If you have concern about money laundering I suggest you look at the bank you do business with.. https://www.zippia.com/advice/...undering-statistics/

It boils down to this for me.

I will not accept your promise to pay, just because some (how many do you need?) random computers spread across the world with independent IP addresses are willing to say you have real money.

Nope.

Nahgonna happen.

quote:

Originally posted by Frostbit:




If you have concern about money laundering I suggest you look at the bank you do business with.. https://www.zippia.com/advice/...undering-statistics/

My local bank is Community Bank of Pelham GA- population of 2,000. I somehow doubt they are doing much money laundering. El Salvador is owned by MS 13, whose primary revenue is drug running and people smuggling. For them, crypto as the official currency is a match made in heaven.

quote:

Originally posted by jdollar:

quote:

Originally posted by Frostbit:




If you have concern about money laundering I suggest you look at the bank you do business with.. https://www.zippia.com/advice/...undering-statistics/

My local bank is Community Bank of Pelham GA- population of 2,000. I somehow doubt they are doing much money laundering. El Salvador is owned by MS 13, whose primary revenue is drug running and people smuggling. For them, crypto as the official currency is a match made in heaven.

Jerry,

You're right. See you back here in 2027 Mate.

Hell, I just hope I’m still around in 2027!

quote:

Originally posted by jdollar:
Hell, I just hope I’m still around in 2027!

Don’t we all, Jerry! Don’t we all.

quote:

Originally posted by DLS:

quote:

Originally posted by jdollar:
Hell, I just hope I’m still around in 2027!

Don’t we all, Jerry! Don’t we all.

Dan,

Both you and me are going to right here going just as we are today.

I had the pleasure of having both of you in my house, and in hope to see both of you in 2027 here again when you are on your way to your hunt!

I have a friend with and we both promised each other to celebrate our hundred birthday together.

I have a client who experienced a ransomware attack. What did the perpetrators want to open up the system again? They wanted and got $650,000 of Bitcoin.

Warren Buffet does not think very highly of cryptocurrency. Read all the recent articles.

Locally, we had a group of guys who I happen to know that started a new cryptocurrency. If I remember correctly, $14 million is missing. I'll see if I can find the article.

Thanks for the link, Larry. From the article:

"Marketing materials for Organic Fresh Coin claimed it was developed by the same team behind a raft of failed shitcoins including Plaak (PLK), WeGo, and KodakCoin, among others."

A "raft of failed shitcoins" - the ruble is looking better and better.

quote:

Originally posted by Michael Robinson:
Thanks for the link, Larry. From the article:

"Marketing materials for Organic Fresh Coin claimed it was developed by the same team behind a raft of failed shitcoins including Plaak (PLK), WeGo, and KodakCoin, among others."

A "raft of failed shitcoins" - the ruble is looking better and better.

There are tens of thousands of Alt Coins. 99.5% will fail. Do your due diligence just like you do for a hunt. How many people got scammed by THIS GUY

quote:

Originally posted by Frostbit:

quote:

Originally posted by Michael Robinson:
Thanks for the link, Larry. From the article:

"Marketing materials for Organic Fresh Coin claimed it was developed by the same team behind a raft of failed shitcoins including Plaak (PLK), WeGo, and KodakCoin, among others."

A "raft of failed shitcoins" - the ruble is looking better and better.

There are tens of thousands of Alt Coins. 99.5% will fail. Do your due diligence just like you do for a hunt. How many people got scammed by THIS GUY

Therein lies the problem. I have a basic rule. I do not invest in things I do not understand. I do not understand cryptocurrency. I have no clue how to do due diligence on any cryptocurrency..

Larry, I once heard it stated more or less the same way, when the subject was derivatives, another dubious investment that brought down the entire world economy in 2008:

"If you cannot explain to me in one concise sentence composed of simple words what it is that you are selling, I don't want to buy it!"

quote:

Originally posted by larryshores:

quote:

Originally posted by Frostbit:

quote:

Originally posted by Michael Robinson:
Thanks for the link, Larry. From the article:

"Marketing materials for Organic Fresh Coin claimed it was developed by the same team behind a raft of failed shitcoins including Plaak (PLK), WeGo, and KodakCoin, among others."

A "raft of failed shitcoins" - the ruble is looking better and better.

There are tens of thousands of Alt Coins. 99.5% will fail. Do your due diligence just like you do for a hunt. How many people got scammed by THIS GUY

Therein lies the problem. I have a basic rule. I do not invest in things I do not understand. I do not understand cryptocurrency. I have no clue how to do due diligence on any cryptocurrency..

