Crypto Collapso

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Yourmaninvegas

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Slightly off topic BUT to add to your post above: How many people read page after page of a document regarding a mortgage? A loan? A closing statement? lol. Then later they say WTF!!!
You make an excellent point ‼️
I cannot speak for others.
I make it a point to have financial documents that someone wants me to sign to be made available before I am required to sign them. That way my attorney or I can review them and I can understand exactly what I am getting into.

Any individual making an investment using the Bitcoin shop in Cabarete should educate themselves about what they are buying.
And a question raised in a closed post regarding the Bitcoin shop in Cabarete still stands as to whether any due diligence has been done on the principals.
Due diligence is not needed (in my opinion).

If I am buying BTC in person.
I show my cash.
They transmit BTC to my wallet.
I hand over cash.
I leave.

Reverse the process if I am selling BTC
Very simple and straight forward.

Not unlike the many hand to hand deals I have made in the street.
Just slightly more technologically advanced.
"17.5 same color t-shirt" - Migos
 

jd426

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Slightly off topic BUT to add to your post above: How many people read page after page of a document regarding a mortgage? A loan? A closing statement? lol. Then later they say WTF!!!
Nah,. that has not been the case for a LONG ,LONG time ..
there are Many Laws ,which require the Basics like APR , Length ,etc in BOXES clearly spelled out , even a blind man can see them , the Fonts are so BIG ..
Forget which Laws , but they are extremely Strict ..
Signing a Car Loan , its like 35 pages of signatures to make sure you understand it clearly ..

So , nah , a LOAN , any kind of LOAN , is a completely different Animal
from some PYRAMID SCHEME/ Crypto Currency made up on a Beach town in the DR ..probably by some dude who drank a full bottle of Brugal
and smoked too much Weed one night .

Bitcoin is one thing

but it is just beyond Bizarre .. that anyone would buy into such foolishness of a Crypto, Made up in the DR . .
 
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Nah,. that has not been the case for a LONG ,LONG time ..
there are Many Laws ,which require the Basics like APR , Length ,etc in BOXES clearly spelled out , even a blind man can see them , the Fonts are so BIG ..
Forget which Laws , but they are extremely Strict ..
Signing a Car Loan , its like 35 pages of signatures to make sure you understand it clearly ..

So , nah , a LOAN , any kind of LOAN , is a completely different Animal
from some PYRAMID SCHEME/ Crypto Currency made up on a Beach town in the DR ..probably by some dude who drank a full bottle of Brugal
and smoked too much Weed one night .

Bitcoin is one thing

but it is just beyond Bizarre .. that anyone would buy into such foolishness of a Crypto, Made up in the DR . .
Greed is a powerful force that causes even seemingly intelligent people to do un-intelligent things.


Is this supposed to be taken seriously? Contests, prizes....................for $Bana.

Bitcoin (BTC) looks headed to sub-$10,000........and they are the best house in a bad neighborhood. Keep buy buy buying those dips. ;)

Reilleyp said it more effectively in a post above....................bye, bye, bye.............not buy, buy, buy.

Maybe its the sun.............but a whole lot of people on the north coast also lost everything a few years back (ANOECA).

Please do your due diligence.


Respectfully,
Playacaribe2
 

Yourmaninvegas

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Bitcoin (BTC) looks headed to sub-$10,000........
Maybe, but you have made incorrect market predictions in the past.
It would represent a unique buying opportunity for those able to withstand the risk.

My opinion is that it is unlikely that it will head that low before the end of the year.
$13,764 is the number put out by Tom Aspray:


Let us hope the BTC shop (that is the subject of this post) is telling people that investing in crypto is risky and that they can loose all their money...especially if they leave it on CFi exchanges. They should be telling them: Not your keys...not your BTC.

Bitcoin is one thing
Read, study, learn.
Arm yourself with fact not the opinions and old school investment biases of the old guard.

EASTSIDE!!
 

Yourmaninvegas

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I do not think the shop in Cabarete can do anything for people who bought something via FTX.
I think the losses ere more than $8 Billion
The only people allowed to get any money out were Bahamian residents or companies.
Most of the money has been laundered and stolen and you can be certain Sam Bankman-Fried got his billion stashed away along with the mansion he owns in the Bahamas. Not to mention some famous political campaigns that took his 'contributions' (other people's money).
Ok
There was a report this morning in the Financial Times that $260 million of Crypto coins were withdrawal from wallets at FTX in a recent 'hack'.
Ok
If your Bitcoin (or other crypto) was held at FTX, nothing in the Cabarete store can be done to restore it (and it is not that store's fault). I feel bad for those who got duped - I think this is the beginning of the end for 'Crypto Wallets'.
You are right that it is not the fault of the Cabarete store if they advised clients to purchase crypto through FTX. It is their fault if they did not advise them to take their crypto off the exchange and place it into a non-custodial wallet.

