bangon04 Posted March 19, 2014 Share Posted March 19, 2014 "There also remains a protection risk to users as virtual currencies are not a recognised medium for payment under Thai law. They can disappear through theft or mismanagement."Transfer data is difficult to find as evidence if a user files a lawsuit. It's different from a bank transfer or payment under public-sector supervision with a monitoring system," the central bank said." You see? Thai people DO understand IRONY. Link to comment Share on other sites More sharing options...
impulse Posted March 19, 2014 Share Posted March 19, 2014 (edited) The Bitcoin system is based on "last-fool standing". They only have value because some fool persuades a bigger fool they have value. Early enters may make money if they get out. But why get out if they believe in bitcoin? Why post I'm now worth X million USD? Simples, because if you say I'm worth X million bitcoins people will rightly laugh at you - unless you can sell out the X million to the bigger fool. The collapse of the biggest trading exchange because they can't account for where the money has gone should send the alarm bells ringing in your head. Typical post by someone that has NO CLUE and knows nothing about Bitcoin other than what they read in the mainstream press Some of the biggest Billionaire Business's are using Bitcoin they are not Billionaires for nothing they see where there is opportunity so while some of the worlds biggest names start embracing Bitcoin you can continue to spout complete garbage . Educate yourself first will make you look a lot smarter Let's see. Created out of nothing. Backstopped by nobody. Value determined by the oh-so rational (and ethical) trading community. Vulnerable to hacking. The Chinese are involved up to their necks. What's not to like? Last time I heard about such a revolutionary way of doing business -that was going to change the world by creating wealth from nothing- was Enron. And at least they had assets you could see and touch. Still didn't turn out so well. Edited March 19, 2014 by impulse Link to comment Share on other sites More sharing options...
NCFC Posted March 19, 2014 Share Posted March 19, 2014 The Bitcoin system is based on "last-fool standing". They only have value because some fool persuades a bigger fool they have value. Early enters may make money if they get out. But why get out if they believe in bitcoin? Why post I'm now worth X million USD? Simples, because if you say I'm worth X million bitcoins people will rightly laugh at you - unless you can sell out the X million to the bigger fool. The collapse of the biggest trading exchange because they can't account for where the money has gone should send the alarm bells ringing in your head. Typical post by someone that has NO CLUE and knows nothing about Bitcoin other than what they read in the mainstream press Some of the biggest Billionaire Business's are using Bitcoin they are not Billionaires for nothing they see where there is opportunity so while some of the worlds biggest names start embracing Bitcoin you can continue to spout complete garbage . Educate yourself first will make you look a lot smarter You make my point very well. The early enters will do very well out of bitcoins. They then have to find the fools to offload these valueless software bytes in order to cash in. And those fools will be looking for the bigger fool. As you are in the system you need to big it up in order to attract the next fool so I can well see where you are coming from. Sent from my iPhone using Thaivisa Connect Thailand Link to comment Share on other sites More sharing options...
ggt Posted March 19, 2014 Share Posted March 19, 2014 I only know the there are different between currency and money ? Thank you Bkungbank...very informative...and scary... Link to comment Share on other sites More sharing options...
ggt Posted March 19, 2014 Share Posted March 19, 2014 Fiat Money...Bit-coins...paper money...virtual money...smoke and mirrors... The only true money...is precious metals...gold and silver...the rest can disappear like vapor...or be raided by hackers... Play it safe...keep some real money where you can put your hands on it in an emergency... 1 Link to comment Share on other sites More sharing options...
