My country is about to go bankrupt

[biophase]

The hope of becoming a crypto HODL whale melon air

A massive amount of risk

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

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

Everyone is entitled to their own opinion. I personally don’t understand a lot of the crypto out there, but I have plenty of real estate, stocks and cash, so for me I’m just allocating a small percentage of my portfolio to it.

However in the OPs case, if I thought the country’s currency is going to be worthless soon and I have to move it to a non electronic/online account, I would be choosing crypto 100%.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Martzee]

The hope of becoming a crypto HODL whale melon air

A massive amount of risk

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

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

LOL, you made my day... a "HODL whale melon air" hilarious!

 

[Martzee]

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?

Denominate to a foreign currency, open an account abroad and deposit foreign currency abroad. If the political system is stable, you can hold a foreign currency in a domestic bank - I only saw former communist countries confiscating the assets, so if there is a risk of such confiscation - and a potential civil war - then go abroad.

Real estate is another asset better than crypto. But again, if there is a risk of confiscation from the government, then go abroad. Holding a dollar or Euro is still a better choice than crypto.

Open an account with IBRK and buy foreign stocks. All better options than crypto.

Crypto is a pure gamble and your only hope is that pump and dump will move the price high enough and you find a bigger fool than yourself willing to buy it from you at a higher price (those people who bought at $68k a coin are now down 37% and probably shitting bricks as it may take years before it goes up again). Hope - that is the entire premise of "investing" in crypto.

Once the demand dries up, crypto will collapse. It may take years, but it will happen one day since there is nothing else that creates the underlying value, only fools willing to pay horrendous sums of money but I wouldn't bet on them. It may take years before it happens but it is inevitable (unless the fundamental structure of this chimera changes to actually make crypto valuable, for example, countries will adopt it as their currency, which ain't gonna happen either).

 

[Martzee]

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.

You are not serious, are you? So you base crypto valuation on "playing a game Axie infinity"? Seriously? How old are you?

All you just posted are dreams, not reality.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[biophase]

Once the demand dries up, crypto will collapse. It may take years, but it will happen one day since there is nothing else that creates the underlying value, only fools willing to pay horrendous sums of money but I wouldn't bet on them. It may take years before it happens but it is inevitable (unless the fundamental structure of this chimera changes to actually make crypto valuable, for example, countries will adopt it as their currency, which ain't gonna happen either).

Years ago I read a post where someone made a similar argument but about a company. If you bought stock in for example blackberry and the stock went from $5 to $130 to $5 in the course of 5 years. Was it a bad investment for you? Does it depend on when you sold it?

When did blackberry become worthless? Everyone has opinions on every stock. The person who gets in at $5 rides it up to $130 and sells could care less if it drops to $5 afterwards.

If Bitcoin goes to $0 in 2030, but you bought some at $6k and it went to $60k and then down to $0, was it a good or bad investment?

We aren’t investing to hold forever. There’s an exit at some point.

I have a friend that says he was right about blackberry stock years ago. Always criticizing me for holding a stock of a shitty company. But that stock made me a lot of money when it peaked around 120 in 2004. Does it matter that it’s at $9 today? He didn’t make any money off of it. I made $100k. He was right and poor.

Scenario 1: I buy Bitcoin at $40k today and then it goes to $100k and then drops to $0 all within the next 5 years. I lose all my money.

Scenario 2: I buy Bitcoin at $40k today and then Bitcoin drops to $0 within the next 5 years never going higher than $40k. I lose all my money.

You could say you were correct. But were you?

 

[ShamanKing]

Denominate to a foreign currency, open an account abroad and deposit foreign currency abroad. If the political system is stable, you can hold a foreign currency in a domestic bank - I only saw former communist countries confiscating the assets, so if there is a risk of such confiscation - and a potential civil war - then go abroad.

Real estate is another asset better than crypto. But again, if there is a risk of confiscation from the government, then go abroad. Holding a dollar or Euro is still a better choice than crypto.

Open an account with IBRK and buy foreign stocks. All better options than crypto.

