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Conno

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  1. Just in the process of sorting one out .....been advised best to have two drawn up. One for your non-Thai assets and one for Thai based assets. 5000 baht each.
  2. Depends how much you've have got. If loaded then why not, retirement doesn't necessarily equal at deaths door. Could be argued that staying with what is considered "safe" could be riskier still. https://www.activistpost.com/2019/09/fiat-currency-endgame-you-will-not-like-this-one-bit.html
  3. Twig - Thx for the links bisq and hodl hodl are new to me will check them out. Yea "Land of the Free" what a complete joke. American citizens are one of the most hounded nationalities on Earth. Orwell is alive and well in 2019.
  4. Taninthai - Yea cool you could be correct. I openly admit I'm very new and only just learning the ropes, so it's possible much of my enthusiasm is due to the novelty factor. If you have been following the scene since its inception then I bow to your greater knowledge. Trading is tough and not as easy as people claim. I have a lot of experience in FX trading and for years I was going 2 steps forward then 2 steps back. Never had a margin call though or blown an account which is something at least . Separate from trading, timing your buys is crucial......if you intend to hodl then averaging in is the only way to go. An approach that makes sense whether you are talking stocks, precious metal or crypto. Trade by all means but only with your fun money. I also agree with you that Satoshi's original vision was for Bitcoin to be a currency to be used for transactions, to spend in other words. Not a bar of Gold to lock away and save for a rainy day or an asset just for trading. Atm it is mostly being hodled [I'm guilty as charged] and traded so this needs to change for sure. I don't agree that 10 years is too long though, I think 10 years is a rather short time-frame to expect mass adoption considering how disruptive the technology is and how entrenched its opposition. So don't be doing a Pizza for 10,000 BTC 2019 equivalent mistake and dismiss the future potential. Maybe it needs another 10 years to fully mature. [Which would still be pretty quick if you ask me] I also understand if you have been watching Bitcoin for 10 years and your personal expectations have been let down you might be guilty of becoming a little bored with it all, just hear me out on this. Because this is still very new and exciting to me, I'm spending at least 3 or 4 hours a day devouring all the info I can find about this [both new and old] News stories, books, interviews, YT influences etc. What strikes me is that right now the big institutions are slowly getting on board....the smart money in other words. This wouldn't be happening if crypto had already had its day. Did you know that Bakkt is launching on the 23rd of Sept. Also for the past couple of months numerous different governments around the world have been announcing their own plans related to digital currencies. Centralised controlled versions that is, but to the uneducated they sound similar to BTC. This wouldn't be happening if Bitcoin was going absolutely nowhere. As they say " Imitation is the sincerest form of flattery". You must have heard of Andreas M Antonopoulos? Have you read his work "The Internet of Money volume 1 & 2"? His books are open source and available for free in PDF format.....just google them if you want to take a look. Don't give up just when things could be really starting to move.
  5. Hmmm interesting. So basically your bank was telling you that you shouldn't accept digital fiat from anyone you don't know unless you have done your own KYC on a personal level. To me your example says more about the flaws in the current fiat payment system than it does about the requirements for ever greater KYC. Criminals will attempt to do their criminal thing no matter what the rules and regulations. So maybe Bitcoin is showing us a better solution once again. As far as I am aware the blockchain has never been compromised and Bitcoin has never been hacked. Considering it is viewed as one giant honeypot just sitting there for the taking, I'd say after 10 years that's pretty good going so far. Sure the exchanges have been hacked, online hot wallets have been too, but never the digital currency or the decentralised distributed ledger itself. Maybe that might change someday in the future, who knows. To me it all comes down to trust, clearly it is dangerous to put 100% trust in other people, as a generalisation people can't be trusted. It has also been shown time and time again that you also can't place 100% trust in third party intermediaries too. Maybe it's about time we gave cryptography and pure math a chance. Maybe it's about time we grew up and started looking after our own risks. As I read somewhere else recently, with greater freedom comes greater responsibility. Bring it on I say.
  6. On initial reading of the link it appears to me to be a purely fiat currencies service! Yea might be a big improvement for moving baht to GBP USD Euro etc but this doesn't appear to be addressing anything to do with cashing out of cryptos. Maybe I'm missing something on first read but looks like the same on-ramp / off-ramp Fiat/BTC problems prevail. Can't you just hodl your crypto Neeranam until we win the battle? Risky I know as we might lose lol.