Not your keys...not your crypto‼️

It is not a failure of "Crypto Wallets".
The Cabarete office should be advising their clients that when they purchase crypto through an exchange then they are simply getting a IOU for the coins.
They should have advised them to make their purchases and place them into a non-custodial wallet where they have possession of both the public and private keys.

FTX is a failure of centralized exchanges.
Not a single DiFi exchange has failed during 2022.
And every single purchaser of crypto can avoid the problems of centralized exchanges ranging from bad business practices up to straight out fraud and theft by pulling their coins off the exchanges and placing them in a non-custodial wallet.

Also the idea of what is a real crypto wallet" needs to be cleared up.
What you are actually getting is a pointer to the blockchain where the record of your transaction is stored and the wallet has the information (keys) that allows you to authorize transactions with the coins that you own.

There are two types of wallets: software (hot) and hardware (cold).
Hardware wallets are nearly impossible to hack (cold)
They are not on the internet. They should not connect to the internet.
You have to hack the person.
Software wallets are subject to hacking because they are exposed to the internet.
But they are better than keeping your coins on an exchange because they are 'chump change' compared to the pools of money that sits in these centralized exchanges.

Far from being the end of crypto wallets...there should be an explosion of sales for hardware wallets and safes.

So, far reading this thread the only thing I see is a lot of misinformation about how crypto actually works.
Read a white paper and learn what a block chain actually is.
So if you don't know what you are talking about...individuals should just say nothing...until they educate themselves and can speak with knowledge on the subject. Because misinformation is part of the problem and is often worse than the lack of it.

Scream all you like about the decline in asset values.
Anyone own stocks up in here?
What do your investment returns look like this year❓ 🤑📉

Not your keys...not your crypto ‼️
 
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The gold standard of cryptos have and continue to decline...........and now the Bitcoin shop in Cabarete is joining in what appears to be more of a MLM promotion than a real crypto;




According to Bloomberg financial, the average crypto buyer got into Bitcoin at $47,500. Bitcoin is fluctuating near $16,740.......................a loss of $31,000+/-.

And now the Bitcoin Shop in Cabarete wants into the game with their own crypto..................of course with OPM.

Next perhaps look for a name change. The Bitcoin shop in Cabarete just does not seem to engender an aire of confidence. Perhaps call it the Independent Financial Centre of the Americas. Has a nice ring to it but that has already been taken in the DR……and that never got beyond concept drawings and internet postings;


Respectfully,
Playacaribe2
 

JD Jones

Moderator:North Coast,Santo Domingo,SW Coast,Covid
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Even if I have a wallet, it is not very reassuring to me that the value of my wallet has tanked, even if nobody can get to it.
 
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Even if I have a wallet, it is not very reassuring to me that the value of my wallet has tanked, even if nobody can get to it.
But it is "supposedly" safe............however little ends up being left

They are not selling stability. What they are selling for most "investors" seems to be the idea/dream of wealth.

It likely is inevitable that the majority of crypto's, like the one being promoted in Cabarete, will likely eventually cease to exist..........or become irrelevant...........leaving investors with their "cold" secure wallets....................empty.

Respectfully,
Playacaribe2
 
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Big

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But it is "supposedly" safe............however little ends up being left

They are not selling stability. What they are selling for most "investors" seems to be the idea/dream of wealth.

It likely is inevitable that the majority of crypto's, like the one being promoted in Cabarete, will likely eventually cease to exist..........or become irrelevant...........leaving investors with their "cold" secure wallets....................empty.

