Money in the DR

[Yourmaninvegas]

I would like to start a useful discussion about money, banking, loans here in the Dominican Republic.

When would perform wire transfers from my US bank to account at BanReservas here in it used to take 7 days for me to receive credit in my account (under 10,000 USD).
For amounts over 10,000 USD it would take longer and involve an interview about the source of funds and sometimes providing proof.

Now, BanReservas credits my wire transfer in one day (under 10,000 USD).

 

[RDKNIGHT]

I have never had a problem wiring money to Bank of Reserve a Banco Popular usually when I put the transfer at 6:00 a.m. in the morning it's in my bank by 10:00 a.m. same day I find it the simplest way to get money here for me 25 bucks but I don't care... usually under 10k


and the reason I use Bank on popular most people here have bank popular so it's easier to make money transfers to them and to receive money transfers from them just works for me May cost a little more but I prefer simplicity

 

[reilleyp]

I would like to start a useful discussion about money, banking, loans here in the Dominican Republic.

When would perform wire transfers from my US bank to account at BanReservas here in it used to take 7 days for me to receive credit in my account (under 10,000 USD).
For amounts over 10,000 USD it would take longer and involve an interview about the source of funds and sometimes providing proof.

Now, BanReservas credits my wire transfer in one day (under 10,000 USD).

Did they allow you to withdraw the money the same day? I ask because 5 years ago I deposited a large check in someone's account at BanReservas and even though I showed the source of funds, and the money leaving my account, they made the customer wait 2-3 weeks before allowing them to withdraw the funds.

 

[Yourmaninvegas]

Did they allow you to withdraw the money the same day? I ask because 5 years ago I deposited a large check in someone's account at BanReservas and even though I showed the source of funds, and the money leaving my account, they made the customer wait 2-3 weeks before allowing them to withdraw the funds.

I can withdraw the money the same day.
I often need to wire myself money in order to pay for constructions supplies or business equipment.
It actually surprised me.
When I saw the credit to my account and then was allowed to move it out of my account on the same day.
Now I was moving the money internally in the bank...in that the transfers I was making were to other accounts at BanReservas.

But three years ago I did the same thing you described (except I wired a large amount of money to someones account at BanReservas).
And my deal almost fell apart because the seller was claiming I did not pay him.
Finally, I calmed him down and got him to call his bank manager.
His bank manager acknowledged that the bank had his money but had not credited to him because he had prove to them it he deserved to receive it.
It involved me having to provide proof of where the money came from that I sent to seller.

I gotta real problem with that.
It is a violation of property rights.
I earn that money by giving my life energy.
And then some random institution is going to force me to justify where I got the money to pay for the item I wish to purchase.
One of the reasons I am moving to BTC
No counterpart risk or control.

 

[El Hijo de Manolo]

I earn that money by giving my life energy.

Award winning

 

[windeguy]

I can withdraw the money the same day.
I often need to wire myself money in order to pay for constructions supplies or business equipment.
It actually surprised me.
When I saw the credit to my account and then was allowed to move it out of my account on the same day.
Now I was moving the money internally in the bank...in that the transfers I was making were to other accounts at BanReservas.

But three years ago I did the same thing you described (except I wired a large amount of money to someones account at BanReservas).
And my deal almost fell apart because the seller was claiming I did not pay him.
Finally, I calmed him down and got him to call his bank manager.
His bank manager acknowledged that the bank had his money but had not credited to him because he had prove to them it he deserved to receive it.
It involved me having to provide proof of where the money came from that I sent to seller.

I gotta real problem with that.
It is a violation of property rights.
I earn that money by giving my life energy.
And then some random institution is going to force me to justify where I got the money to pay for the item I wish to purchase.
One of the reasons I am moving to BTC
No counterpart risk or control.

That kind of problem transferring larger sums of money is because of laws in place to prevent money laundering, drug war, etc.
Agreements between US and DR banks were probably at play.