  7. A few thoughts on Anti Money Laundering / Know Your Customer AML/KYC rules.....I'd be interested to hear others take/experiences on this. Firstly we all know that the increase in the level of AML/KYC hoops that the ordinary law abiding citizen has to jump through these days has gone up exponentially. Apart from it being a complete pain in the butt, what annoys me the most is how the powers that be [TPTB] try to sell AML/KYC i.e. It is a requirement we should all be somehow grateful for. Give up your privacy for your own protection and so on. Please note before I continue, I am neither a drug dealer, a terrorist, a gun runner or human trafficker, so why am I experiencing so many problems? IMO it has nothing to do with protecting you and the system from rogue criminal elements, drug dealers, gun runners, terrorists etc, that's just Orwellian double speak. But everything to do with placing a huge hobnailed boot on the neck of every innocent man on the street. I suppose not much has changed from the Lord of the Realm/Peon slave days......just digitized. In other words AML/KYC is a system to guarantee the tax cows don't escape their forced milking on the government controlled tax farms. The drug dealers, terrorists, criminal elements narrative is an attempt at a magicians slight of hand to fool the mind and not a very convincing one at that. I have experienced numerous problems in the recent past including issues related to retiring to Thailand but still having financial links to the UK. Most financial institutions under AML/KYC rules require you to now declare your residency. Then you need to back that up with things such as a local telephone number or a copy of a utility bill linked to your residency address. So what do you do if you don't have a home country address/telephone, are no longer resident there but wish to open some financial related GBP/Euro/crypto account? In other words it is now almost impossible to do this in your home country, unless you wish to be a little bit frugal with the truth and risk being found out. It's not that you wish to break the rules but rather you are compelled to do so if you don't wish to be denied a service which should be rightfully available. Another issue that has been turned upside down recently by using insidious tiptoe creep is the tenet that you are innocent until proven guilty. Anyone else notice that this no longer applies? You are now guilty by assumption and the onus is on YOU to prove your innocence, I'll give you an example. In the not too distant past my Father passed away leaving me his entire estate. I decide to add a portion of my inheritance to a brokerage account I had actively used and held for many years. I was stunned to log in a few days after wiring the funds to find I had been completely locked out. Thinking this was some kind of glitch I called the customer support help desk to be told that yes indeed I had been locked out of my trading account. I was then advised that the amount that I had transferred into the account had raised suspicion and under recently upgraded AML rules, additional proof of source documentation needed to be provided to activate my account once again!!!!!! Even if I wanted them to return the funds they would be forced by law to retain the currency received until I proved its legitimacy. Utterly unbelievable. Understand the implications here....when you transfer currency to a third party institution to safe guard/invest on your behalf this currency in reality is no longer yours. You may be inclined to say to friends and family "Oh I have XYZ £$ in the bank. Nope, you have zero $£ in the bank is the truth. Eventually I had to get a Lawyer to notarise a probate statement of account related to my fathers estate then submit it to the brokerage firm in question. I also had similar problems with the lump sum elements of my retirement plans. So in conclusion if you wish to operate any form of money market account these days you need to completely surrender any notion of financial privacy...... The Crypto White Knight arrives. While all the above is difficult enough when related to the existing fiat money system, TPTB are now attempting to cast that very same net over the emerging crypto scene. I've only recently become interested in Bitcoin, blockchain and everything crypto and I'm pretty annoyed with myself for not understanding what this was all about years ago. Sure I had heard all the MSM stories of Bitcoin being used for only illegal purposes for years, Silk Road etc. In fact that should have caused a light bulb moment to go off in my head but it never did . Unfortunately I was always too busy doing something else and never looked into it to the degree that it deserved. Now that I have I'm pretty excited. I have no idea if Bitcoin the currency is going to reach mass adoption but I'm hoping above hope that it eventually will. [However, blockchain the invention looks like it is here to stay] Bitcoin probably needs a few upgrades before mass adoption can really take off eg faster, more privacy/anonymity etc The developers are there and the issues are known so I feel it is the best chance we have presently of removing that boot from our financial necks. So to elaborate a little, the main problem I encountered when trying to buy my first BTC was the on-ramp/off-ramp fiat to BTC regulations combined with the AML/KYC issues highlighted previously. These have proven to be as difficult to comply with and as equally privacy busting as anything found in the conventional fiat world. In my opinion, fiat fractional reserve currencies that we are all so used to and familiar with are in serious trouble. TPTB know this and globally a very small percentage of the people know this also. It is going to collapse, just as history tells us how previous versions of the same have ALWAYS done so. Just ask a Zimbabwean, a Venezuelan, a Argentinian and to a degree a Cypriot or a Greek. What is happening and has happened to them is going to happen to everyone in the end, Euro, Sterling, Dollar, Yen and all the others too. I feel TPTB are scared, they are scared because the paradigm which has kept the few in power and riches through both boom and bust for decades is falling apart. If it were falling apart in a similar fashion as it has on numerous occasions in the past then the elite would just sit back, puff on their cigars and continue laughing among themselves. This time around I'm convinced they are worried because Bitcoin and the likes enables every single individual to not only retain control of their own money separate from a fiat bust.......but also be their OWN BANK. They know it and will do everything in their power to keep the people ignorant of the fact. Despite all the negative views, it's a tulip bubble, it's a ponzi scheme, It's a scam, crpto's days are numbered, TPTB will ban it, go ahead Bitcoin doesn't care. I beg to differ. Still early days and massively risky I agree, but considering what this COULD TURN INTO in my opinion it's worth the risk and worth the effort supporting it.
