My country is about to go bankrupt

[Kas]

Ok, this is probably a strange post to add to the forum, but I need some words of advice from more experienced entrepreneurs here.

My country, Sri Lanka, is about to go bankrupt in a few months. Our foreign reserves are drying out and there are fuel and food shortages predicted.

The government will probably go to the IMF or World Bank for a bailout, but it may be too late. I'm thinking of moving to some other country, like most people here.

While I'm working on moving, I am going to put money into crypto.

Do any of you have any advice/suggestions/words of consolation ?

Thank you so much.

 

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[MTF]

While I'm working on moving, I am going to put money into crypto.

That's the first thing I wanted to suggest. Hold as little as needed in your local currency for everyday stuff but nothing more than that. MEMORIZE your private keys so there's nothing on you in case you need to move.

Do you live in a city or the countryside? You don't want to be stuck in a big city with food shortages. If you have any relatives with their own land, I'd consider moving there while you figure out how to escape.

If you don't have any foreign sources of income, find a freelance job or start a business catering to developed countries.

Words of consolation: that sucks and I'm sorry. It's really a shame that bright people born in the wrong country have to deal with such obstacles.

I hope you'll figure out how to move to a place more conducive to your growth, safety, and happiness.

 

[tomzestatlu]

There´s a lot of buzz about bankrupcy all around the world. But if you see it as a local univitable event, you could short local currency against something stable.

 

[I Am I Said]

MEMORIZE your private keys

This is important and feasible. There's an XKCD for that, actually really good advice. I use this every day.

Password Strength

xkcd.com

 

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[Fox]

Ok, this is probably a strange post to add to the forum, but I need some words of advice from more experienced entrepreneurs here.

My country, Sri Lanka, is about to go bankrupt in a few months. Our foreign reserves are drying out and there are fuel and food shortages predicted.

The government will probably go to the IMF or World Bank for a bailout, but it may be too late. I'm thinking of moving to some other country, like most people here.

While I'm working on moving, I am going to put money into crypto.

Do any of you have any advice/suggestions/words of consolation ?

Thank you so much.

Sorry to hear that.

What are your options for moving?

 

[Martzee]

Ok, this is probably a strange post to add to the forum, but I need some words of advice from more experienced entrepreneurs here.

My country, Sri Lanka, is about to go bankrupt in a few months. Our foreign reserves are drying out and there are fuel and food shortages predicted.

The government will probably go to the IMF or World Bank for a bailout, but it may be too late. I'm thinking of moving to some other country, like most people here.

While I'm working on moving, I am going to put money into crypto.

Do any of you have any advice/suggestions/words of consolation ?

Thank you so much.

What suggestions are you looking for? No matter what you will be throwing away your money in a hope that one day some bigger fool will buy the crypto from you for more money.

 

[Guest-5ty5s4]

Ok, this is probably a strange post to add to the forum, but I need some words of advice from more experienced entrepreneurs here.

My country, Sri Lanka, is about to go bankrupt in a few months. Our foreign reserves are drying out and there are fuel and food shortages predicted.

The government will probably go to the IMF or World Bank for a bailout, but it may be too late. I'm thinking of moving to some other country, like most people here.

While I'm working on moving, I am going to put money into crypto.

Do any of you have any advice/suggestions/words of consolation ?

Thank you so much.

I'm sorry to hear that. I don't have much advice, but wanted to add...

Is this foreshadowing of what's going to happen to every country? Is this the IMF and World Bank's plan?

(just gonna drop that here)

EDIT: I know more about what's going on now and I'm sorry, my original post was not very compassionate.

 

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[biophase]

What suggestions are you looking for? No matter what you will be throwing away your money in a hope that one day some bigger fool will buy the crypto from you for more money.

Don’t understand this post. He’s moving money into crypto to preserve his money. He’s not trying to invest it in crypto.

 

[matduans]

Don’t understand this post. He’s moving money into crypto to preserve his money. He’s not trying to invest it in crypto.

hmm. i hope you get through this

 

[Vinz]

This is important and feasible. There's an XKCD for that, actually really good advice. I use this every day.

Password Strength

xkcd.com

Really interesting . Also the fact that common passwords are hard for people to remember but easy for computers to guess.
The problem is , all sites and services want a password with numbers and special characters, how do you circumvent that ?
Maybe this needs a separate thread

 

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[Kak]

Ok, this is probably a strange post to add to the forum, but I need some words of advice from more experienced entrepreneurs here.

