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About lkn

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  1. Any such expense will be passed on to the passenger, this is from Thai Airway’s terms: 13.3 REFUSAL OF ENTRY If you are denied entry into any country, you will be responsible to pay any fine or charge assessed against us by the Government concerned and for the cost of transporting you from that country. The fare collected for carriage to the point of refusal or denied entry will not be refunded by us. I have flown to Thailand on a one-way ticket, on tickets with return dates 6 months in the future (before I had a PE VISA), etc. and I have often been asked by the check-in staff about this, but they have never acted on it. They just wanted to be sure that I was aware of the VISA rules, and that Thai Immigration may deny me entry. But possibly other countries/airlines have different policies (this was always with Thai Airways). For the OP: Maybe check with your airline beforehand what their policy is regarding checking travel documents and potentially rejecting passengers.
  2. The check-in staff are not agents of Thai Immigration so I sincerely doubt they’d prevent you from flying to Thailand just because they *think* that you may not be granted entry, they have no way of knowing this, and they are not liable for passengers who do not get entry. Though as a courtesy/service, they will ask if you have proper VISA to stay in Thailand, etc. Has happened to me many times that they asked about my VISA situation and if I was aware I could not stay more than 60 days on my tourist VISA (before I had a PE) etc.
  3. I *think* what they are telling you is that for *your company* to sell one of its properties, the Land Office must see the meeting minutes from the meeting where the board of directors authorized this sale. So you need to write up meeting minutes (in Thai) and at least the chairman should sign these meeting minutes. Presumably you should also do a cover letter to the Land Office.
  4. Yeah, he is pretty much describing the free market. The problem with Thailand is that due to poor education there are less opportunities and therefor people compete for the same few business ideas, for example selling stuff at the market (either homegrown produce / homemade items, or arbitrage, buying stock at a larger market), food cart / restaurant, tuk-tuk / taxi, or in the tourist areas, reselling trips, renting bikes, massage, etc.
  5. lkn

    Foreign quota filled

    Why didn’t you ask at the condo? Surely the Juristic Manager should have known, or the agent who showed you the place.
  6. lkn

    Foreign quota filled

    Sincerely doubt that prices for a 1 BR condo in BKK far from BTS and MRT would be affected by demand from foreigners.
  7. lkn


    First, payments can be easier than entering in the address and amount, e.g. contactless payments where you just hold your NFC enabled device up to the payment terminal. Second, what app do you enter this in for bitcoin? If I want to send my friend money via iMessages, I simply tap the ApplePay icon and enter the amount, I assume similar for LINE Pay, WeChat Pay, etc. Is there some chat app that makes it similarly easy to send bitcoins? Third, as there is probably no chat app like above, what address do you enter? Can people have an easy to remember address like their email address or phone number? Or are we actually talking about long alphanumeric strings where it matters whether the letters are capitalized or not? Fact: Many people do not know about copy/paste and will manually enter the address rather than copy it from an email/website, so bitcoin addresses are *not* easy to deal with for regular people. Fourth, once you hit send, are the money there? How long does it take? Similarly for receiving money, when someone claims to have sent you money, why are they not showing up instantly? When they show up, how confident can you be that they’ll remain yours? You really think regular people understand the underlying issues surrounding this? For them, the process will seem arcane, even many bitcoin proponents seems to be unaware about the process as they claim transfer speeds faster than what is theoretically possible and never consider the uncertainty of whether the block with the transaction remains on the longest blockchain, which one shouldn’t before at least 3-4 more blocks have been mined. Lastly, what is the transaction fee? Money sending services have clear policies about fees, and there are many ways to send money for free. Yet with bitcoin, there is no way for a user to know what it’ll end up costing, as we saw some months ago, fees can easily spike to absurd levels regardless of the actual money being transferred.
  8. I have the limit with both Krungthai, Krungsri, @sky3 seemed to have it with Kasikorn, and my friend has it with Bangkok Bank, so it seems somewhat prevalent and not that arbitrary. Has this been changed from 50,000 baht? Because I am quite sure I read about the 50,000 baht reporting requirement in the past. Perhaps you have a link to where the reporting requirements are stated? To send money, you only need bank name and account number. For the AMLO report I imagine you need to include national ID number / passport number and possibly last known address. I could definitely imagine that banks would not make the latter information instantly available to other banks, but grant such information requests in batches or similar. Still semi-automated, but say, some employee has to OK a batch of such requests once per day, and that would explain why these transactions must be scheduled as “next day”. Well, I am 99.9% sure that the 50,000 baht limit for immediate interbank transfers has nothing to do with lack of investment in their IT infrastructure, and either a (rather strange) policy decision, or a byproduct of regulation. Since I am aware of it with at least 4 banks, the policy seems the most likely. Btw: As mentioned in my previous post, I can do online interbank transfers with KTB (up to 5 million) *free of charge*, it sounds like you walk to SCB, withdraw money, and then deposit in the receiving bank, so maybe KTB is not all bad :)
  9. I would recommend you open your own bank account because if you ever want to take out money from Thailand, you’ll have proper proof that you transferred $30,000 into the country, which you wouldn’t have, if you transfer directly to your wife’s account.
  10. lkn