  8. Despite all the comments that Bitcoin and crypto currencies in general are a bubble that has already burst.....imo it's still only just the beginning, even with a $10k price tag. in 2019 I'd compare it to the internet in the early 90s as far as development goes....long way to go yet. 21 million coins max for BTC compared to a global population of approx 7.4Billion+......... Do the math. There's an estimated 31 million or so millionaires / billionaires on the Planet = Not even enough BTC for them all to own 1 BTC each.....Do the math. Even if it all comes to nothing in the end, with these odds I feel it foolish to not be on-board.
  9. Neeranam. "So I bought 2 million baht worth of XRP for myself and yank friend. When I cash it out, how will they know how much I paid for it - 10c - 50c? Any country that is. I might want to deposit into my Scottish bank. How would I do that btw?" Firstly they will know how much you paid for it because it is the traders responsibility to declare the trades to the appropriate authority if you have made a profit on a tax event. If you choose not to do so and happen to be investigated, BX would have been obliged [had they remained open] to provide the inquiring authority with a complete historical record of your trading activity. The fact they are now closing down will not mean they simply destroy all the customers records. I imagine it is pretty standard operating procedure for the data of a financially regulated exchange to be either archived or submitted to some central authority. If as you say you have made a 300X gain on your crypto, either by trading or hodling, my advice would be as Tayaout suggested, seek some professional advice......especially if it is you intention to remain resident in Thailand. I feel you also need to keep in mind that if you have been operating a BX account, you have already agreed to comply with their T&Cs when you initially signed up. BX T&C in bold italics reproduced below. Taxes It is the customer's responsibility to determine what, if any, taxes apply to the trades you complete via the Website, and it is the customer's responsibility to report and remit the correct tax to the appropriate tax authority. The customer agrees that the company is not responsible for determining whether taxes apply to the customer's trades or for collecting, reporting, withholding or remitting any taxes arising from any trades. The company reserves the right to withhold any amount of tax from the customer; if directed to do so by the Thai Revenue Department. Information Privacy The company will keep your personal information safe by international standards and according to the customer service policy of the company. Usually The Company will maintain the personal information of the customer for a period of at least 10 years or the time required to comply with relevant laws. To use for resolving potential disputes later. The Company reserves the right to disclose and deliver customer information to courts, government officials, government agencies or the person authorized by the law to request such information to the company or disclose in any other manner as required by law. Secondly, legally you should not be considering cashing out to your Scottish bank. Once again the T&C are quite clear on this. No foreign currency exchange The customer must agree never to exchange assets purchased from the Website for any foreign currency other than Thai Baht. The customer must also guarantee that any digital asset the customer sells at the Website have never been involved in exchange with any foreign currency other than Thai Baht. For national currency deposits the company will accept only Thai Baht; all deposits must involve only Thai Baht and no other foreign currencies. All Thai Baht deposits must originate within Thailand. Any deposits sent in other foreign currencies, or originating from outside Thailand, will be rejected and forfeited. By the way gentlemen please don't shoot the messenger here I'm only trying to keep you guys on a safe path. As I stated in my very first post I decided to start contributing to some of these crypto threads as I noticed many folks have been posting information which clearly shows some are playing with fire. I'm not a professional in this field by any means just an ordinary Joe with an extraordinary interest in the mechanics of money, making it, saving it. growing it and mostly trying to avoid losing it.
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