My country, Sri Lanka, is about to go bankrupt in a few months. Our foreign reserves are drying out and there are fuel and food shortages predicted.

The government will probably go to the IMF or World Bank for a bailout, but it may be too late. I'm thinking of moving to some other country, like most people here.

While I'm working on moving, I am going to put money into crypto.

Do any of you have any advice/suggestions/words of consolation ?

Thank you so much.

American here. Same boat.

 

[Kirk84]

I'm thinking of moving to some other country, like most people here.

There’s absolutely no shame in leaving your country for a better future somewhere else.

My mother left the war-torn country of Bosnia in 91. She did not hesitate. She realized the situation for what it was: Death, destruction and poverty. In the beginning she left only for a couple of moths, who knows, maybe it would get better. So we first relocated to the neighbor country Croatia and later to Germany, only to never to return again. Now, over 30 years later, Bosnia is by far the poorest country in Europe, and between the poorest worldwide. Over 40 % unemployment rate amongst young people. Heavy drug problems. Despair and depression. I hate visiting the country, because I don’t have the ability to keep a blind eye on the state corruption and hatred between the ethnicities like so many diaspora have, celebrating their heritage and feeling false sense of pride. This is why in the last 10 years I have not returned to my birthplace. I don’t want to burden myself with problems of a place, no sane person living on this planet gives a sh*t about.

I myself, having grown up in Germany, having a degree from one of the best universities in the country, living an extremely (sometimes even too) comfortable life, feeling more like a German than a Bosnian, living in one of the most prosperous parts of the world, I am always keeping an eye on the overall station in the country where I live now and I would not hesitate to leave everything behind, if I thought there was an objective need for it. I think in todays rapid changing world, the overall situation in a country can deteriorate very quickly. Of course I do not wish for it to happen. To no one. But hesitation to take action can mean the difference between poorness and prosperity.

Concerning Crypto: 90 % of crypto currencies is a scam. But Bitcoin itself might be a good way to easily get your money out of your country when relocating.

 

[Martzee]

Don’t understand this post. He’s moving money into crypto to preserve his money. He’s not trying to invest it in crypto.

That's my point. What makes you believe that crypto will preserve anything? Have you looked at a recent chart? What preservation are we talking about here when an asset (no matter which) goes from $30k to $60k and back to $30k in a few months? These are the basics of investing and capital preservation. Crypto doesn't belong to that category at all. It is pure speculative gambling, not investing.

 

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[Kevin88660]

Ok, this is probably a strange post to add to the forum, but I need some words of advice from more experienced entrepreneurs here.

My country, Sri Lanka, is about to go bankrupt in a few months. Our foreign reserves are drying out and there are fuel and food shortages predicted.

The government will probably go to the IMF or World Bank for a bailout, but it may be too late. I'm thinking of moving to some other country, like most people here.

While I'm working on moving, I am going to put money into crypto.

Do any of you have any advice/suggestions/words of consolation ?

Thank you so much.

Don’t get too worried by how the country is doing.

Your personal fortune and destiny does not have to be the same.

What really matters is your own personal finance, skill development and possible opportunities.

 

[biophase]

That's my point. What makes you believe that crypto will preserve anything? Have you looked at a recent chart? What preservation are we talking about here when an asset (no matter which) goes from $30k to $60k and back to $30k in a few months? These are the basics of investing and capital preservation. Crypto doesn't belong to that category at all. It is pure speculative gambling, not investing.

When it comes to your country going bankrupt, I'd rather be in crypto vs. my country's currency. What would you suggest he do?

 

[2dads]

As suggested above - if you have family in the country get out of the big city's however you need to have a way to earn USD etc (so freelance etc) however internet connections may be an issue.

Heading into India may be an option however that is a personal choice, your surrounded by areas which IMO will have some of the same issues. Hyper inflation is likely and shortages, may read up with how those who have lived through this like Venezuela etc

What is it like to live under hyperinflation?

Answer (1 of 44): It was a very painful experience. I lived in Zimbabwe during the period when there was hyper inflation. Some background. Zimbabwe was formerly Rhodesia a former settler colony of Britain that gained its independence in 1980 after a violent conflict between the white settlers an...

www.quora.com

Crypto may be a great way to shift your ரூ / ruppee however - old mate in your local shop will be more keen in USD/Pounds/Gold (folding money) when buying goods then Bitcoin etc (society's view etc / how money is seen)

Sit tight in an area in which you can grow your own food, get some chickens and earn USD/Pounds and see what happens.

