Crypto currency

Baron Samedi

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OH!

One more thing for anyone interested in crypto, but want some semblence of traditional investment....I am currently in the process of setting up a crypto IRA with iTrust Capital, for Mrs. Baron. It is actually pretty easy, and so far, their customer service has been excellent.

The one thing they do not have for their crypto IRA's is staking, even though they carry a lot of PoS cryptos, like ADA, ALGO, and Solana, as well as others. But, I talked to them and they said that they will be introducing staking for investers in 2022.

So, if anyone wants to invest in crypto with a traditional, insured safety net, that is an option as well, with tax benefits on top of it.
 

Flagg the Wanderer

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The good news is, I think that the Evergrande default is already priced into the markets. We'll see.
Speaking as someone who had to use accounting records from Chinese companies to build cases, I doubt it has, at least not fully. I represented 4 different Chinese companies, and each of them had 3-4 sets of books: the external books, the internal books, and the real books. Some had separate external books for domestic use v facing the international community.

And I definitely don't think the full domino effect has been priced in. Without looking back, Evergreen is by far the largest real estate entity in China, and real estate accounts for some massive % of China's GDP. For a couple reasons, an insane % of personal wealth/net worth in China is tied up in real estate. Evergreen collapsing will collapse the prices of the main investment of about a fifth of the population of the world.

Beyond the first-order impacts on investment prospects and broader economics, I'm very concerned that the economic impact will trigger scary geopolitical consequences. Consider: when any people (and this is particularly true in China) get restless, lose wealth, and are increasingly unhappy with their government, the government typically steadies the ship by stirring up patriotism and nationalistic sentiment. Often by focusing on external threats and enemies. Xi is facing an active challenge to his leadership now, and is demonstrably consolidating power ATM in advance of the Party meetings in 2022 which will determine the leader of the Party for the next X years.

And in this case, China has been building up forces on the border of (and having off-and-on flare-ups with) India already, and has been actively signalling that it is considering taking Taiwan with airspace incursions and amphibious assault military exercises. They've also spent the resources to make their missile targets in the form of US Naval vessels, specifically aircraft carriers.

Just sayin'. The world is pretty on-edge right now. Usually the trigger of a major crisis isn't what you're expecting it to be.
 

Flagg the Wanderer

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OH!

One more thing for anyone interested in crypto, but want some semblence of traditional investment....I am currently in the process of setting up a crypto IRA with iTrust Capital, for Mrs. Baron. It is actually pretty easy, and so far, their customer service has been excellent.

The one thing they do not have for their crypto IRA's is staking, even though they carry a lot of PoS cryptos, like ADA, ALGO, and Solana, as well as others. But, I talked to them and they said that they will be introducing staking for investers in 2022.

So, if anyone wants to invest in crypto with a traditional, insured safety net, that is an option as well, with tax benefits on top of it.
Thanks. I just started seeing stuff about this. I'm actually just changing companies now, and am looking at my options wrt rolling my retirement accounts over. Considering rolling the accounts from my former company into an independent IRA instead of the new company, especially because the investment options in the retirement accounts of the new company are terrible.

I've not heard of iTrust. I'd seen a couple, but the only one I remember is called Choice IRA, I think.
 

Baron Samedi

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And in this case, China has been building up forces on the border of (and having off-and-on flare-ups with) India already, and has been actively signalling that it is considering taking Taiwan with airspace incursions and amphibious assault military exercises. They've also spent the resources to make their missile targets in the form of US Naval vessels, specifically aircraft carriers.

Just sayin'. The world is pretty on-edge right now. Usually the trigger of a major crisis isn't what you're expecting it to be.

Ironically, I think both China and the US want this right now.
 

Baron Samedi

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Thanks. I just started seeing stuff about this. I'm actually just changing companies now, and am looking at my options wrt rolling my retirement accounts over. Considering rolling the accounts from my former company into an independent IRA instead of the new company, especially because the investment options in the retirement accounts of the new company are terrible.

I've not heard of iTrust. I'd seen a couple, but the only one I remember is called Choice IRA, I think.

 

O.Z.O.

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Speaking as someone who had to use accounting records from Chinese companies to build cases, I doubt it has, at least not fully. I represented 4 different Chinese companies, and each of them had 3-4 sets of books: the external books, the internal books, and the real books. Some had separate external books for domestic use v facing the international community.

And I definitely don't think the full domino effect has been priced in. Without looking back, Evergreen is by far the largest real estate entity in China, and real estate accounts for some massive % of China's GDP. For a couple reasons, an insane % of personal wealth/net worth in China is tied up in real estate. Evergreen collapsing will collapse the prices of the main investment of about a fifth of the population of the world.

Beyond the first-order impacts on investment prospects and broader economics, I'm very concerned that the economic impact will trigger scary geopolitical consequences. Consider: when any people (and this is particularly true in China) get restless, lose wealth, and are increasingly unhappy with their government, the government typically steadies the ship by stirring up patriotism and nationalistic sentiment. Often by focusing on external threats and enemies. Xi is facing an active challenge to his leadership now, and is demonstrably consolidating power ATM in advance of the Party meetings in 2022 which will determine the leader of the Party for the next X years.

