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george__

Well-known member
Do your DD with RBC, supposedly they were heavily exposed to Evergrande and the China real estate drama unfolding...
 

GreyGhost

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Do your DD with RBC, supposedly they were heavily exposed to Evergrande and the China real estate drama unfolding...
That's the only Canadian bank stock I own.

EDIT:
The best I can find is Bluebay has between 10 and 120M in Evergrande exposure. With a market cap of 190B, that isn't even a rounding error if it goes to zero.
 
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Freddy Fudpucker

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Here's a head scratcher:

'Bitcoin City'
El Salvador is doubling down on its bet on Bitcoin (BTC-USD), detailing plans to build a modern Alexandria called "Bitcoin City." The metropolis would be circular, with an airport, residential and commercial areas, and feature a central plaza designed to look like a Bitcoin symbol from the air. Geothermal energy would be provided from the Conchagua volcano in southeastern El Salvador, while the city would not levy any taxes (property, income or capital gains) except for VAT.

Flashback: In June, El Salvador passed a law making it the first country in the world to accept Bitcoin as legal tender, while the plan took effect in September with the launch of the Chivo Wallet (a government-sponsored digital wallet designed to facilitate transactions). Despite the hype, dollars remain by far the main medium of exchange, as well as the currency coming into the country. In September and October, Salvadoreans abroad sent only $32M in remittances back home using the Chivo Wallet, representing about 2.5% of the total remittances.

"This is going to make El Salvador the financial center of the world," President Nayib Bukele declared. "Invest here and make all the money you want... This is a fully ecological city that works and is energized by a volcano."

Construction of "Bitcoin City" will begin in 2022 and will be funded initially by sovereign bonds backed by the cryptocurrency. The first 10-year issue would be worth $1B, and carry a coupon of 6.5%, with half of the sum going to buy Bitcoin on the market and the other half used for infrastructure and Bitcoin mining. After a five-year lock-up, El Salvador would start selling some of the Bitcoin used to fund the bond to give investors an "additional coupon," and other bonds would follow.
 

Freddy Fudpucker

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Moderna is more or less rebounding after a recent downturn and recent news that the CDC is recommending mRNA booster shots. Might be a good place to park some $ for a bit.

Also wondering how or if the crisis in BC will affect lumber stocks. They were doing pretty good and don't seem to be reversing.
 

GreyGhost

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Interesting ride for AAPL today. Opened the day on a rocket and then lost most of it. I suspect some of the pullback may be funds reducing their AAPL position at a high point as it has gained ~23% ytd.
 

Gary

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Coinbase?
I registered for an account. (waiting for verification)
Looking to make a quick gazillion off a gino.
Any do's / don'ts?
I have less than zero knowledge in all things crypto.
 

GreyGhost

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Coinbase?
I registered for an account. (waiting for verification)
Looking to make a quick gazillion off a gino.
Any do's / don'ts?
I have less than zero knowledge in all things crypto.
I figure it's like gambling except at any time, a robber or the casino may steal all your money. Keeping coins in a cold wallet is safer but increases the liquidity complications (and requires a solid plan to ensure you don't lose access). Put some money in and hope you win the jackpot but don't be surprised if you are left with nothing at the end of the day. At least you had fun along the way.
 

mimico_polak

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Coinbase?
I registered for an account. (waiting for verification)
Looking to make a quick gazillion off a gino.
Any do's / don'ts?
I have less than zero knowledge in all things crypto.
Its confusing…..you can’t buy certain coins directly so you need to buy ETH, transfer to another wallet, trade ETH for something else….and wait for the gazillion to roll in.

Then hope no one steals it.
 

GreyGhost

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I'm going to slash the buy in, in half.
I don't like this talk (but tnx for posting!) of thievery.
Shoot for half a gazillion.
It's like the wild west. There are probably some good and reputable exchanges. Unfortunately, some exchanges that were considered good and reputable either lost or embezzled lots of their clients funds. It's hard to know which camp has your money looking forward. If I got to a quarter gazillion, I would probably pull 1/10th a gazillion out to safer assets. I'd rather be a solid multi-millionaire for life than a billionaire for a few days.
 

mimico_polak

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I'm going to slash the buy in, in half.
I don't like this talk (but tnx for posting!) of thievery.
Shoot for half a gazillion.
My buddy bought 2k of some coin this week and spent $400 in fees for the privilege.

I used ShakePay for my first purchase. It only deals with BTC and ETH. Let me know if you want a referral code and we each get $20 or $30…can’t remember.
 

GreyGhost

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My buddy bought 2k of some coin this week and spent $400 in fees for the privilege.

I used ShakePay for my first purchase. It only deals with BTC and ETH. Let me know if you want a referral code and we each get $20 or $30…can’t remember.
So it costs $400 to make a $2000 transaction and this is the future? That's worse than payday loan rates (except this transaction comes with a lottery ticket).
 

mimico_polak

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So it costs $400 to make a $2000 transaction and this is the future? That's worse than payday loan rates (except this transaction comes with a lottery ticket).
Yup. 20% in fees depending on the coins and exchange.

Seems like someone makes a shitcoin, and they sell it only for ETH. They hoard ETH/BYC, and make massive fees for this….sounds like banks.
 

GreyGhost

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I own a small amount of Bitcoin and Ethereum in ETF’s. Yeah not my keys not my coins. Makes things simple for someone like myself that doesn’t have a strong understanding of crypto, cold storage etc.

BTCC-B.TO
ETHX-B.TO
That's simpler for the end-user.

So you hope that Purpose is smarter than you and has a secure system for safely storing coins? What if Purpose loses access to a portion of their holdings? I assume if it was public knowledge, the fund takes a haircut to compensate (and Purpose gets sued and loses). On the other hand, if they lost the keys to a cold wallet containing 50% of their holdings, are they required to disclose that? They only buy one thing so presumably the last 50% will never be needed as they never rebalance nor buy alternative crypto and hope to keep growing the fund with time.

Is there a mechanism in place to require holding funds/companies to churn coins to show that they have access to their holdings? "Owning" virtual things brings up interesting issues.
 

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