Showbags Posted March 19, 2014 Share Posted March 19, 2014 So can someone that knows and uses post a basic 'for idiots' guide how it works ? How do these wallet things work as I read you can have and control your own...which is different from the MtGox thingy... If you buy 1 BC for whatever it is now, say $500....and you want to buy something for $50...how do you do it...do you get change ?...how do you cash in that change ? And why not cash it in regularly to save the risk of the loss...apart from value fluctuations of course. You store bitcoins on a wallet on your computer. MtGox was a currency exchange, where you can buy and sell bitcoins and they could be stored there too. However one would typically only store btc in an online wallet temporarily, as it is much more safe in your personal wallet (which can be offline too). If you buy 1BTC for $500 and want to buy something for $50 - very simple - you will pay 0.1BTC You could also just buy 0.1BTC if that's all you needed. To cash your BTC, you would do it typically on a currency exchange such as localbitcoins. You would send your bitcoins to a buyer who would transfer $ to your bank account (for example). Some people invest in bitcoins in the belief that the value might increase, which is the reason they don't cash out but rather keep the coins. Thanks. So the online wallet you speak of is in the exchange like MtGox right ? And keep in a personal wallet offline....how do you do that ? And if that is the case...how did MtGox lose $500million ? or did people leave it in there too long...or was it just one of those transition things...whom ever happened to be trading or whatever at that moment...bad luck for them ? How do you send you BT's to a buyer and then be assured you are getting paid in return ? Link to comment Share on other sites More sharing options...
SS1 Posted March 19, 2014 Share Posted March 19, 2014 So can someone that knows and uses post a basic 'for idiots' guide how it works ? How do these wallet things work as I read you can have and control your own...which is different from the MtGox thingy... If you buy 1 BC for whatever it is now, say $500....and you want to buy something for $50...how do you do it...do you get change ?...how do you cash in that change ? And why not cash it in regularly to save the risk of the loss...apart from value fluctuations of course. You store bitcoins on a wallet on your computer. MtGox was a currency exchange, where you can buy and sell bitcoins and they could be stored there too. However one would typically only store btc in an online wallet temporarily, as it is much more safe in your personal wallet (which can be offline too). If you buy 1BTC for $500 and want to buy something for $50 - very simple - you will pay 0.1BTC You could also just buy 0.1BTC if that's all you needed. To cash your BTC, you would do it typically on a currency exchange such as localbitcoins. You would send your bitcoins to a buyer who would transfer $ to your bank account (for example). Some people invest in bitcoins in the belief that the value might increase, which is the reason they don't cash out but rather keep the coins. Thanks. So the online wallet you speak of is in the exchange like MtGox right ? And keep in a personal wallet offline....how do you do that ? And if that is the case...how did MtGox lose $500million ? or did people leave it in there too long...or was it just one of those transition things...whom ever happened to be trading or whatever at that moment...bad luck for them ? How do you send you BT's to a buyer and then be assured you are getting paid in return ? Yeah that's what I mean. People who were trading through the site still have their coins stuck in there.. A personal wallet is a computer program used to store your bitcoins. They are usually online, but one could also have an "offline wallet" on a computer that's not connected to the internet. The user would then transport the coins from this offline computer to an online one via a usb key to use them. This would be the safest way, as no hacker could access your offline wallet. Not sure how they lost the money exactly but it seems that some hackers stole the money. If you send BTC to a buyer the money will stay in an escrow until the payment has been confirmed. If you want to buy btc for example. you will see traders with numbers like +100 transactions with 100% positive feedback, so you know they are legit. 1 Link to comment Share on other sites More sharing options...
tinom Posted March 19, 2014 Share Posted March 19, 2014 (edited) I cashed some profits on bitcoin and it helped me to realize My Dream: Open a nice little charming hotel restaurant in a colonial house in Kampot, Cambodia. Wanting to offer a cozy-friendly-convivial ambience, I named it Auberge du Soleil. I just (re-)opened it, it was named Senor Suchi, from wich I have kept the dedicated and trained staff, and Soleil d'Or previously, with a very good reputation which I will do my best to catch up in a step by step transition. I want Auberge du Soleil in Kampot to be a "Restaurant Gourmand" with (very soon) a "world fusion menu", from Swiss Cheese Fondue and Röstis, Mediterranean food (my origins), Tex-Mex (a couple things from the past menu) to Khmer and Asian specialities, and as well a "Boutique Hotel' with large and comfortable rooms, located in a beautifully restored French Colonial House of Kampot. You are welcome to pay your nights, drinks and food with bitcoins frations at www.Auberge-du-Soleil.com Edited March 19, 2014 by tinom 2 Link to comment Share on other sites More sharing options...
rhythmworx Posted March 19, 2014 Share Posted March 19, 2014 So the Thai baht is better Of course it's better Bitcoin "can disappear through theft or mismanagement." Link to comment Share on other sites More sharing options...
rhythmworx Posted March 19, 2014 Share Posted March 19, 2014 I looked into buying a couple of monarchs (using someone else's electricity) but they have a long delivery time maybe 6 months and payment upfront It seems a very good investment on paper but I am reluctant to part with that amount of cash for something I'm not 100% sure of. Link to comment Share on other sites More sharing options...