Wise choice Larry. Little over a year ago I would have said exactly what you just said. Then a friend who got into digital assets in 2018 explained some basics and I threw play money at it to learn about the investment class.

Best place to learn the language.

https://youtu.be/41JCpzvnn_0

Once you can understand the basic language then this site has more information than you can absorb initially. But over time it becomes easier.

https://www.youtube.com/c/InvestAnswers/videos

With Fidelity investments now deciding to offer Bitcoin for retirement accounts you literally don't need to know anything.

Or just ignore the asset class. Many have for the last 13 years but adoption, especially institutional, is skyrocketing.

Supply and demand is a simple concept I know you already grasp.

If you get curious feel free to text me.

Cheers
Jim

quote:

Originally posted by larryshores:
https://www.schwab.com/resourc...ould-you-invest-them

Couldn't agree more.....



When you first got an email account did you think it would eventually all but replace snail mail for other than packages?

When you first were shown how to text did you ever think you would end up texting more than talking on a phone?

Using the "traditional metrics don't apply" says it all.

Thanks for posting Larry, it's a good basic opinion piece.

Keep an eye on MSTR

https://markets.businessinside...rypto-decline-2022-5


A super levered bet on bitcoin that gets margined called at $21k bitcoin.


I am betting in 5 years one of the larger tech or financial companies will design a dollar based crypto that will allow for cheaper transactions for retail customers. Zelle allows me to send money for $0 with also minimal fraud protection that checks provide.

Mike

quote:

Originally posted by Beretta682E:
Keep an eye on MSTR

https://markets.businessinside...rypto-decline-2022-5


A super levered bet on bitcoin that gets margined called at $21k bitcoin.


I am betting in 5 years one of the larger tech or financial companies will design a dollar based crypto that will allow for cheaper transactions for retail customers. Zelle allows me to send money for $0 with also minimal fraud protection that checks provide.

Mike

Hmmmm. According to the article, bitcoin has fallen almost 20% in the past week. Think I’ll pass on any investment with that kind of volatility.

quote:

Originally posted by jdollar:

quote:

Originally posted by Beretta682E:
Keep an eye on MSTR

https://markets.businessinside...rypto-decline-2022-5


A super levered bet on bitcoin that gets margined called at $21k bitcoin.


I am betting in 5 years one of the larger tech or financial companies will design a dollar based crypto that will allow for cheaper transactions for retail customers. Zelle allows me to send money for $0 with also minimal fraud protection that checks provide.

Mike

Hmmmm. According to the article, bitcoin has fallen almost 20% in the past week. Think I’ll pass on any investment with that kind of volatility.

The vol and liquidity in Bitcoin is so crazy that financial products engineered to create a $1 reference crypto based on Bitcoin cannot maintain their peg.


https://finance.yahoo.com/news...tcoin-175303111.html


Between getting on a plane and finally paying tips after the safari - Bitcoin could easily have move 20 percent. It moved down 10 percent today. So much for being an alternative asset class to other risky global assets.

Mike

I can see the deal now
“I’ll transfer you X amount of bitcoin when I get home for the tips and extra trophy fees” 2 days later when you get home, the agreed amount of bitcoin gas dropped 15% I guess the outfitter would just say”oh well”…..

Bingo

Bitcoin 30 day vol is close to 3 percent

https://www.buybitcoinworldwide.com/volatility-index/

Bitcoin is 77 percent correlated with Nasdaq 100 in 2022.

40 percent of Bitcoin holders are underwater

https://www.cnbc.com/2022/05/0...-glassnode-data.html


I do see Bitcoin ATM popping up at circle K around central Florida - the bid ask between buying and selling Bitcoin is horrific. The atm machines only let you buy Bitcoin at 25-30 percent premium in increments as little as $1-$250.

It is a massively volatile asset class than produces zero cash flows and utilizes massive electricity and computing.

Here is Buffet on Bitcoin

https://www.cnbc.com/2022/04/3...ieve-in-bitcoin.html


Here is the discount premium chart between GBTC and Bitcoin

https://ycharts.com/companies/...nt_or_premium_to_nav


Nothing about Bitcoin appeals to me other than doing small transfers between very sophisticated accounts.

So client takes $2000 convert to Bitcoin transfers to PH who converts to dollars all within 1-2 min and you have 1 percent price vol risk.

This assumes both client and ph have low transaction costs accounts where they can buy and sell Bitcoin and access to good internet.
If not you are taking 3 percent daily risk. The atm machine at circle k with 25-30 percent transaction cost does not fill the niche.

Holding Bitcoin continuously is same as holding a high beta high risk asset.

