bitcoin, cannot find counterparty in Phnom Penh

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eriksank
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bitcoin, cannot find counterparty in Phnom Penh

Post by eriksank »

I get paid in bitcoin for my work. So, once in a while I have to trade coins for dollars. The cheapest way is obviously to find a buyer locally, but that won't work in Phnom Penh. There is one active buyer at localbitcoins.com, but buying at a relatively bad price. Adding insult to injury he happened not even to be active last week. I could trade in Bangkok, where there are lots buyers, but they pay in Thai baht, and I don't want to look for a buyer of Thai baht in Phnom Penh. It would amount to replacing one problem by another. I did not want to waste more time, so I sold a few coins to a Russian broker in Moscow who sent me a Western Union with the dollars. The Western Union office managed to spend almost half an hour to pay out. They painstakingly produced two handwritten forms, and then at least five printed forms for the transaction, of which I had to sign three, while they also asked me how many times per week I fuck my wife, and if I enjoy it. Often enough and of course I do. So, that's how I left the Western Union office with the dollars. I hope some more people will start trading coins in Phnom Penh, because that will spare me the annoyance of explaining to Western Union how many waitresses I have nailed this week.
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phuketrichard
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Re: bitcoin, cannot find counterparty in Phnom Penh

Post by phuketrichard »

seems weird to me to be paid in bitcoins, i would never accept that as they fluctuate to much ( although the trend seems to be going up)
curious what work ur dong that they choose to pay u in a currency that is till not official an still sorta under the table
avoiding tax?

I prefer $$$

there is someone that advertises on K440 , https://bitcoincambodia.com/
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eriksank
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Re: bitcoin, cannot find counterparty in Phnom Penh

Post by eriksank »

phuketrichard wrote:seems weird to me to be paid in bitcoins, i would never accept that as they fluctuate to much ( although the trend seems to be going up)
For transferring money, the only thing that matters is whether bitcoin fluctuates too much within a period of a few hours, that is, the time for the payer to buy bitcoins with fiat, sign them over to the payee, and then for the payee to sell them for fiat. Bitcoin does not fluctuate that much.

Fluctuations matter much more for people who save them, like myself. But indeed, I got a stash of coins that I received when they were worth around $220+ while they are worth $450+ now. So, indeed, I am not complaining. Massive capital gains ...
phuketrichard wrote:curious what work ur dong that they choose to pay u in a currency that is till not official an still sorta under the table avoiding tax? I prefer $$$
Virtual, distributed teams, startups doing software engineering. So yes, we see the next generation of technology before everybody else does. Heck, we actually build it. ;-)

Concerning taxes, you are probably referring to the double Irish with Dutch sandwich: https://en.wikipedia.org/wiki/Double_Irish_arrangement, the stuff that Facebook, Google, Apple, Microsoft, Oracle, and other large tech companies use. Startups never have that problem because the billions have not yet fallen out of the sky. Nobody cares about a few million dollars of burn rate in that context. Furthermore, you have to hire KPMG or PriceWaterhouse or that kind of firms to set that up.
phuketrichard wrote:there is someone that advertises on K440 , https://bitcoincambodia.com/
Look at his page:

"We are sorry.
Service is temporarily unavailable
Please come back on 21st December."

This is, of course, Phnom Penh. A website with no prices, no user console, ... But then again, for whom would he actually build anything that really works? He would be wasting his time. I like it here in Cambodia because it is cheap to live here, and because the girls are gorgeous, but I would never build anything aimed at onboarding users here. But then again, sometimes the choice of hanging out in Cambodia backfires, for example, when you want to trade bitcoins ...
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Re: bitcoin, cannot find counterparty in Phnom Penh

Post by General Mackevili »

I wanted to buy one of your bit coins, until I realized they are worth about $450USD. Wow, good stuff.

In other news, Bit Coin founder Craig Wright's house got raided in Australia a few days ago.

Reported bitcoin 'founder' Craig Wright's home raided by Australian police

Exclusive: Police search home belonging to Australian entrepreneur and academic, who tech publications claim was key to creation of cryptocurrency and could be figure known as Satoshi Nakamoto.


http://www.theguardian.com/technology/2 ... ian-police
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eriksank
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Re: bitcoin, cannot find counterparty in Phnom Penh

Post by eriksank »

General Mackevili wrote:In other news, Bit Coin founder Craig Wright's house got raided in Australia a few days ago. Reported bitcoin 'founder' Craig Wright's home raided by Australian police. Exclusive: Police search home belonging to Australian entrepreneur and academic, who tech publications claim was key to creation of cryptocurrency and could be figure known as Satoshi Nakamoto.
People who worked with Satoshi Nakamoto in 2009-2011, have looked at Craig's writing style (in his blog) and say that he is not Satoshi at all. Apparently, the police raid on Craig's house was to find evidence that he was Satoshi and that he owed lots of taxes for having invented bitcoin. However, the raid was for nothing, because nobody believes any more that Craig is Satoshi. Furthermore, there would be no point in raiding the house of the real Satoshi, because the real one knows very well how to make sure that they would not find anything at all. In the house of the fake one, there would also be nothing to find, because he is not the real Satoshi to start with. That's why the raid was useless. If Satoshi wants us to know who (else) he is, he will just tell us. Satoshi is most likely British or someone with a very strong British slant in his writing style. He is not Australian at all. That would be pretty much impossible. The Australian police did not find anything, of course. ;-)
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