Sending international wire transfers over $10,000: full guide

Thinking of sending over $10,000 overseas? Wondering what kinds of documents, taxes, or headaches you might encounter? You’ve come to the right place for answe

wise.com

Crypto can counteract that issue until it can't. "They" are working on crypto as well.
The IRS just got a funding boost recently which could help pay for that.

Can the IRS Track Crypto? How Do They Do It?

If you are a crypto investor and often wonder if the IRS can track your crypto transactions, this guide right here is to answer all our doubts!

www.zenledger.io

2. Blockchain Analysis​

The blockchain is a public ledger that records all crypto transactions. While the identities of the parties involved are typically anonymous, the transactions themselves are visible. The IRS has partnered with companies that specialize in blockchain analysis to track cryptocurrency transactions on the blockchain. These companies use advanced software to analyze and trace transactions, allowing the IRS to identify patterns and track down individuals who may be engaging in tax evasion.

 

[Yourmaninvegas]

Move, countermove...

Ever heard of XRP...
China banned BTC
Wanna tell me what happened?

If you don't know I will explain it to you.
Just ask...
It is on topic because the fiat money system in general is flawed.
And by moving to BTC Dominicans (along with others) can avoid the devaluation of their currency that is happening.
They call it inflation in order to avoid the ugliness of having to explain the real term for it: "devaluation".

2. Blockchain Analysis​

The blockchain is a public ledger that records all crypto transactions. While the identities of the parties involved are typically anonymous, the transactions themselves are visible. The IRS has partnered with companies that specialize in blockchain analysis to track cryptocurrency transactions on the blockchain. These companies use advanced software to analyze and trace transactions, allowing the IRS to identify patterns and track down individuals who may be engaging in tax evasion.

6 BEST Bitcoin Mixers & Tumblers (2025)

Bitcoin Mixer is a service that enables you to send your bitcoins through a series of anonymous transactions.

www.guru99.com

How you like me now?

Point of reference...
At one point in my working I was given the responsibility of investigating money laundering.
It is like playing wack-a-mole with guns.
So, I have no problem chopping it up with you @windeguy
But I would not tell you how electrical engineering problems are solved (or any other engineering problems).
And in fact I would argue that you should understand BTC even better than I do giving your education and years of practical experience in the engineering field.
Why?
Because BTC is the first successfully engineered money that has ever existed.

I don't assume that BTC is anonymous.
Because by the it's very nature it is public.
That is what makes it real money.
Tell me the last time the central bank and any country where you are citizen has published audited financial statements?
In my country of origin there is an entire group of people dedicated to trying to figure out the cryptic statements of the central bankers.

I don't run scared or ride dirty. (somebody help @william webster out with the lingo)
But I do use all legal means to protect my privacy and avoid being KYCed.

https://coinatmradar.com/city/425/bitcoin-atm-santo-domingo/

 

[windeguy]

My points are simple regarding crypto/block chain:

I have no faith that anything cannot be traced, lost, corrupted, cracked, hacked etc.
I will use crypto only if there is no other way.

A cat and mouse game of misdirection will always try to follow the money.
Can that multiple re-direction making tracing impossible? Perhaps.
I have no use for it at the moment. If I am forced to use it for something, I might.

This sounds absolutely great to me (NOT)

Bitcoin Mixer is a service that enables you to send your bitcoins through a series of anonymous transactions. This makes it much more difficult to trace the source of the funds which makes Bitcoin mixers a popular choice for those looking to keep their identity hidden.

Many Bitcoin mixers are available, but not all of them are created equal. Some mixers are known not to be honest, while others charge high fees, so selecting one is a difficult task. The following is a curated list of the Top Bitcoin Mixers & Tumblers with their features, pros, cons, key specs, pricing, and website links.

 

[Yourmaninvegas]

My points are simple regarding crypto/block chain:

I have no faith that anything cannot be traced, lost, corrupted, cracked, hacked etc.

But it can be lost.
Self custody your BTC and lose your wallet and the seed phrase.
Gone forever.

