Bitcoin ruled illegal in Thailand • Hacker News Board

Re: Bitcoin ruled illegal in Thailand

#21

Post by wtvanhest » Mon, Jul 29, 2013, 2:50 PM UTC

tpatke wrote: post #15

The key factor to the success of any currency is liquidity. You are only willing to put money in if you can take money out. If the government of Thailand says it is illegal to transfer money in or out - that will effect liquidity in Thailand. How will this be enforced? First, banks and reputable institutions doing business in Thailand will not be allowed to trade with companies involved in bitcoin exchange. Of course…

I don't own any bitcoins, nor do I see myself owning any bitcoins for a long, long time, if ever.

Its bad news for bitcoin, but it is very minor bad news. Bitcoin only needs to be legal in the US or Europe for it to work world wide eventually.

Just imagine a time 30 years from now and a company wants to manufacture something in Thailand (lets say it is product as big as the iPhone was in the early 10's.) and that company would like to pay in Bitcoins. Do you think that that government of Thailand is going to keep up their ban?

Of course not, if Bitcoins get big in a few other countries, that is all that matters.

[Edit] Taiwanese replaced with Thailand. Not sure how I made that error.

Re: Bitcoin ruled illegal in Thailand

#22

Post by [deleted] » Mon, Jul 29, 2013, 2:50 PM UTC

tomelders wrote: post #3

It will be interesting to see how actively they enforce this new ruling. Given that paedo-tourists are effectively given a free pass in Thailand I find it odd that Bitcoin would work it's way to the top of the agenda.

[deleted]

Re: Bitcoin ruled illegal in Thailand

#23

Post by northwest » Mon, Jul 29, 2013, 2:51 PM UTC

Correct me if I'm wrong, but I believe it applies to any nation that the government always retains the monopoly of "issuing" a currency.

EDIT: ...which probably means that sooner or later, bitcoin will probably be outlawed everywhere.

Re: Bitcoin ruled illegal in Thailand

#24

Post by rorrr2 » Mon, Jul 29, 2013, 2:51 PM UTC

kordless wrote: post #18

stef25 wrote: post #12

Earlier quoted context omitted.

> Given that paedo-tourists are effectively given a free pass in Thailand Really necessary to drag that in to the discussion?

Is it really surprising someone is using an ad hominem argument again?

That's not an ad hominem attack. Ad hominem is "You're an idiot, therefore what you said is incorrect".

Re: Bitcoin ruled illegal in Thailand

#25

Post by [deleted] » Mon, Jul 29, 2013, 2:53 PM UTC

Nursie wrote: post #9

dreen wrote: post #4

- Buying Bitcoins - Selling Bitcoins - Buying any goods or services in exchange for Bitcoins - Selling any goods or services for Bitcoins - Sending Bitcoins to anyone located outside of Thailand - Receiving Bitcoins from anyone located outside of Thailand I think what they mean is that its impossible for a company to do any of the above things legally. Its not possible to enforce this on the individual level.

>> Its not possible to enforce this on the individual level. Why not? From what little I understand it's pretty easy to spot bitcoin related traffic on a network, transactions in particular. Thailand already has some sort of national filtering/porn censorship set up IIRC.

[deleted]

Re: Bitcoin ruled illegal in Thailand

#26

Post by kristiandupont » Mon, Jul 29, 2013, 2:55 PM UTC

eksith wrote: post #5

Riddle me this. How does banning bits in any way shape or form, prevent their transmission and storage?

It doesn't. But it does mean that you won't be able to pay Thai companies except maybe a few small/rebellious ones with bitcoin.

Re: Bitcoin ruled illegal in Thailand

#27

Post by rplacd » Mon, Jul 29, 2013, 2:55 PM UTC

tomelders wrote: post #3

It will be interesting to see how actively they enforce this new ruling. Given that paedo-tourists are effectively given a free pass in Thailand I find it odd that Bitcoin would work it's way to the top of the agenda.

The title's misleading: Bitcoin was never sanctioned in the first place - the laws presumably whitelist, rather than blacklist.

I don't think the political will exists, in either case - the political jockeying that currently stands in for the entire totality of both policy and political discourse doesn't leave much space for a quiet and novel campaign like this - I suspect, in fact, that the only thing that has fallen into the above category within the last ten years are CITES violations (drug stings should probably be credited to the DEA.)

Re: Bitcoin ruled illegal in Thailand

#28

Post by zolbatar » Mon, Jul 29, 2013, 2:58 PM UTC

enraged_camel wrote: post #17

stef25 wrote: post #12

Earlier quoted context omitted.

> Given that paedo-tourists are effectively given a free pass in Thailand Really necessary to drag that in to the discussion?

What's a pseudo-tourist? edit: why the downvote? It's a simple question!

Read it again, it's not PSEUDO...it's PAEDO.

Re: Bitcoin ruled illegal in Thailand

#29

Post by PeterisP » Mon, Jul 29, 2013, 2:58 PM UTC

eksith wrote: post #5

Riddle me this. How does banning bits in any way shape or form, prevent their transmission and storage?

By fining or jailing you if you are transmitting&storing those bits; or by shutting down your company if you are selling goods or services for bitcoin.

Re: Bitcoin ruled illegal in Thailand

#30

Post by mbrameld » Mon, Jul 29, 2013, 2:59 PM UTC

enraged_camel wrote: post #17

stef25 wrote: post #12

Earlier quoted context omitted.

> Given that paedo-tourists are effectively given a free pass in Thailand Really necessary to drag that in to the discussion?

What's a pseudo-tourist? edit: why the downvote? It's a simple question!

A pseudo-tourist is your misreading of the word paedo-tourist.