And in this case, China has been building up forces on the border of (and having off-and-on flare-ups with) India already, and has been actively signalling that it is considering taking Taiwan with airspace incursions and amphibious assault military exercises. They've also spent the resources to make their missile targets in the form of US Naval vessels, specifically aircraft carriers.

Just sayin'. The world is pretty on-edge right now. Usually the trigger of a major crisis isn't what you're expecting it to be.
my .02 on this- the trigger isn't China/Taiwan, it's Russia/Ukraine
 

O.Z.O.

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That appears to likely be more immediate, but this was in the context of the Evergrand mess.
Okay, i follow where you guys were going. My curiosity lies in how this is going to translate to use as a common currency for trade. What El Salvador is doing in particular interests me now.
 

Baron Samedi

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Okay, i follow where you guys were going. My curiosity lies in how this is going to translate to use as a common currency for trade. What El Salvador is doing in particular interests me now.

I think that long term, there will be a common currency worldwide, or even several, that are all cryptocurrencies. They will have exchange rates, just like the fiat currencies do now, and those cryptos will have exchange rates vs the crypto as well.

Monetary exchange will be done via face to face with QR codes, or remotely like Venmo.

Lending and borrowing will be done via smart contracts, and likely the lenders and borrowers will never know one another, it will be trustless. There will always be a place for commercial business loans in the brick and mortars, but the bulk of small loans will be contactless peer to peer, no banks involved.

This change is inevitable, and not without consequences....there is a lot of establishment money and power that stands to lose a lot. Think of it as the impact MP3's had on the music industry....the establishment fights it, the government worls for the establishment, and in the end it all fails and a whole new market emerges...iTunes, Spotify, things like that. CD's are gone. Record companies no longer control or dominate the market, they are just role players in a market that every year needs them less and less.

Crypto is to banks and governments what MP3's were to record labels...the beginning of the end for them.

I don't believe Bitcoin will be the major currency, though....it just lacks a lot of the features it needs to be a global common currency for daily transactions...it will be more like gold and silver coins. But...Bitcoin is the trailblazer.

In 5 years or less, you will be going to the gas station to buy gas, and there will be stickers on the pump showing you what crypto you can pay with, just like credit cards. "We accept BTC, ETH, XLM, SOL." You will scan the QR code on the pump, enter the amount in your phone, and pay.

It will happen just like that. Adoption will come fast, and traditional finance will decline and crumble, and then find a new business model to adapt, just like the recording labels. They had to adapt or die...some adapted, some died. Banks will adapt, or die, but their dominance will be diminished.

Crypto as common currency will be adopted first, foremost, and most quickly amongst immigrants, who want to send money home to their family quickly, cheaply, and without the hassle of using services like Western Union, or banks which hold your funds for days for no reason other than to profit from that tiny amount of interest. All that will be gone. Your transactions will be as fast and easy as email, and you will be able to send money to your spouse sitting next to you, or your aunt on the other side of the planet, at the same speed and for the same cost.

I have friends from Lebanon. They can't send money home to their parents to buy the medications they need, because the banks have frozen them out of their own accounts, and they can't pick up the money from any bank in the country.

The Lebanses will adopt crypto very soon, so this never happens to them again. So will Argentinians and Venezuelans.
 

Big/Sky/Fly

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Bitcoin was the initial coin that the Rothschild's/Rockefeller's used to "pave the way" for the future one world currency. I don't believe that Bitcoin is the Omega/Bama/Lama/Official coin either, but, it is important though. Ethereum is too.

Look at the coins that are tied to governments world wide. They will be worth getting.

I'm looking into a few different ways to get free cryptocoins. I'll share them with you here later. There are numerous ways, but, you have to research them.
 

Baron Samedi

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Bitcoin was the initial coin that the Rothschild's/Rockefeller's used to "pave the way" for the future one world currency. I don't believe that Bitcoin is the Omega/Bama/Lama/Official coin either, but, it is important though. Ethereum is too.

Look at the coins that are tied to governments world wide. They will be worth getting.

I'm looking into a few different ways to get free cryptocoins. I'll share them with you here later. There are numerous ways, but, you have to research them.
I am aware of a couple of ways.

I don't engage in them, though, generally, because I'm not looking to own a lot of coins, just the right coins. The one exception is that I always make sure to get my $3 worth of random crypto from Coinbase when they have those quizzes, and I immediately convert that $3 into XLM.

3 bucks is 3 bucks, and generally gets me about 10 x XLM, which I predict will be $1+ next year, and likely $10-$20 per coin, long term.
 

Big/Sky/Fly

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I am aware of a couple of ways.

I don't engage in them, though, generally, because I'm not looking to own a lot of coins, just the right coins. The one exception is that I always make sure to get my $3 worth of random crypto from Coinbase when they have those quizzes, and I immediately convert that $3 into XLM.

3 bucks is 3 bucks, and generally gets me about 10 x XLM, which I predict will be $1+ next year, and likely $10-$20 per coin, long term.
True, but, I'm looking for coins that can convert/exchange into Bitcoin, ETH, and others.
 
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