Its Happening - Law to Tax Overseas Income Now in Progress

[UbonOz]

I have been reading quite intensively regarding BITCOIN.

I am in the process of downloading the blocks, it has taken nearly twelve hours so far.

I am not going to put any of my hard earned dosh in at this stage. There are several sites you can earn free BTC. I just want to play for now and become familiar with its function.

If there is anybody that would like to offer suggestions, how it functions or just general help maybe we could gain benefit from posting here.

Maybe it will eventually die or could boom, will be interesting to see over time.

My plan would be to spend a little time each day and see how it goes.

[impulse]

Keep it on the down low. Thailand has outlawed Bitcoins.

http://www.thaivisa.com/forum/topic/657170-bitcoins-banned-in-thailand/page-6?hl=%2Bbitcoin#entry6676737

3.... 2.... 1....

Edited August 4, 2013 by impulse

[pancakeman]

I would suggest using electrum instead for your wallet: http://electrum.org/

Then you don't need to download the blockchain and you can start using in minutes.

[UbonOz]

I would suggest using electrum instead for your wallet: http://electrum.org/

Then you don't need to download the blockchain and you can start using in minutes.

Thanks for the info.

I have tried to download Electrum but my Windows 8 rejects it.

Not sure if I am using the correct one, I tried "Windows Installer".

[Jdietz]

So far most every 'externally hosted' wallet has been "hacked" (basically once enough coins collect in the third party site, the owner claimed hacked and disappeared). If you want to get into this scheme (scam) at least download your own blockchain.

[pancakeman]

So far most every 'externally hosted' wallet has been "hacked" (basically once enough coins collect in the third party site, the owner claimed hacked and disappeared). If you want to get into this scheme (scam) at least download your own blockchain.

Lite-weight clients (such as Electrum, Multibits, Bitspinner etc..) should not be confused with 3rd party hosted wallets. With Electrum your bitcoins (private keys) are not stored with any external host.

I agree that you should never use a wallet where your private keys are known by someone else, or instawallet type sites (that's asking for trouble)

[pancakeman]

I would suggest using electrum instead for your wallet: http://electrum.org/

Then you don't need to download the blockchain and you can start using in minutes.

Thanks for the info.

I have tried to download Electrum but my Windows 8 rejects it.

Not sure if I am using the correct one, I tried "Windows Installer".

Capture-Electrum.PNG

Your downloading the right one, bummer that it doesn't work on windows 8 (I'm using windows 7)

[UbonOz]

Interesting reading below.

http://miningbitcoins.net/todays-bitcoin-crash-and-the-health-ranger-hit-piece/

[UbonOz]

Interesting reading below.

http://miningbitcoins.net/todays-bitcoin-crash-and-the-health-ranger-hit-piece/

And another:

http://miningbitcoins.net/is-bitcoin-a-ponzi-scheme/

[pdebuck456]

Good to see some people interested in those alternative currencies!

To set the record straight, nobody has outlawed bitcoins in Thailand.

One company, which wanted to make money out of trading bitcoins (selling and buying much like a currency exchanger, but with a massive spread of between 15 and 20%), applied for a license and did not receive it, due to the Bank of Thailand not really knowing how to class/handle bitcoins.

Almost 2 weeks later, there has been no official communication whatsoever from the BoT (or any other official source), and one would think that outright "outlawing"/making illegal something, would at least somehow be made public!

One can only speculate as to why one single company posted such unfounded rumours, as that is what they are. Easily recognizable by some known facts:

- The bank of Thailand does not make laws. They simply cannot make something "illegal" under the Thai constitution. Parliament approves laws.

- They state that as there are no laws governing bitcoins, so it must be illegal to use them in any way in Thailand.

Huh???? Excuse me?

By default they are legal, until they pass a law that makes them illegal.

There is no law anywhere in Thailand governing the use of strawberry jam, does that mean it is illegal to use???

What is illegal however, is operating exchanges, as they need a license, which the BoT is not issuing, so the exchanges are not licensed so illegal. As per existing laws.

As however with many things in Thailand, umpteen exchanges (online) are operating, and likely stand as much chance of getting harrased by the government, as all those companies owning land and a house, with Thai nominee shareholders who never earned more then minimum wage in Thailand...

And the Thai authorities would have no authority whatsoever, if you decided to sell your bitcoins (or whatever virtual currency) on an exchange in another country, who then would wire you the money by international bank transfer.

Edited August 9, 2013 by pdebuck456

[pdebuck456]

Now how I think about bitcoins and virtual currency (my opinion only!):

- Investment: No way Jose, much to volatile. Much to insecure. By this I do not mean the technology, but the fact that nobody knows how governments around the world are going to handle them.

- buying/selling stuff: Haven't found anything (legal anyway) yet, where a virtual currency was required to buy the item. It is an irreversible payment method, so zero security for the buyer. I could understand it from the standpoint of the merchant, as they surely must be getting fed up with fraudulent charge backs, both through CC payments and paypal. Those organizations are so solidly on the side of the buyer, it has become stupidly easy to get stuff for free on the internet, shafting the merchants in the process.

- Mining: Hah, free money many think! Maybe, a little anyway! Also potentially losing a bit money. Personally, I like it, from a technical perspective it's an interesting subject to play around with. And if you get lucky you can make a pretty penny! I did, well, a little penny anyway :-)

If people are interested, I'll do a little write up on the mining part, probably better suited to the computer/technology forum though!

[UbonOz]

Since my OP I decided to purchase AU$500.00 which gave me 4.106BTC. It is not a life threatening amount.

The more I researched the more I could see that BTC was worth the risk.

I have put a note on my calendar to return to the forum in twelve months to continue the BTC debate.