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Yes, in your position it would probably suck.
I get paid in bitcoin though, and pay various services and contractors in bitcoin, so obviously that alleviates forex fees, as there isn't any. Then when I flip it over to fiat, sure there's a nominal fee of maybe 1.5% or so, all depending on who I find to act as an intermediary, but it's not that bad.
Previously you have asserted that Bitcoin is a legitimate way to manage foreign exchange. Now you're saying it's only of practical benefit if you're already part of the Bitcoin ecosystem otherwise the multiplicity of transaction costs make the friction too onerousQuote:
Originally Posted by cdnmatt
No, I remember specifically telling NIrish once that bitcoin probably wouldn't be good for him, as it doesn't make much sense to buy bitcoin, then flip it over into THB for example.
Now if you get paid in bitcoin, it's obviously a different story.
Read your own post #14 in this very thread where you laud Bitcoin as a medium for currency transfersQuote:
Originally Posted by cdnmatt
Well, for me personally, it's excellent for currency transfers. For example, I get paid in bitcoin one day, and within an hour without leaving home I can:
- Pay a couple contractors out in bitcoin
- Pay my web hosting bill, and register a couple domains (in bitcoin)
- Deposit some funds into my Canadian bank account
- Deposit funds into other people's bank accounts in say Thailand and Germany if needed
- Transfer funds to my AdvCash ATM card, which I can then use anywhere in the world naturally.
- Send a Western Union transfer to someone
And I never have to worry about things like my account getting frozen, or having to call customer support because my account was red flagged for some reason, or anything like that. There is no central authority I have to ensure to please, and it's no problem at all finding intermediaries to help facilitate the transactions, as they are plentiful and in virtually every country in the world.
Since you a part of the Bitcoin ecosystem it makes sense to you, but the majority of people live outside the scam and it makes absolutely no sense to them. Like all religious converts (and Bitcoin has most of the characteristics of a religion) you are obsessed with forever justifying your beliefs while at the same time proselytising others vigorouslyQuote:
Originally Posted by cdnmatt
Strange that, because I've been a regular customer of a well-thought-of Canadian Bank for near on 60 years now and not once have I come across anything approaching your self-described list of paranoia(s).Quote:
Originally Posted by Poor Cndmatt
Though on the other hand I'm not living my life either at my mother's house, nor constantly just a few steps ahead of the RCMP, the CRA, Thailand Immigration, a couple of pissed off dogs, and the Lao Jailers and their 'coming-for-you' low paid bad attitude (many others I assume).
Smiles, quit being so cheerful all the time! :)
As an update to the above interesting to see now ( and as predicted above) they have now accessed the "dead" guys digital wallets only to find them totally EMPTY !! They also state that it seems that he was also using 14 other secret accounts to move money about.
However IF they guy IS actually dead ( and medically proven etc) then that of course leaves the next question as to WHO it was then that emptied out the wallets in the first place as apparently that was completed several weeks and months before his death !
I'm guessing that this is a story that has far to run yet.......and surely is yet another example of why using digital currencies may not be such a smart idea for the holding your life savings ( or any other sort for that matter!) !?
Update to main story from the BBC....
https://www.bbc.co.uk/news/technology-47454528