Warning about http://www.bahtcoin.com/

[orlanda]

For any Bitcoin users please be warned about http://www.bahtcoin.com/

I had used the service really well for over a year, with no problems and fast transfers, on my last two transactions, i never received the money, never got an answer to emails or a return of my funds

Please beware to use this site in the future.

If i do get my coins back or any communication i will post back.

[Sandman77]

Report it to fbi bitcoins are forbidden and banned in thailand

[Rooo]

Moved to Money Forum.

[daveAustin]

I wouldn't be surprised if that Utoken goes the same way.

[orlanda]

i tried coins.co.th yesterday and everything seemed very fast professional so will be going with them for the foreseeable.

i've written off the bahtcoin.com now but didn't want others to have to do the same, i'll still post back if i hear from them though.

not tried the utoken before

also did you see the 7 11 one where you can pick up coins for cash at 7 11s! i can post a link if you want to see it pretty forward for the still young btc world

[maisodni]

Report it to fbi bitcoins are forbidden and banned in thailand

This is not at all true. You should not make comments when you don't know what you are talking about. If you live in Thailand, you just committed several crimes - defamation, and also a violation of Computer Crimes Act.

What is correct is - www.bahtcoin.com was not operated legally, or by a legitimate company. The same goes for all business conducted in Thailand using localbitcoins.com - that is illegal activity.

There are only two fully-legal, tax-registered Bitcoin exchanges in Thailand, operated by registered companies, with proper E-commerce licenses from Ministry of Commerce:

http://www.bitcoin.co.th and http://www.coins.co.th

I am attaching copies of their E-commerce registration certificates:

Por Kor 0403 Form (E-Commerce Registration Certificate) - Thai.PDF

e-commerce.pdf

[orlanda]

thanks maisodni, that was good of you to post

to the moon!

olanda

[orlanda]

I've had an update from them so maybe the coins are not a complete write-off!

Im very sorry for this trouble. But I promise you that all things will be settled as convenient for you.

[NomadJoe]

Report it to fbi bitcoins are forbidden and banned in thailand

FBI? Really? lol

Anyway, that is no longer true, but even when it was, the central bank of Thailand's reasons for claiming it was illegal was dubious at best. "illegal because of a lack of existing laws".....Um, yeah. Sorry guys that is not how law works. lol

[maisodni]

Here is the reality: The Thai government institution that would presumably have authority and responsibility for regulating Bitcoin would be the Bank of Thailand.

The Bank of Thailand could exercise jurisdiction over Bitcoin in any of three ways:

1. By declaring it as "legal tender" - in which case it could be used to settle debts/obligations, and it could not be refused.

2. By declaring it to be a foreign currency - in which case they could regulate trade in it under their authority to issue foreign exchange licenses.

3. By declaring it as a permissable tool for delivering overseas foreign remittance services - in which case they could regulate trade in it under their authority to license foreign remittance service providers.

The BOT chose to:

1. Declare Bitcoin to not be legal tender in Thailand.

2. Declare Bitcoin to not be a foreign currency, and not allow Bitcoin to traded for foreign currency within Thailand.

3. Prohibit licensed foreign remittance services from promoting Bitcoin as their method of accomplishing outbound transfers.

By taking these three positions, they effectively said: we decline to become involved with Bitcoin, by keeping it isolated from our areas of responsibility and authority.

The direct text of all Bank of Thailand announcements related to Bitcoin may be found in the PDF files that may be downloaded (from bottom of the page) at: http://www.bitcoinrealmthai.com/thai-government-regulation-bitcoin-trading/

Cheers,

MS

[Pib]

http://www.nationmultimedia.com/business/Bitcoin-platform-claims-thousands-of-victims-in-Ho-30253695.html

Bitcoin platform claims thousands of victims in Hong Kong

Felix Gao and Hua Yang
China Daily February 9, 2015 1:32 pm

A trading platform of virtual currency Bitcoin in Hong Kong that took in an estimated HK$3 billion from thousands of investors has reportedly gone bust. Legislative Council member Leung Yiu-chung said about 30 clients of mycoin.hk, have told him that they have been unable to contact the people in charge of the company which has closed its doors since last December.

Leung estimated that more than 3,000 Hong Kong people have invested a total of about HK$3 billion in Bitcoins issued by mycoin.hk.

An investor, surnamed Lau, said a law firm employee persuaded her to buy Bitcoins at mycoin.hk last September. She alleged that the person collected a HK$1.3-million cheque from her to set up an account at mycoin.hk without her consent. No document was signed in the process, she said.

Each of the company's Bitcion has depreciated to less than HK$20 since last December and withdrawal instructions by customers were ignored. The market value of a Bitcoin, as provided by preev.com, was about HK$1,760 on Sunday.

Another 81-year-old investor, surnamed Chan, told media that she had invested HK$3 million in buying Bitcoin on the platform, hoping to make a profit of HK$5 million a year later. But she could only recover HK$1.8 million so far.

Leung said the platform apparently lured investors with rebates and dividends to introduced friends and relatives to buy Bitcoin.

The investors suspected that they were the victims of an illegal pyramid scheme. A group of investors had said that they would report the case to the police this Wednesday. A police spokesperson said they would keep a close eye on the development.

Bitcoin is an online payment system without backing from a central bank or any government. Bitcoins are generated from a computing process called mining. It was first introduced in 2009 and first came to Hong Kong in February last year. As its value is determined by agreements of users, Bitcoin's undulation is severer than normal currencies. Authorities in Hong Kong have long warned that Bitcoin was a product subject to high risk. Hong Kong has no law to regulate virtual currencies like Bitcorn. The once biggest Bitcoin trader, Mt. Gox headquartered in Tokyo, went bust early last year. The value of Bitcoin dropped more than 50 per cent last year.

[orlanda]

MS thank you for your valuable expertise and sharing.

I have good news bahtcoin came through for me, all my funds are now transferred and i got a nice apology so i wanted to let you know it went though

Although i'll be following the guidelines MS kindly shared now

[orlanda]

These guys were all buying at 800 to 1000 a the peek just over a year ago

http://www.nationmultimedia.com/business/Bitcoin-platform-claims-thousands-of-victims-in-Ho-30253695.html

Bitcoin platform claims thousands of victims in Hong Kong