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Bitcoin ruled illegal in Thailand

bitcoin.co.th

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Re: Bitcoin ruled illegal in Thailand

#11

Post by gizmo686 »

[deleted] wrote: post #7

[deleted]

A much worse nightmare for tax collectors is an anonymous currency (such as cash). With Bitcoin the tax collector (and everyone else) can review the blockchain and verify that every account payed the taxes it owes. If they find an account that has not payed taxes, they can look at who payed into that account, and who that account payed, and use investigative techniques (IE ask amazon for the address that kindle was shipped to) to discover the indentity of the account holder.

The biggest mistake the Government can make (as a tax collector) is killing Bitcoin, as that will only increase the likelihood that a more anonymous currency will take its place.

Re: Bitcoin ruled illegal in Thailand

#12

Post by stef25 »

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.

> Given that paedo-tourists are effectively given a free pass in Thailand

Really necessary to drag that in to the discussion?

Re: Bitcoin ruled illegal in Thailand

#14

Post by rplacd »

Articulate wrote: post #2

How will this work in practice?

The phrase "this is Thailand" comes to mind - individual use will slip through the gaps, institutional users'll work this into their standard relationships with the various organs of government; and general apathy will reign in the end - the various arms of government are still probably embroiled in the omnipresent issues of either (a) a general political amnesty or (b) politically-motivated point-scoring.

No campaign exists, and there exists no space to whip one up considering how thoroughly split the various arms of government are between political allegiances (unless Yingluck's dealt with the judiciary already.)

Re: Bitcoin ruled illegal in Thailand

#15

Post by tpatke »

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, this will not completely stop currency conversions, but it will act to decrease liquidity which will act to discourage people from putting money into bitcoins – further decreasing liquidity.

This is definitely bad news for bitcoins.

[Edit] Will a down-voter kindly explain to me how this is good news for bitcoins? Maybe liquidity is not important for a currency?

Re: Bitcoin ruled illegal in Thailand

#17

Post by enraged_camel »

stef25 wrote: post #12
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.

> 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!

Re: Bitcoin ruled illegal in Thailand

#18

Post by kordless »

stef25 wrote: post #12
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.

> 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?

Re: Bitcoin ruled illegal in Thailand

#20

Post by cinquemb »

bayesianhorse wrote: post #16
eksith wrote: post #5

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

By preventing you from buying groceries with funds received via bitcoin...

Unless you buy from farmers at farmers markets who accept bitcoins…[0]

[0] https://bitcointalk.org/index.php?topic=5787.0%3ball

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