 

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[msufan]

When it comes to your country going bankrupt, I'd rather be in crypto vs. my country's currency. What would you suggest he do?

Agreed. And a stablecoin, although it has some risks, could be an option as well.

 

[Kas]

That's the first thing I wanted to suggest. Hold as little as needed in your local currency for everyday stuff but nothing more than that. MEMORIZE your private keys so there's nothing on you in case you need to move.

Do you live in a city or the countryside? You don't want to be stuck in a big city with food shortages. If you have any relatives with their own land, I'd consider moving there while you figure out how to escape.

If you don't have any foreign sources of income, find a freelance job or start a business catering to developed countries.

Words of consolation: that sucks and I'm sorry. It's really a shame that bright people born in the wrong country have to deal with such obstacles.

I hope you'll figure out how to move to a place more conducive to your growth, safety, and happiness.

Thank you so much for your advice. I live in Colombo, the capital. I don't have any relatives in the countryside, but I will look into moving to a rural area.

I already have a couple of international clients paying me in USD for my freelance work. My plan is to ditch all local clients by the end of Q1 of this year the latest.

It does suck, but that's life I hope I can move to somewhere else too.

Thank you again for the support.

 

[Kas]

Don’t get too worried by how the country is doing.

Your personal fortune and destiny does not have to be the same.

What really matters is your own personal finance, skill development and possible opportunities.

Yes true There's always something we can do. I am not panicking but checking out all my options and doing my best

 

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[Kas]

As suggested above - if you have family in the country get out of the big city's however you need to have a way to earn USD etc (so freelance etc) however internet connections may be an issue.

Heading into India may be an option however that is a personal choice, your surrounded by areas which IMO will have some of the same issues. Hyper inflation is likely and shortages, may read up with how those who have lived through this like Venezuela etc

What is it like to live under hyperinflation?

Answer (1 of 44): It was a very painful experience. I lived in Zimbabwe during the period when there was hyper inflation. Some background. Zimbabwe was formerly Rhodesia a former settler colony of Britain that gained its independence in 1980 after a violent conflict between the white settlers an...

www.quora.com

Crypto may be a great way to shift your ரூ / ruppee however - old mate in your local shop will be more keen in USD/Pounds/Gold (folding money) when buying goods then Bitcoin etc (society's view etc / how money is seen)

Sit tight in an area in which you can grow your own food, get some chickens and earn USD/Pounds and see what happens.

Thank you. This was my plan for the most part as well (other than moving to the countryside). Internet and utilities are terrible outside cities here. I am planning to hold some USD in my Payoneer wallet (it's similar to TransferWise), though it's always a risk to keep money in a wallet that you don't own. The government is forcibly converting all foreign income we bring here to rupees.

Thank you for the link. I will read it and more

 

[Kas]

Agreed. And a stablecoin, although it has some risks, could be an option as well.

I was thinking of USDC as Tether seem to having some issues.

 

[Kas]

T

There’s absolutely no shame in leaving your country for a better future somewhere else.

My mother left the war-torn country of Bosnia in 91. She did not hesitate. She realized the situation for what it was: Death, destruction and poverty. In the beginning she left only for a couple of moths, who knows, maybe it would get better. So we first relocated to the neighbor country Croatia and later to Germany, only to never to return again. Now, over 30 years later, Bosnia is by far the poorest country in Europe, and between the poorest worldwide. Over 40 % unemployment rate amongst young people. Heavy drug problems. Despair and depression. I hate visiting the country, because I don’t have the ability to keep a blind eye on the state corruption and hatred between the ethnicities like so many diaspora have, celebrating their heritage and feeling false sense of pride. This is why in the last 10 years I have not returned to my birthplace. I don’t want to burden myself with problems of a place, no sane person living on this planet gives a sh*t about.

I myself, having grown up in Germany, having a degree from one of the best universities in the country, living an extremely (sometimes even too) comfortable life, feeling more like a German than a Bosnian, living in one of the most prosperous parts of the world, I am always keeping an eye on the overall station in the country where I live now and I would not hesitate to leave everything behind, if I thought there was an objective need for it. I think in todays rapid changing world, the overall situation in a country can deteriorate very quickly. Of course I do not wish for it to happen. To no one. But hesitation to take action can mean the difference between poorness and prosperity.

Concerning Crypto: 90 % of crypto currencies is a scam. But Bitcoin itself might be a good way to easily get your money out of your country when relocating.

