Sex drugs and Bitcoin

[cdnmatt]

Yes, bitcoin goes all the way to 8 decimal points. So you can pay for something with 0.00047122 bitcoin, for example.

Oh, and the part is called a satoshi.

[Nirish guy]

thank you for the answer

[frequent]

For those who are interested, Reuters has just published an article on why the Blockchain - the technology solution on which Bitcoin is based - will likely be important in the future. And here's a link to a story about the Australian energy trading company that's using the blockchain

[cdnmatt]

Just fyi... the "blockchain technology" in and of itself isn't really that advanced. We're going all the way back to the Napster, Kazza, and invention of torrents days for this technology. Just add some cryptography, put a specific messaging protocol in place, and you have the blockchain.

The other difference is computer hardware resources continuing getting more powerful as the years and decades tick by. We're no longer reliant on companies who can afford data warehouses with massive server configurations. We are in the way of Google and things, but not for things like bitcoin.

[joe552]

Thanks Matt I understood every word of that.

[frequent]

Thanks Matt I understood every word of that.

Reverting to my definition of the Bitcoin afficionado as a "high tech wanker", there's a recent article in the Financial Times headed "Bitcoin: an investment mania for the fake news era" and a summary that states "The cryptocurrency has attracted people who mistrust institutions". I think that pretty much sums Matt up

[joe552]

Matt I'm intrigued (or just confused). You say you've given up all your bank accounts. Does that mean you only get paid in Bitcoin? What do you use when you go to the market to buy food? Genuine question

[cdnmatt]

Right now, I just flip say 80,000 baht into Western Union once a month or so, and have Leo go collect it. Then I can flip money into a Thai bank account in minutes, so that's how I pay rent.

But no, no bank account. Leo does have a Laos bank account, but apparently nobody in Laos uses bitcoin, as I can't flip money into it.

Used to have a Canadian account, but that's gone. My debit card expired, so I called them to issue me a new one, the lady said I couldn't be verified over the phone (total BS), froze my account, and told me I need to visit the nearest branch in person. Well, that would be fine if the Pacific Ocean wasn't in the way.

I can't get a Thai bank account due to my status, Leo can't get one because he has no work permit (we've tried, multiple banks). So at the moment, we're kinda stuck. There are companies that offer debit card attached to your bitcoin account though. Tried to order a couple from Adv Cash, but I guess due to Mastercard policies, they can only issue cards within Europe, and not to Thailand.

That, and I much prefer using bitcoin anyway. I've had money fezen in multiple accounts before that I was never able to get access to, I've had PayPal close my account and freeze the balance for 180 days, I've had my Moneris merchant account closed without warning for a chargeback rate of more than 0.5%, and so on... With bitcoin, you never have to worry about any of that.

That's why I was freaking out a little while ago when the price started falling, because I have nowhere to put all this money at the moment. I can't exactly just send Leo down to Western Union for that much, as that'd look a little suspicious.

Once settled in Vientiane, we'll make a quick 2 or 3 day trip to Hong Kong, and incorporate there as the corporate tax rate is 0%, and get some proper bank accounts again with HSBC.

[joe552]

Thanks for the explanation Matt. I have to say, I'd be freaking out too in your situation. Hope it all works out for you.

[scottish-guy]

.. "The cryptocurrency has attracted people who mistrust institutions"...

I mistrust them too - the last time I was in one I had a hell of a job getting back out!