JeremyBowskill Posted March 19, 2014 Share Posted March 19, 2014 I cashed some profits on bitcoin and it helped me to realize My Dream: Open a nice little charming hotel restaurant in a colonial house in Kampot, Cambodia. Wanting to offer a cozy-friendly-convivial ambience, I named it Auberge du Soleil. I just (re-)opened it, it was named Senor Suchi, from wich I have kept the dedicated and trained staff, and Soleil d'Or previously, with a very good reputation which I will do my best to catch up in a step by step transition. I want Auberge du Soleil in Kampot to be a "Restaurant Gourmand" with (very soon) a "world fusion menu", from Swiss Cheese Fondue and Röstis, Mediterranean food (my origins), Tex-Mex (a couple things from the past menu) to Khmer and Asian specialities, and as well a "Boutique Hotel' with large and comfortable rooms, located in a beautifully restored French Colonial House of Kampot. You are welcome to pay your nights, drinks and food with bitcoins frations at www.Auberge-du-Soleil.com Way to go using a bitcoin thread to tout for business. I notice another thread on car parts, why don't you go on there and change the words bitcoin to car parts, and do some more peddling? Jokes asidegood luck, the restaurant business will most likely see any profits made vanish quickly. Very tough business. Link to comment Share on other sites More sharing options...
laobali Posted March 20, 2014 Share Posted March 20, 2014 I looked into buying a couple of monarchs (using someone else's electricity) but they have a long delivery time maybe 6 months and payment upfront It seems a very good investment on paper but I am reluctant to part with that amount of cash for something I'm not 100% sure of. Bitcoin is not like that. You can buy a few dollars worth and learn about what you can do with it. Although purchased through the banking system, once you have it in your 'wallet' you have full control of your BTC holding. Keep it, pay for goods and services and if you think it has a future in the present global currency system (also based on nothing backing it except debt and IOUs), along with holding a small amount of physical gold and silver, buy more. As with all forms of investment, never risk more than you can afford to lose. Link to comment Share on other sites More sharing options...
davejones23 Posted March 20, 2014 Share Posted March 20, 2014 Nearly all currencies move around in value. Buy $USD and it could be worthless at some point in the future. So no different from bitcoin. Nearly all currencies are a scam. But governments like to encourage you to use their own scam currency,especially places like USA, Eurozone. Link to comment Share on other sites More sharing options...
VegasVic Posted March 20, 2014 Share Posted March 20, 2014 <script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script> sounds like play money Yep play money that has made many of my friends Millionaires that didn't have a pot to piss in 2 years ago many more Millionaires will be made with Bitcoin as it becomes the way to pay online and transfer money around the world. Western Union will be history as will Paypal (although paypal is working to integrate bitcoin) Those that dismiss it as in the guy above will be the ones kicking themselves they missed yet another boat coming in. I invested and have made a ton of money so far Those who invested with Bernie Madoff early on did very well also, the bitcoin is just another ponzi scheme and like any pyramid play a few who get in early on make money and the thousands who follow are left holding the bag Link to comment Share on other sites More sharing options...
impulse Posted March 20, 2014 Share Posted March 20, 2014 Nearly all currencies move around in value. Buy $USD and it could be worthless at some point in the future. So no different from bitcoin. Nearly all currencies are a scam. But governments like to encourage you to use their own scam currency,especially places like USA, Eurozone. Still, I'd bet on the USD being around long after Beanie Babies Bitcoins have lost their value. Link to comment Share on other sites More sharing options...
