say that about anything cant you. Your trading account, bank account. Nothing is 100% secure. There are always keyloggers and suchlike,

No you can't say that about anything. That is the reason that sensitive systems such as internet banking normally use a two-factor security system, e.g. the Thai bank's use of your one-time passwords sent to your mobile phone. A hacker getting hold of your password with the use of a keylogger still won't be able to transfer money to his account unless he also is able to intercept the one-time password sent to your phone.

Sophon

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