The Bitcoin, Blockchain, and Cryptocurrency Thread

[buksida]

Go through the UK support channels - they're very slow at responding but if you can prove you own the account they should grant access.

I have a CB account but seldom use it because their fees are as bad as a bank's which kinda defeats the purpose of crypto!

[pharvey]

Go through the UK support channels - they're very slow at responding but if you can prove you own the account they should grant access.

I have a CB account but seldom use it because their fees are as bad as a bank's!

Constantly try through supposed "Support Channels" - basically online chat without the chat. Constant "Auto Responses" letting me know that they're thankful for my enquiry and they'll get back to me..... Sill waiting.

Have done plenty of research and been given advice which I'm truly grateful for (including yourself buks ). However, as I can't even access my account as it's frozen, accessing "Settings", "Profile", "Payment"...... which makes proving details impossible (despite the fact that I did so when opening the account) - there's little I can do without a response from these guys.

They provide no contact number, no Email contact... How is contact therefore possible other than attempting through a BS "online enquiry" (which is ignored)?

Ho Hum..... I'll stop before I fall off my Soapbox

[buksida]

Their UK support number is 0808 1684635 - but I suspect it will be an Indian call center or more automated responses.

I feel your pain though, had similar issues with Ledger.

[pharvey]

Their UK support number is 0808 1684635 - but I suspect it will be an Indian call center or more automated responses.

I feel your pain though, had similar issues with Ledger.

Seriously appreciated mate - will give it a try, but suspect you're correct. Still, at least another avenue

[buksida]

TAT targets holders of cryptocurrencies
The Tourism Authority of Thailand (TAT) wants to establish Thailand as the first country to welcome cryptocurrency holders by targeting Japanese tourists in the initial phase.

Though the agency downgraded its target for foreign tourist arrivals this year, it sees tourism during the post-pandemic era as emphasising quality and creativity, leading to its plan to add new segments with high spending.

After a discussion with the Technology Promotion Association (Thailand-Japan), the TAT determined it wants to attract cryptocurrency holders, a market that has grown significantly during the past few years.

Japan is considered one of the world's top holders of bitcoin.

According to Dalia Research in 2018, 11% of Japanese own cryptocurrencies, higher than the global average of 7%, followed by Germany and the US at 9%.

"If we can prepare the country for the cryptocurrency market, it will help attract more opportunities from high-spending tourists, especially the young and wealthy generations," said Yuthasak Supasorn, TAT governor.

The TAT is conducting a feasibility study on implementing digital currency at tourism destinations.

The agency plans to talk with the Bank of Thailand and tourism operators such as hotels to prepare for new tourism practices in its long-term plan.

Mr Yuthasak said the use of cryptocurrency has to comply with regulations from the central bank and measures must be designed to deter money laundering.

"Even Elon Musk, the founder of Tesla and a crypto influencer, might be interested in visiting Thailand," he said.

https://www.bangkokpost.com/business/20 ... currencies

They're really clutching at straws now - there is nowhere in Thailand that even accepts crypto as a payment method and Japan is 4% ownership not 11%.

[buksida]

Bitcoin hits $1tn market cap, stocks are mixed
Bitcoin hit a new record high on Friday and surpassed US$1 trillion in market capitalization, while European and US equities were mixed as optimism over coronavirus vaccines and stimulus competed with inflation fears.

The digital unit zoomed to another record at around $56,000, meaning that the combined value of all bitcoin now stands above one trillion dollars, according to data provider Coinmarketcap.com.

Oil prices sank meanwhile, as some companies began slowly restarting operations in the US producer state of Texas, where refineries have been hammered by a cold snap.

Meanwhile, data showed that the eurozone's economy is being hit hard by a new wave of lockdowns but the damage will be less severe than last year's virus-induced crash.

https://www.bangkokpost.com/business/20 ... -are-mixed

[buksida]

Thailand’s central bank warns against ‘illegal’ THT stablecoin
The Bank of Thailand has issued a stern warning against a privately issued stablecoin pegged to the national currency, the Thai Baht.