Crypto is a pure gamble and your only hope is that pump and dump will move the price high enough and you find a bigger fool than yourself willing to buy it from you at a higher price (those people who bought at $68k a coin are now down 37% and probably shitting bricks as it may take years before it goes up again). Hope - that is the entire premise of "investing" in crypto.

Once the demand dries up, crypto will collapse. It may take years, but it will happen one day since there is nothing else that creates the underlying value, only fools willing to pay horrendous sums of money but I wouldn't bet on them. It may take years before it happens but it is inevitable (unless the fundamental structure of this chimera changes to actually make crypto valuable, for example, countries will adopt it as their currency, which ain't gonna happen either).

Peter Schiff in THE HOWSE!

 

[Marigold]

I'm going to be the random weirdo on the thread and suggest you buy seeds, garden equipment and start getting your community to grow food. You can't eat crypto!

Start right now.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kas]

I'm going to be the random weirdo on the thread and suggest you buy seeds, garden equipment and start getting your community to grow food. You can't eat crypto!

Start right now.

Thank you I'm in the middle of the city in an upstairs house, but I'm looking into this and trying my best

 

[Kas]

How does the freelancer visa program help legalize your stay?

It allows you to stay in UAE and work there for two years legally.

 

[Kas]

How long have you been with Payoneer? How reliable is this system?

I've only started using it recently. But they've been in business since 2005 and it's one of the only options I have. Paypal and Stripe don't work here.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kas]

How are your impressions, do you like this payment system?

It's not terrible. You can get US and UK clients to pay as if it was a local bank transfer for them. Other countries you can invoice in USD, GBP, and Euro but they need to pay via credit card.

 

[MTF]

How are you, @Kas? Are you safe?

 

[Kas]

How are you, @Kas? Are you safe?

Hey, @MTF thank you so much for this message. Yes, I am safe and keeping alright! Did you all hear about what just happened in Sri Lanka?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MTF]

Hey, @MTF thank you so much for this message. Yes, I am safe and keeping alright! Did you all hear about what just happened in Sri Lanka?

Yes, that's why I asked.

 

[DarkKnight]

American here. Same boat.

Men with guns back up the dollar still. Still the world's safest fiat currency. Still up relative to 3rd world currencies.

In the world of currencies, relative value is all that matters. On a world stage.

Not saying it's good to store wealth in the fiat as an american. Just saying, you'll still have the dollar go farther in most 3rd world countries. Still. After all that printing. Because no one is gonna invade the United States anytime soon, even after the wars, after all that printing, what will matter is that most people worth their salt are gonna try their a$$ out to get to the US. The relative economic product of the US is still pretty stable. No threat of invasion or imminent collapse.

I hope it gets better for you OP. If I was you, I won't hold on to crypto for long. Its good for moving money but look for some hard assets that generate some value to others if you can. They prove to be better long term for yourself and others. But I am no expert, talk to a financial advisor

 

[Niptuck MD]

hey @Kas nice to meet you . i am a tamil with ties to both nations... such a shame to hear what is going on. What an utter shittshow. The once paradise of sri lanka has now been reduced to a decrepit and dire situation... It seems like the same clowns are running (ruining) the nation like any other third world country... I am glad that the youth stormed the ¨ancestral¨ home.... time to fight back from all the rubbish and nonsense. I anticipate that it gets better for you and you are able to leave or get out (as you have been on FLF you have witnessed a different mindset). Perhaps look at one of the myriad of digital nomad visas. Indonesia has one now cambodia has a good one... These are going to be better places for you than where you are at. I cannot send money to people in jaffna... it is a complete hell for them up there now.... I will say one thing though. Dont Hope. Just act. take massive action and be grateful you have your life and your health and tread on forward.

peace bro.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Rabby]

Sri Lanka strikes me as a beautiful place; the natural features, flora fauna and minerals are fascinating. Also the culture, with similarities to SE Asia and India, yet unique. Would love to visit some day when things are stable. Hope everything goes alright during this political transition, if that's what it is. Good luck

 

[Aditya Gunjal]

Sri Lanka strikes me as a beautiful place; the natural features, flora fauna and minerals are fascinating. Also the culture, with similarities to SE Asia and India, yet unique. Would love to visit some day when things are stable. Hope everything goes alright during this political transition, if that's what it is. Good luck

Shit man they are burning their President's house. Have you read the news recently about Sri Lanka?