Respectfully,
Playacaribe2
You mean to tell me that the Cabarete crypto center is not creating 100 millionaires a day
 
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Yourmaninvegas

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Even if I have a wallet, it is not very reassuring to me that the value of my wallet has tanked, even if nobody can get to it.
The value of my USD in my wallet has fallen 8 - 10% in real purchasing terms 📉.
But it still makes everyone feel good that they can look at their saving account each month and if they have not spent any USD out of it is still shows the same amount.
But is it the same value❓

It is up to you to enter the market and HODL until your profits show up.
If you invest in something and the value goes down.
That is not the fault of the investment now is it❓

There is BTC and then there is everything else in the crypto world.
According to Bloomberg financial, the average crypto buyer got into Bitcoin at $47,500. Bitcoin is fluctuating near $16,740.......................a loss of $31,000+/-.
If you are not the average investor...and you bought at $15,600 (2022) you are looking at at...gain of +/- 1100 USD/coin.
You can look at things being half full or half empty.
The majority of people posting up in here are writing about something they don't even own nor have they investigated with it depth.
Most have never even read a single white paper on crypto.
And now the Bitcoin Shop in Cabarete wants into the game with their own crypto..................of course with OPM.
One should look examine any project in the crypto world very hard before investing their money.
As I am not here to give anyone investment advice.
But the idea that the Bitcoin Shop in Cabarete is doing anything wrong or illegal or even providing bad investment advice is unproven and pure speculation (like most crypto investments).
But it is "supposedly" safe............however little ends up being left
I have never had anyone ever tell me an investment in the crypto space is safe.
No one ‼️

Investing in crypto is pure capitalism.
No do overs.
No bailouts.
You are own your own.

I do not know if the Bitcoin Shop in Cabarete is or is not advising their clients correctly about investing in crypto.
 

Joseph NY2STI

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Sorry if this was asked and answered and I missed it, but who's running the shop in Cabarete? Dominicans, ex-pats, or both?
 

Yourmaninvegas

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Sorry if this was asked and answered and I missed it, but who's running the shop in Cabarete? Dominicans, ex-pats, or both?
🌟Today's Nabana Team Zoom Meeting.
With Founder & CEO Steve Colley, Co-founder Conston Taylor and the Nabana team on the computer screen.

White Paper on the Nabana Token
 
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By all means, for those on the fence, please peruse the latest Whitepaper version 2 from the Bitcoin Shop in Cabarete that can be found in post #34.

If you do not come away with the impression that this is akin to nothing more than a MLM………then you are probably their target market.

Next domino to fall, probably tomorrow, Blockfi. The body count is starting to rise.

Reillyp please cue up the music……..bye, bye, bye.

Respectfully,
Playacaribe2
 

reilleyp

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By all means, for those on the fence, please peruse the latest Whitepaper version 2 from the Bitcoin Shop in Cabarete that can be found in post #34.

If you do not come away with the impression that this is akin to nothing more than a MLM………then you are probably their target market.

Next domino to fall, probably tomorrow, Blockfi. The body count is starting to rise.

Reillyp please cue up the music……..bye, bye, bye.

Respectfully,
I am glad you wrote it up in a nice intelligent way because I was going to reply by asking if that white paper is available in 2 ply with aloe.
 
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Yourmaninvegas

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It is interesting the desire for many posters to ignore facts about the Bitcoin Shop in Cabarete while pushing their own unsupported opinions.
And also putting out misinformation about the crypto space in general.
Like the blind leading the unknowing.
It should be noted that BTC is the only cryptocurrency that is actually currency right now.
 

Yourmaninvegas

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We gots people mentioning BlockFi.
Yes, probably next.
But once again a problem in the CFi world.
Not an inditement of crypto in general.

Shows to me they have an overall lack of understanding of how things work in the crypto world.
That alone illustrates why individuals who don't understand the investment should stay away.

Gots people asking for a white paper in physical form when I gave the link in post #53.
It is available in digital form.

I really hope the Bitcoin Shop in Cabarete is providing better advice and information than what I have read in this thread (other than what I wrote of course).
I don't know because I have not been there or used their services.
But I suspect many of those expressing their negative opinions have not either. :rolleyes:
 
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I am glad you wrote it up in a nice intelligent way because I was going to reply by asking if that white paper is available in 2 ply with aloe.

Thank You.

You have further described its true utility and value with brutal honesty.

Not to mention that it hardly meets any definition of what a “White Paper” is supposed to be. It is true marketing and sales literature, but a true “White Paper”…………it is not.

Respectfully,
Playacaribe2
 

Yourmaninvegas

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Not to mention that it hardly meets any definition of what a “White Paper” is supposed to be. It is true marketing and sales literature, but a true “White Paper”…………it is not.
You read it completely and came to your conclusion❓

I am not interested in investing in the Nabana Token and therefore have not read it.
 

Sandu

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Jan 6, 2018
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HIVE BLOCKCHAIN TECHS-NEW........i invested in this as an experiment....put in a thousand dollars now worth $169.00
just like pyramid schemes ...first in and get out quickly.....this is riverboat gambling...wish you all the best....most of the time it is best to leave and lick you wounds
 
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