According to a Bangkok Post report on March 18, the central bank has told citizens that Thai Baht Digital (THT) has no legal assurances or protection and that users could be at risk of cyber theft or money laundering

Citing a sixty-year-old law, the central bank's assistant governor of the legal group, Pruettipong Srimachand, stated that any activities involving the stablecoin are considered illegal:

“The creation, issuance, usage or circulation of any material or token for money is a violation of Section 9 of the Currency Act 1958.”

The stablecoin is issued on the Terra platform which has produced various other stablecoins including the TerraUSD, first issued in September 2020, and TerraKRW. It is also behind the Chai payments app, an e-commerce wallet powered by stablecoins that is widely used across Asia.

The THT is pegged to the Thai Baht raising fears it could cause fragmentation of the Thai currency system should it attempt to compete with the central bank issued currency.

https://cointelegraph.com/news/thailand ... stablecoin

[hhinner]

^^ Illegal here it may be. But fortunately Thai law doesn't extend beyond the country's borders. As this token is tied to the baht it seems to me that it's more or less another way of betting on the baht.

[buksida]

A 33-Year-Old Fueling Crypto Boom Is Worrying Thai Regulators
Atichanan Pulges first became interested in cryptocurrencies a decade ago when he was an engineering student in Los Angeles. Mining Bitcoin was a way for the Bangkok native to learn about markets and pay his rent.

Now back in Thailand after a stint at Goldman Sachs Group Inc., Atichanan is a co-founder of the nation’s largest licensed cryptocurrency exchange. He’s also on the front lines of an intensifying debate over who should be allowed to buy digital assets in Southeast Asia’s second-largest economy.

Thailand’s Securities and Exchange Commission, alarmed by a sixfold surge in domestic crypto trading since November, said on April 1 that it would soon require traders to have experience, or take courses or pass an exam. The regulator didn’t finalize a date and opted not to ban local exchanges from accepting clients who didn’t meet minimum-income levels, which had been mulled. Digital-asset proponents including Atichanan argue that too many restrictions will merely drive Thais to unregulated platforms overseas.

“The regulator realizes any curbs can’t reverse the tide toward digital,” said Atichanan, 33, who co-founded Bitkub in 2018. He said the exchange accounts for about 90% of domestic crypto trading and serves 300,000 customers, figures that Bloomberg has been unable to independently verify.

While volumes on Thai crypto exchanges are still small relative to counterparts in countries like the U.S. and South Korea, they’ve been surging in recent months as digital assets including Bitcoin have jumped to all-time highs.

Total trading turnover on all local licensed crypto exchanges jumped to 124 billion baht ($3.96 billion) in February from 18 billion baht in November, according to data from the Thai SEC, which only date back to November. Bitkub’s daily turnover of 4.2 billion baht in February reflects an increase of nearly 40% from a month earlier, according to the company’s statistics. A 24-hour turnover figure on March 30 ranked it 124th among more than 300 exchanges worldwide tracked by CoinMarketCap.

As in other markets that have experienced a spike in retail trading during the pandemic, crypto activity in Thailand has soared in large part thanks to demand from younger investors. The boom has also been marked by hiccups at local exchange operators, including Bitkub.

https://finance.yahoo.com/news/33-old-f ... 00470.html

[buksida]

KBank tries blockchain option Kubix
Kasikornbank (KBank) is exploring an innovative form of services called decentralised finance (DeFi) using blockchain and independent of central financial intermediaries as it tries to grow its business regionally via the digital platform.

According to Ruangroj Poonpol, chairman of Kasikorn Business Technology Group (KBTG), a tech arm of KBank, KBTG recently established a subsidiary called Kubix to operate as an initial coin offering portal for digital tokens in a collaboration with the Stock Exchange of Thailand.