Thank you so much for sharing your story. Yes true, we need to keep our eyes open. I've always wanted to live in another country so perhaps this is the chance

 

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[Kas]

Sorry to hear that.

What are your options for moving?

I'm looking into moving to UAE (United Arab Emirates) as they have a freelancer visa program. I am looking into other Asian countries as well (Thailand, Malaysia). I have a Sri Lankan passport, so Asia is easier to access than Europe, USA, etc.

Thank you for commenting.

 

[Martzee]

When it comes to your country going bankrupt, I'd rather be in crypto vs. my country's currency. What would you suggest he do?

It is my opinion that with crypto, you will be bankrupt soon too.

Can anyone explain to me the thesis why investing in crypto? What do you gain when investing in it? What value do you get? How is the value created? How do you calculate its intrinsic value? When is it overvalued and when undervalued and why? What are the benefits of holding crypto? And please, avoid the obvious nonsense about a unique technology, limited supply, or other hogwash people usually use to justify their crypto gambling.

 

[MTF]

It is my opinion that with crypto, you will be bankrupt soon too.

Can anyone explain to me the thesis why investing in crypto? What do you gain when investing in it? What value do you get? How is the value created? How do you calculate its intrinsic value? When is it overvalued and when undervalued and why? What are the benefits of holding crypto? And please, avoid the obvious nonsense about a unique technology, limited supply, or other hogwash people usually use to justify their crypto gambling.

A few years ago you could have been excused for your ignorance. Today, it's really embarrassing to ask these questions without any research on your part.

But I guess your confirmation bias is so strong you'll refuse to see real-world applications right in front of you.

 

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[Martzee]

A few years ago you could have been excused for your ignorance. Today, it's really embarrassing to ask these questions without any research on your part.

But I guess your confirmation bias is so strong you'll refuse to see real-world applications right in front of you.

LOL, I have heard these "ignorance" responses from so many people who actually had no answers to my questions. How typical.

 

[RussRussman18]

Can anyone explain to me the thesis why investing in crypto?

The hope of becoming a crypto HODL whale melon air

What do you gain when investing in it?

A massive amount of risk

How is the value created? How do you calculate its intrinsic value?

The only cryptos with intrinsic value are privacy coins, but even those will be very saturated eventually, so who knows where their price will go

When is it overvalued and when undervalued and why? What are the benefits of holding crypto? And please, avoid the obvious nonsense about a unique technology, limited supply, or other hogwash people usually use to justify their crypto gambling.

I doubt you will receive any kind of precise and specific answer about such things, they are uninterested in the details

 

[Speculatooor]

LOL, I have heard these "ignorance" responses from so many people who actually had no answers to my questions. How typical.

Everyone buys bitcoin at the price they deserve

 

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[MTF]

LOL, I have heard these "ignorance" responses from so many people who actually had no answers to my questions. How typical.

People have no answers because your questions show a complete lack of understanding (or willingness to understand).

But there you go, five huge real-world uses solving extremely painful problems:

1. To help people suffering grom hiperinflation in their countries to survive - Venezuelans try to beat hyperinflation with cryptocurrency revolution | DW | 16.04.2021

2. Providing job opportunities in poor regions like the Philippines - Workers in the Global South are making a living playing the blockchain game Axie Infinity

3. To democratize art and help global artists make a living: Malaysian artists earn freedom to be creative with NFTs

4. To provide insurance for farmers in places like Kenya - Etherisc onboards 17K Kenyan farmers covered by blockchain-based crop insurance

5. To provide financial services, facilitate commerce, and create new job opportunities in countries where traditional finance doesn't work well or is non-existent, for example Nigeria - Thriving Under Pressure: Why Crypto Is Booming in Nigeria Despite the Banking Ban

And that's just a few use cases, completely ignoring crypto's huge advantage over heavily manipulated and used to enslave and tyrannize fiat currencies.

Now tell millions of people around the world whose lives have dramatically improved thanks to crypto that it's going to make them bankrupt.

 

[biophase]

It is my opinion that with crypto, you will be bankrupt soon too.

Can anyone explain to me the thesis why investing in crypto? What do you gain when investing in it? What value do you get? How is the value created? How do you calculate its intrinsic value? When is it overvalued and when undervalued and why? What are the benefits of holding crypto? And please, avoid the obvious nonsense about a unique technology, limited supply, or other hogwash people usually use to justify their crypto gambling.

I was asking what else you suggest that he does in his current situation. Would you advise him to hold onto his country’s currency instead?