 

[Rabby]

Shit man they are burning their President's house. Have you read the news recently about Sri Lanka?

Probably not the most up to date news. I saw that they were swimming in his pool and taking photos in his bedroom. That's generally not a sign of stability, so I wrote "political transition" as a euphemism. I've been in the midst of a political transition or two myself. It's never boring, I'll say that!

Burning the house down is stupid regardless of what anyone thinks of the politics... just a destruction of wealth. We're strange creatures, creating wealth and comfort from nothing, and then erasing it in a moment of passionate intensity.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Aditya Gunjal]

Probably not the most up to date news. I saw that they were swimming in his pool and taking photos in his bedroom. That's generally not a sign of stability, so I wrote "political transition" as a euphemism. I've been in the midst of a political transition or two myself. It's never boring, I'll say that!

Burning the house down is stupid regardless of what anyone thinks of the politics... just a destruction of wealth. We're strange creatures, creating wealth and comfort from nothing, and then erasing it in a moment of passionate intensity.

Yeah the swimming part and photos, i have seen it. I think it was 2 3 days ago.
Yes my brother says we need some sort of system (maybe corrupted but atleast system). Otherwise thing dont work when masses get the power to choose.

 

[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.

Any relatives in Singapore?

 

[Kevin88660]

Men with guns back up the dollar still. Still the world's safest fiat currency. Still up relative to 3rd world currencies.

In the world of currencies, relative value is all that matters. On a world stage.

Not saying it's good to store wealth in the fiat as an american. Just saying, you'll still have the dollar go farther in most 3rd world countries. Still. After all that printing. Because no one is gonna invade the United States anytime soon, even after the wars, after all that printing, what will matter is that most people worth their salt are gonna try their a$$ out to get to the US. The relative economic product of the US is still pretty stable. No threat of invasion or imminent collapse.

I hope it gets better for you OP. If I was you, I won't hold on to crypto for long. Its good for moving money but look for some hard assets that generate some value to others if you can. They prove to be better long term for yourself and others. But I am no expert, talk to a financial advisor

On USA:

i pretty much agree with the popular opinion that U.S. power is on decline. But the worst case scenario is that U.S. is a stronger version of Argentina. The Technology is there. Ample food supply. Big oil producer. Not going to third world level anytime soon.

It is just quite impossible to have first class living standard for a nation as big as 300 million over population for a very long period of time, unless the whole nation is on “credit card debt”, which it is….

On crypto:

You have to think what your exit plan is if things fail. And not rely on it. My plan during the crypto bull market is only allocate 20-30 percent of my cash on the most risky altcoins that I think Have a potential, is “zhupercycle” is true.

So if everything goes well, the investment could moon 10x or more. If everything goes to hell, like previous market cycles, then I am equipped with cash to pick the bottom on blue chips.

Indeed with Ukraine conflict, inflation going out of control, luna going bust, 3AC founders on the run, crypto is in hell.

It is not really too bad to have 20-30 percent of cash going full rekt while the rest of the cash “appreciate” against most assets.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Niptuck MD]

just a destruction of wealth. We're strange creatures, creating wealth and comfort from nothing, and then erasing it in a moment of passionate intensity.

one must question the environment. the indian subcontinent is going to be blitzed with environmental problems. We are already digging more then 200m deep (bores) for water. It is already 50* C plus in many parts of india and pakistan. it is going to be an epic shitshow of great magnitude. The overpopulation clearly doesnt help. sri lanka has almost 23 million people on an island. Clearly there are resource allocation issues and these two political families have usurped millions (not to mention they are indebted to the chinese forever) and I heard today the brother of the PM tried to flee the country by flight but was stopped (luckily). Its going to be an interested watch... Maybe a sign perhaps that other poverty stricken nations will follow???