DeFi is a blockchain-based form of finance that does not rely on brokerages, exchanges or banks to offer traditional financial instruments. Instead, it utilises smart contracts on blockchains.

DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade cryptocurrencies, insure against risks and earn interest in savings-like accounts.

https://www.bangkokpost.com/business/2098591/

The term "DeFi" should not be used when a centralized bank is involved - it kinda defeats the purpose!

[buksida]

Gold, crypto prices surge despite virus
In addition to gold, trading of assets that are typically available online such as cryptocurrencies has also been active during the outbreak. Many altcoins have surged to all-time highs following bitcoin, which already surpassed the 2-million-baht milestone this week.

Poramin Insom, founder and director at Satang Corp, said the outbreak has not had a negative impact on the trading of digital assets.

Digital exchanges have already prepared business continuity plans in advance to deal with the pandemic, and most of the staff can work from home, he said.

During the week, global digital exchanges watched while their trading volumes grew to record highs.

Coinbase, the largest cryptocurrency exchange in the US, listed on Nasdaq on April 14 and reported total revenue of $1.8 billion in the first quarter, surpassing last year's revenue of $1.2 billion for the whole year.

"Even with the fear of Covid-19, people are seeking ways to earn money," Mr Poramin said.

He said 9,254 altcoins have been issued to raise money for startup projects, but only 1-2% of them have succeeded.

Cryptocurrency traders should be aware of the risk and choose to invest in only the top 200-300 of exchanges' lists of altcoins, said Mr Poramin.

In contrast to gold and cryptocurrencies, Thai bank, retail and tourism-related stocks plunged yesterday due to fears of a prolonged lockdown and economic slump following the surge of Covid-19 cases.

https://www.bangkokpost.com/business/21 ... pite-virus

[pharvey]

Well, finally "Coinbase" have unlocked my account! It's only taken 3 or 4 years!!

The only thing that pi$$es me off now, is that I didn't invest 100 x the amount I did!!

[buksida]

Maybe their IPO last week kicked some arses. Make sure you take some profits - the bull market will not last forever.

[buksida]

Could be the end of crypto trading in Thailand - as with all things, they're making it difficult.

ID check required for new crypto accounts
Opening of new cryptocurrency accounts may slow in the second half of this year as the Anti-Money Laundering Office (Amlo) announced local digital exchanges must verify their customers' identities through a "dip-chip" machine that requires clients to be physically present.

The dip-chip requirement comes into effect in July, said Poramin Insom, co-founder and director of Satang Corp.

As of April 26, there were 697,780 cryptocurrency accounts nationwide, a surge from 160,000 at the end of last year.

"Most digital asset exchanges are still busy preparing their systems to accommodate the growing number of clients as new account applications continue to flow in. However, this growth may be curbed if the application process becomes more complicated," said Mr Poramin.

Digital asset intermediaries plan to discuss the issue at a forum held by the Thailand Digital Asset Operators Trade Association, a self-regulated organisation, to gather questions for further discussion with government entities such as the Securities and Exchange Commission (SEC) and Amlo.

Every step in the digital account opening process is currently done electronically, starting from submitting the application form to verifying a customer's identity and account approval.

However, the exchanges still need time to approve an account because they must recheck and determine if documents submitted by customers comply with the SEC's regulations for the know-your-customer (KYC) process and suitability test.

An applicant's documents must be rechecked by relevant government agencies and if officials find a customer has submitted fake documents or is residing in a country where cryptocurrency trading is banned, the application will be rejected.

Mr Poramin said digital asset exchanges have a duty to report any transaction worth over 1.8 million baht under the money laundering law, and must set up a database for inspections by regulators.

https://www.bangkokpost.com/business/21 ... o-accounts

Being physically present will mean anyone wanting to open a crypto account will have to go to Bangkok to do so (and have a Thai ID card). Can this country get any more backwards.

[Big Boy]

Can this country get any more backwards.

I am sure they will find a way.