If you and the ph/operator agreed to book the hunt at start of year in Bitcoin - the hunt is 30 percent cheaper. Are African hunting business operations robust enough to take 30 percent price cuts.

As a side note

El Salvador Bitcoin bond deal is on hold

https://www.coindesk.com/busin...in-amid-market-drop/

Crypto mining stocks are dead

https://hashrateindex.com/stocks


So literally one of the most speculative assets is the foundation for replacement to the US dollar.

Mike

How can you trust something any little idiot sitting at home on his computer and mining it?

quote:

Originally posted by Saeed:
How can you trust something any little idiot sitting at home on his computer and mining it?

The mining aspect of Bitcoin is pretty impressive but very carbon energy and computing intensive to maintain a ledger.

My bigger issue with miners is that most have drunk the kool aid. They will mine to hoard Bitcoin instead of selling it.

Mike

This thread stated on

4/11 - Bitcoin was around $42000
5/9 - Bitcoin is at $30000


What is the average lag between agreeing to a hunt and paying initial deposit, paying fully daily rates, paying trophies fees, tips ect, dip and pack ect ?

Who bears the risk of Bitcoin asset vol this time frame and these numerous smaller transaction?

Given Bitcoin vol would anyone be comfortable leaving that exposure in a third party intermediary account - say a booking agent.

Mike

Fact is anyone investing in crypto is an idiot!

quote:

Originally posted by Beretta682E:
This thread stated on

4/11 - Bitcoin was around $42000
5/9 - Bitcoin is at $30000


What is the average lag between agreeing to a hunt and paying initial deposit, paying fully daily rates, paying trophies fees, tips ect, dip and pack ect ?

Who bears the risk of Bitcoin asset vol this time frame and these numerous smaller transaction?

Given Bitcoin vol would anyone be comfortable leaving that exposure in a third party intermediary account - say a booking agent.

Mike

This has been my point all along.

I have invested in the original crypto currency.

The Zim Dollar!

I am very rich in that.

I have TRILLIONS of it!

Bitcoin at local circle k this morning





Priced at $38800

Bitcoin trading at same time



$31000

Mark up 25 percent to buy bitcoin. If this is transaction intermediation in central florida what you think is intermediation when you tip the camp Gardner in Zim.


This is a stable coin - one that has all the wonders of crypto but financial engineered to be pegged to $1






Crypto is the wild Wild West of speculation. And in 2022 and 2020 has clearly proved to be high correlated with risk assets.

Mike

Damn. What a great investment. 25% transaction fees and volatility that’s unreal. What’s not to love??

quote:

Originally posted by jdollar:
Damn. What a great investment. 25% transaction fees and volatility that’s unreal. What’s not to love??

These retail guys are getting hosed.

It’s buy only - they can’t sell on the atm.

25 percent premium to buy.

Full of promotional ads on social media talking about blockchain, devaluing of dollar, hyper inflation, diamond hands, holdr, only live once. Same stuff in more sophisticated language is pitched to institutional accounts.

When markets gets volatile Bitcoin perfectly correlates with the volatile asset.

Why anyone would want to use that vol profile asset to settle monetary transactions is beyond me and all the financial engineered products based on creating a stable coin only create a artificially stable instrument with massive gap risk.


https://www.forbes.com/sites/s...usd/?sh=22903da56ff4

Mike

Wrong Forbes link…….

quote:

Originally posted by jdollar:
Wrong Forbes link…….

https://www.forbes.com/sites/s...usd/?sh=22903da56ff4

Mike

quote:

Originally posted by Beretta682E:

quote:

Originally posted by jdollar:
Wrong Forbes link…….

https://www.forbes.com/sites/s...usd/?sh=22903da56ff4

Mike

As usual, just an opinion, one can take for what it worth!

quote:

Originally posted by Beretta682E:

quote:

Originally posted by jdollar:
Wrong Forbes link…….

https://www.forbes.com/sites/s...usd/?sh=22903da56ff4

Mike

The whole thing reeks of a ponzi scheme. Bernie Madoff would be proud.

UST used to be $15 bil. stable coin


https://www.coinbase.com/price/terrausd


Down 50 percent in few days.

Imagine being a booking agent or operator holding an asset like this to mitigate crypto vol and fund a small business.

https://www.cnbc.com/2022/05/1...-down-80percent.html


I don’t think many clueless retail who have charged into crypto really understand what they hold.

If you have a account at coin base - you will be an unsecured creditor if coinbase goes under.

https://www.coindesk.com/marke...-ceo-armstrong-says/

Mike

The more I read, the worse it sounds….