 

[Niptuck MD]

Ample food supply. Big oil producer. Not going to third world level anytime soon.

dont be fooled my friend. Only Big agri dictates food production and cost (hence why gates is buying up so much farmland in places that were not so attractive ie. south dakota, montana etc) also why there have been reports of farmers being told to burn or destroy feed and crops by their owners (big agri that own most of commercial farms)

as for oil production right now it is stuck between a rock and a hard place. The keystone pipeline project would have helped immensely but this false narrative BS spewed by the govt in charge (trying to go all green) hasnt worked and has been a detriment for oil exports. (USA could be supplying oil and gas to europe instead of russia for example and not be so dependent on OPEC)

Many american cities are transitioning from 1st world to 3rd world really quickly. Hard drug use is legal in downtown portland. Maybe san francisco will follow suit next... Philadelphia and CHicago are crime ridden more so than ever now.... My city New Orleans is the murder capital of the nation.... List goes on..
I say this as an expat american with deep love for the nation but america is dying from a thousand cuts.... Only thing to do is adapt and evolve and make moves. America the idea was great and just like any other empire (had its good reign which is approx 200-250 years), however America the reality is quite different.

But to put it in simple terms, if you are coming to america from the 3rd world, yes it is an incredible improvement. Running water and electricity, safe for the most part etc, only will the generation after you realize what is really going on here.

 

[Kevin88660]

dont be fooled my friend. Only Big agri dictates food production and cost (hence why gates is buying up so much farmland in places that were not so attractive ie. south dakota, montana etc) also why there have been reports of farmers being told to burn or destroy feed and crops by their owners (big agri that own most of commercial farms)

as for oil production right now it is stuck between a rock and a hard place. The keystone pipeline project would have helped immensely but this false narrative BS spewed by the govt in charge (trying to go all green) hasnt worked and has been a detriment for oil exports. (USA could be supplying oil and gas to europe instead of russia for example and not be so dependent on OPEC)

Many american cities are transitioning from 1st world to 3rd world really quickly. Hard drug use is legal in downtown portland. Maybe san francisco will follow suit next... Philadelphia and CHicago are crime ridden more so than ever now.... My city New Orleans is the murder capital of the nation.... List goes on..
I say this as an expat american with deep love for the nation but america is dying from a thousand cuts.... Only thing to do is adapt and evolve and make moves. America the idea was great and just like any other empire (had its good reign which is approx 200-250 years), however America the reality is quite different.

But to put it in simple terms, if you are coming to america from the 3rd world, yes it is an incredible improvement. Running water and electricity, safe for the most part etc, only will the generation after you realize what is really going on here.

It is really about how bad it is. Third world level is like below 3k usd gdp per capital. Now U.S. is 60k.

I know this figure is highly “inflated” doesn’t mean that average american has 20 times more purchasing power.

People just use the phrase “third world” too loosely. Work 15 hour a day with no break picking garbage and making less than 200 usd a month is the reality of third world. Most people in the world are living in that hell right now.

I think compared to other developed countries U.S. is really bad in the taxes and benefits.

In Canada or Scandinavian countries you pay insanely high taxes in return for comprehensive benefits cover.

In U.S. while it is not as high it isn’t that low either and most money are spent back as oversea empire management and corporate lobby subsidy, individuals don’t get back much unless you are a senior citizen who enjoys the obscene return in social security. That is the impression I am getting. So the ROI on tax is horrible for average person. Of course I am generalizing.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Aditya Gunjal]

dont be fooled my friend. Only Big agri dictates food production and cost (hence why gates is buying up so much farmland in places that were not so attractive ie. south dakota, montana etc) also why there have been reports of farmers being told to burn or destroy feed and crops by their owners (big agri that own most of commercial farms)

as for oil production right now it is stuck between a rock and a hard place. The keystone pipeline project would have helped immensely but this false narrative BS spewed by the govt in charge (trying to go all green) hasnt worked and has been a detriment for oil exports. (USA could be supplying oil and gas to europe instead of russia for example and not be so dependent on OPEC)

Many american cities are transitioning from 1st world to 3rd world really quickly. Hard drug use is legal in downtown portland. Maybe san francisco will follow suit next... Philadelphia and CHicago are crime ridden more so than ever now.... My city New Orleans is the murder capital of the nation.... List goes on..
I say this as an expat american with deep love for the nation but america is dying from a thousand cuts.... Only thing to do is adapt and evolve and make moves. America the idea was great and just like any other empire (had its good reign which is approx 200-250 years), however America the reality is quite different.