Thai at Heart Posted March 20, 2014 Share Posted March 20, 2014 Of course, gold is a much more obvious store of wealth????? Link to comment Share on other sites More sharing options...
impulse Posted March 20, 2014 Share Posted March 20, 2014 (edited) Of course, gold is a much more obvious store of wealth????? Problem is, these guys aren't looking to store their wealth. They're looking for an instrument to build their wealth in 6 months or less. Some will succeed wildly. 99% will fail. For every one that succeeds, there will be 99 dead and injured, nursing their wounds along the side of the get rich quick road. Edited March 20, 2014 by impulse Link to comment Share on other sites More sharing options...
ChiangMike Posted March 20, 2014 Share Posted March 20, 2014 sounds like play money Yep play money that has made many of my friends Millionaires that didn't have a pot to piss in 2 years ago Western Union will be history as will Paypal (although paypal is working to integrate bitcoin) Those that dismiss it as in the guy above will be the ones kicking themselves they missed yet another boat coming in. Like my old man used to say --> Any way you slice it.. It's still baloney. Left a note in my calendar to revisit this thread March 21, 2015. Sent from my iPhone using Thaivisa Connect Thailand Link to comment Share on other sites More sharing options...
impulse Posted March 21, 2014 Share Posted March 21, 2014 Ooh. This is embarrassing. Found $120 million of Bitcoins they forgot all about. Gives me a warm fuzzy that the public isn't being fleeced. http://money.cnn.com/2014/03/21/technology/mt-gox-missing-bitcoin/ Link to comment Share on other sites More sharing options...
Showbags Posted March 21, 2014 Share Posted March 21, 2014 http://online.wsj.com/news/articles/SB10001424052702304026304579449710288367366?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304026304579449710288367366.html Link to comment Share on other sites More sharing options...
Showbags Posted March 21, 2014 Share Posted March 21, 2014 (edited) and just saw this today...apparently newish in the scene...but in Oz https://spendbitcoins.com.au/ and this http://www.equities.com/editors-desk/currencies-forex/why-did-bitcoin-surge-after-gox-disaster and... http://www.equities.com/editors-desk/currencies-forex/the-church-of-bitcoin I am really interested in this, I like new and left field things....things that buck the system and take control away from the big greedy boys. Edited March 21, 2014 by Showbags Link to comment Share on other sites More sharing options...
Rimbuman Posted March 22, 2014 Share Posted March 22, 2014 The Bitcoin system is based on "last-fool standing". They only have value because some fool persuades a bigger fool they have value. Early enters may make money if they get out. But why get out if they believe in bitcoin? Why post I'm now worth X million USD? Simples, because if you say I'm worth X million bitcoins people will rightly laugh at you - unless you can sell out the X million to the bigger fool. The collapse of the biggest trading exchange because they can't account for where the money has gone should send the alarm bells ringing in your head. Typical post by someone that has NO CLUE and knows nothing about Bitcoin other than what they read in the mainstream press Some of the biggest Billionaire Business's are using Bitcoin they are not Billionaires for nothing they see where there is opportunity so while some of the worlds biggest names start embracing Bitcoin you can continue to spout complete garbage . Educate yourself first will make you look a lot smarter You make my point very well. The early enters will do very well out of bitcoins. They then have to find the fools to offload these valueless software bytes in order to cash in. And those fools will be looking for the bigger fool.As you are in the system you need to big it up in order to attract the next fool so I can well see where you are coming from. Sent from my iPhone using Thaivisa Connect Thailand Sounds like money to me. Link to comment Share on other sites More sharing options...
Showbags Posted March 23, 2014 Share Posted March 23, 2014 How long does the system/exchange take on average to process either a purchase or to cash in BC's ? And if someone whom has never used them before, went to a website that only accepted BC's....how many steps would be involved for them to purchase the item they want as compared to the usual method of payments like C/C or Paypal etc. Link to comment Share on other sites More sharing options...
Showbags Posted March 26, 2014 Share Posted March 26, 2014 America does its best to scrounge as much as it can... http://finance.ninemsn.com.au/newsbusiness/8820131/bitcoin-property-not-currency-irs Link to comment Share on other sites More sharing options...
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