The Bitcoin, Blockchain, and Cryptocurrency Thread

[buksida]

That's great, our dictator is now a blockchain expert.

Are they going to email little cartoons out to traders in the normal fashion of Thai "education"?



At least we can be grateful that they haven't clamped down on it yet as they seem fond of doing for everything else here.

[johnjar]

Every kind of investment is a speculation or gamble, one thing about this bit coin and other crypto’s is it's not backed by any government, and it seems not easily exchanged according to earlier posts! Unless traded on the new bit coin futures market’s which are traded in dollars, and treated like any commodities trades. Whichever way your trade goes you get your paid out in dollars. On another note 97% of worlds currency is digital anyway, only 3% is actual cash.

For the average new retail trader who takes a punt the 90/90/90 rules comes into play = The rule is a basic rule of trading. It means 90% of new traders lose 90% in 90 days

[buksida]

As Bitcoin falls - altcoins win ...

http://www.newsbtc.com/2018/01/03/altco ... dominance/

[Pleng]

Unless traded on the new bit coin futures market’s which are traded in dollars, and treated like any commodities trades. Whichever way your trade goes you get your paid out in dollars.

Not really... I bought most my coins in GBP and have been paid out in both GBP and THB; not seen a single dollar along the way!

[buksida]

BX pays out in THB - again, no need to go near USD unless you want to.

[johnjar]

Unless traded on the new bit coin futures market’s which are traded in dollars, and treated like any commodities trades. Whichever way your trade goes you get your paid out in dollars.

Not really... I bought most my coins in GBP and have been paid out in both GBP and THB; not seen a single dollar along the way!

Good on you mate, the point I was making trading on Nasdaq,CBOE, or CME in crypto currencies is like any fx trade, you can make a bunch of money and lose a lot more, the best strategy I reckon is buy and hold rather than trying to make income, view it as an investment as sometime in the future bitcoin or one of the other crypto currency will be just another one added to 97% is of the world’s so called real money is in fact plastic not printed by governments, and conjured by private banks

[buksida]

Ethereum now over a thousand bucks:
http://bitcoinist.com/ethereum-flows-four-figures/

People are dropping Bitcoin and switching to Ethereum to trade as it is a faster network with lower transaction fees.

[johnjar]

What’s with the lower transaction fees? Originally crypto currency was supposed to be peer to peer so no middle man banker or broker takes a clip each side of the trade as in the the case of fx retail trading, if that is the case what’s the difference btwn any fx currency trade?

[buksida]

Digital currencies have to be 'mined' which involves powerful computers crunching numbers to verify the transactions to add to the blockchain. This costs money so on a slow chain like Bitcoin there will be higher transaction fees, plus the exchange will usually take a cut - some are worse than others (ahem ... Coinbase).

There are some crypto coins that do not require mining such as Iota. There is also a hope that one crypto will emerge as the standard for transactions so we wont need exchanges and it will be peer to peer, a few already trying this are Stellar Lumens, OmiseGO and Bitshares.

[huahin4ever]

So what are actually created when mining? How can money be created by crunching numbers upmin the air? What is being calculated? Are there actually a task to be solved like calculating space travel or other similar tasks solving a problem or task? It is very hard to understand how this creating/mining can be sustainable. But maybe there are something I haven't grasped or understood yet?

[buksida]

[buksida]

SEC says bitcoin futures trading legitimate

The Securities and Exchange Commission (SEC) has said Thailand’s first bitcoin futures trading service offered by a securities company is legitimate but urged investors to apply caution due to high risks.

The SEC issued the statement on Monday after receiving several enquiries about the trading. It did not name the broker but there were reports earlier that Phillip Securities (Thailand) Plc was to first to offer the service, which began late last year.

The SEC said the derivatives are traded on the Chicago Mercantile Exchange and CBOE Futures Exchange, which are under the supervision of the US Commodity Futures Trading Commission.

"The Thai securities company can offer the product since the markets are under the supervision of the International Organization of Securities Commissions (IOSCO), with which Thailand has an agreement to exchange data," the statement said.

Since the product is already supervised by qualified regulators, the major concern for Thai traders is not fraud or money laundering. At issue is the extremely high risk due to the high volatility of the cryptocurrency, which is the underlying asset, and the leverage of the product, which could generate higher or lower profits or losses than the underlying product does.

The SEC said it had instructed the broker to be cautious when selling the service and make sure customers understand and are ready accept the risk

https://www.bangkokpost.com/business/ne ... legitimate

[johnjar]

SEC says bitcoin futures trading legitimate

The SEC said Bernie Madoff was legitimate

[johnjar]

So what are actually created when mining? How can money be created by crunching numbers upmin the air?

That what all the central banks do such as FED, ECB and BOE with all major currencies, why not crypto currencies as well

[johnjar]

SEC getting spanked.