But to put it in simple terms, if you are coming to america from the 3rd world, yes it is an incredible improvement. Running water and electricity, safe for the most part etc, only will the generation after you realize what is really going on here.

Yes sir you are right. People call india 3rd world country but not every city or state is like 3rd world ( i know some defination of 3rd world like water quality and other). Where i live i get 24 7 electricity, 2 times a day at least chlorinated water(which some people drink without uv or ro) and fair enough internet too(as you can see me writing this). Yeah crimes occur, but i dont think it is the biggest problem.
I think America will soon cripple as everyone is saying
And yeah i dont think second amendment will save people for long time from the tyranny. Sorry if anyone gets offended

 

[GPM]

Burning the house down is stupid regardless of what anyone thinks of the politics... just a destruction of wealth.

I see it more as a powerful message to those who think they can rule us and instead abuse their powers. A message of "if you keep this up there will be consequences".

In Canada, Justin Trudeau has had like 4 or 5 ethics violations and issues so far, and nothing seems to happen. He had straight up bailed out a corrupt engineering firm who was lying and cheat in order to "save jobs" and at the same time shutting down industry that is not "woke enough" and not near his home town that employs 10x as the liars and cheats. And yet he just gets away with it.

Whoever comes next will get away with it too, and then who comes after will do the same. Now imagine if we started burning their houses down? Eventually they would have some fear and stop being just assholes.

But maybe I am just dreaming.

 

[Aditya Gunjal]

one must question the environment. the indian subcontinent is going to be blitzed with environmental problems. We are already digging more then 200m deep (bores) for water. It is already 50* C plus in many parts of india and pakistan. it is going to be an epic shitshow of great magnitude. The overpopulation clearly doesnt help. sri lanka has almost 23 million people on an island. Clearly there are resource allocation issues and these two political families have usurped millions (not to mention they are indebted to the chinese forever) and I heard today the brother of the PM tried to flee the country by flight but was stopped (luckily). Its going to be an interested watch... Maybe a sign perhaps that other poverty stricken nations will follow???

Yeah shitshow will happen. But what do you think we can do? I know its much late now but are we going to let go everything on its own rather than taking actions. Food, fossil fuels everything is running on redline now. Our coal mining has gone down electricity bills are skyrocketing. As great GC said "every system breaks down".

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Aditya Gunjal]

I see it more as a powerful message to those who think they can rule us and instead abuse their powers. A message of "if you keep this up there will be consequences".

In Canada, Justin Trudeau has had like 4 or 5 ethics violations and issues so far, and nothing seems to happen. He had straight up bailed out a corrupt engineering firm who was lying and cheat in order to "save jobs" and at the same time shutting down industry that is not "woke enough" and not near his home town that employs 10x as the liars and cheats. And yet he just gets away with it.

Whoever comes next will get away with it too, and then who comes after will do the same. Now imagine if we started burning their houses down? Eventually they would have some fear and stop being just assholes.

But maybe I am just dreaming.

Hell yeah. Robust responses are necessary sometimes.

 

[Niptuck MD]

Of course I am generalizing.

no you are not generalizing. Social security has been a joke for the past two decades now... No wonder so many seniors and retirees are fleeing to latin america for refuge. try living on a measely 1500 a month (if that)
my generation will be lucky to get maybe 750-850 (at the rate its going) and thats pre-tax!

if anything this whole ponzi scheme has to motivate us to create and to build. nothing else to do to get out of the rut.