    Bank charges

    The boundary is the province: Why do you regularly need to take out money in another province? You can always set up a new account with a branch in the other province, if this is such a big issue for you. As for banks making enough; I am a heavy user of my debit card, I do many online transfers per month, I’ve been to the bank with “issues” a dozen times taking up hours of their time, and yet my bank fees are less than what I am paid in interests. Not a scam, as they add tremendous value to my life and hardly charge anything for it.
  11. But then where does the immediate limit (to other banks) come from? To summarize, with my account in Krungthai I can do immediate transfers up to 5 million to other customers of Krungthai. But if I transfer to another bank, immediate transfers are limited to 50k, yet I can do 100 of these per day, or I can do a next day transfer of up to 5 million (to another bank). To me it seems very much like if I want to transfer more than 50k the bank need details of the recipient (for the AMLO report), so when transferring to other customers with Krungthai, there is no problem, as Krungthai already has that info, but when sending to other banks, there is no protocol in place to automatically retrieve this information immediate, therefor there is a delay. This is pure speculation, but since the 50k limit for immediate interbank transfers seems so prevalent, there must be some good reason for it. Immediate and next day interbank transfers in Krungthai are btw both free, so it’s not even that the bank earns more in fees by limiting the max amount per single transfer.
  12. I have Krungthai and Krungsri, both limit immediate transfers to 50,000 baht, but they do allow transfers as high as my daily limit to be scheduled as a (single) next day transfer. I have written before that I suspect the 50,000 baht limit is imposed from above, as I read somewhere that for transfers above 50,000 baht, Bank of Thailand has to be notified (with details about sender and receiver), so I suspect that this notification is not automated.
  13. lkn


    2. The network has a fixed limit (of transactions it can process), if you add more nodes to the network, it decreases the odds of a single node getting a block reward, therefore the (true) cost of a transaction actually goes *up* with number of nodes. I therefor fail to see how competition will result in lower transaction fees. Only if nodes operate at a loss, will you see transaction fees go down. But if transaction fees are to reflect the true cost of a transaction then fees will go up with the number of nodes in the network. 3. If you do not have the full ledger, how do you verify money has been sent to you (and not double spent etc.)? Do you trust someone else to verify it on your behalf? Because then it is no longer trustless, which is the entire point. 4. You do not need chargebacks when paying with physical cash, but you need it when going digital, because that opens up a whole new world of potential fraud. Having everybody let transactions go through escrow is once again adding a trusted authority. 7. If you have to use paper money, who backs these paper money? If we still have to trust paper money, why are we moving to bitcoin? We already have digital money denominated in the same currency as our paper money and they are much more convenient than bitcoins. So for #2 I think you have not thought through how the network actually works and the incentives at play. For #3, #4, and #7 you are basically saying we can solve that with a trusted third party, but the entire point of bitcoin is to not have to rely on trusted third parties, as if we need trust, we already have far superior payment options. As for your comment that scaling issues is a result of growth: They’ve had 9 years to fix it, but it’s a theoretical problem that isn’t really solvable. Again, I don’t think you have fully thought about how it would work if the entire world had to use just one (distributed) ledger for all transactions.
  14. This happens automatically. I have done more than a dozen large transfers with Krungthai. As I wrote, yes, they may ask you to confirm the rate, but that is not a negotiation. They used to publish rates up to a certain amount, I think their site used to say above $10,000 and you would get a “market rate” (there were 3-4 tiers below $10,000). The first two times I had money coming in (in the 5-6 digits range), they did call me automatically, and told what rate they could give me, based on real time data (and I could have declined, but that would just leave my money in USD). I have told them that they do *not* need to do this, just give me whatever is the market rate, and that is what they do now, and the rate I get is pretty close to the rate displayed by Google (the few times I actually checked).
  15. lkn


    Lotteries are also very popular for speculation, doesn’t necessarily make them good. Even ponzi schemes are surprisingly popular, especially in China, Russia, and India (where you have a lot of people tempted by the promise of going from rags to riches). As for what bitcoin is: Buying and selling on exchanges is simply a zero-sum investment game. The money you can win by investing in bitcoin comes from other investors, as no value is being generated, only the new money coming into bitcoin, but most likely miners are regularly cashing out to cover their operational costs, so the pool of money is (highly likely) less than what have collectively been put into it, and thus on average, investors will take a loss. The winning strategy would be to cash out before everyone else starts to… As for the technology: It has some problems preventing it from actually being used as a currency: The energy required for proof-of-work must be higher than the value being protected. This works now because the miner get a block reward, but that basically means that all holders of bitcoin collectively pay for the mining via inflation. The unsustainability of proof-of-work will be clearer when the mining reward decrease (as that should cause the transaction fee to increase proportionally, and eventually the transaction fee will match the value being transferred, as if it is less, the network is not secure). Transaction fees go up with popularity. It does not scale to anywhere near world wide adoption (because everyone needs a full copy of the entire ledger which must contain all transactions in the world). There is no way to do chargebacks or reverse a transaction in case of fraud or mistakes. Not suitable for real-time transactions as reasonable confidence in a transaction being confirmed requires at least 4 blocks. Subject to denial-of-service attacks (you can either spam the bitcoin network itself, as some claim Coinbase did in December/January, causing major delays and transaction fees to go up, or you can attack the internet connection of the nodes). No way to work in offline mode; this may seem minor, as I don’t think they do imprint of payment cards anymore, i.e. payment cards also need an online terminal, but payment cards use the same currency as your cash! There is no physical cash with bitcoin, and there is no way to have physical cash without a trusted authority, which is what bitcoin wants to avoid. Presumably the bitcoin proponents are thinking that gold will be the currency to use for offline payments? Lastly you have bitcoin (or altcoins) as a real currency. The million dollar question is why would we actually want this? The answer seems to come down to ideology, i.e. some do not want the government to control our money supply. Personally I do trust my government, and I do believe that a central bank is doing more good than harm in controlling our currency, e.g. increasing the money supply during a crisis etc. But even if I was to think that governments were not suitable to control our currency and that something closer to the gold standard would be good for our economy, then I would still argue that bitcoin / blockchain is *not* the proper way to implement a currency free from government control, as it just has too many problems and the usability of it is terrible.