It can be corrupted... but it will you would need to take over 51% of the decentralized nodes along with all the electrical power that it would take in order to to that.

It can be stolen through hacks...usually passing through a bridge...or attacks on software wallets.
Place your BTC in a cold wallet that stays off line and it is the same as putting your cash or gold in a vault.

Fiat money is the biggest confidence game every played by mankind.
I don't trust anything that can be printed.
With the exception of stocks of course.
I happen to like the stock market.

I will use crypto only if there is no other way.

That is the beauty of crypto.
It is a system that you opt into.
You currently use DOP and USD because your governments mandate you to.
Don't sit up here and tell me you are doing that by choice.

A cat and mouse game of misdirection will always try to follow the money.

I will tell you that is correct.
The government is behind and always will be.

Can that multiple re-direction making tracing impossible? Perhaps.

Yes it can.
Money trails can go dead right now with fiat currency and regular money laundering.
I speak from experience on that issue (not theory).

I have no use for it at the moment. If I am forced to use it for something, I might.

That is the beauty of BTC you will never be forced to use it.
Try that with your DOP and USD.
You use it because your governments tell you have to use it.

This sounds absolutely great to me (NOT)

Information was not for your exclusive use.
It was designed to counter misinformation and fear mongering put out about BTC.
If you want to continue to use paper and digital based money that is being devalued every year due to inflation...Go ahead...if you like it I 🖤 it‼️

Your opinions are your opinions.

But facts b acts.
Even with target 2% inflation of USD 1 USD is worth 98 cents after a year. (FACT)
It is even worse with DOP and so BTC would serve Dominicans so much better.
How you like me now?

We can continue to chop it up @windeguy
I will continue to serve up hard facts.
Your soft opinions are going to continue to get crushed down the line for winners with my powerful forehand.
Your serve 🎾

 

[windeguy]

But it can be lost.
Self custody your BTC and lose your wallet and the seed phrase.
Gone forever.

It can be corrupted... but it will you would need to take over 51% of the decentralized nodes along with all the electrical power that it would take in order to to that.

It can be stolen through hacks...usually passing through a bridge...or attacks on software wallets.
Place your BTC in a cold wallet that stays off line and it is the same as putting your cash or gold in a vault.

Fiat money is the biggest confidence game every played by mankind.
I don't trust anything that can be printed.
With the exception of stocks of course.
I happen to like the stock market.

That is the beauty of crypto.
It is a system that you opt into.
You currently use DOP and USD because your governments mandate you to.
Don't sit up here and tell me you are doing that by choice.

I will tell you that is correct.
The government is behind and always will be.

Yes it can.
Money trails can go dead right now with fiat currency and regular money laundering.
I speak from experience on that issue (not theory).

That is the beauty of BTC you will never be forced to use it.
Try that with your DOP and USD.
You use it because your governments tell you have to use it.

Information was not for your exclusive use.
It was designed to counter misinformation and fear mongering put out about BTC.
If you want to continue to use paper and digital based money that is being devalued every year due to inflation...Go ahead...if you like it I 🖤 it‼️

Your opinions are your opinions.

But facts b acts.
Even with target 2% inflation of USD 1 USD is worth 98 cents after a year. (FACT)
It is even worse with DOP and so BTC would serve Dominicans so much better.
How you like me now?

We can continue to chop it up @windeguy
I will continue to serve up hard facts.
Your soft opinions are going to continue to get crushed down the line for winners with my powerful forehand.
Your serve 🎾

You imply you can predict the future that Crytpo will always do better than fiat currencies. Perhaps.
That is not something I care about.

I do use the USD and DOP because there are things I can only purchase with them. The world has not adopted Crypto as a standard by a long shot.
If there is something I want that I can only purchase with Crypto I will get just enough to make that transaction.
Is that by choice? I guess so, but I don't even think about it. I will stay in the stock market which has helped me avoid
the pitfalls you mention of being in a fiat currency, or any other currency, and go to whatever currency works from that.
I learned in my 20's that keeping a lot of money in cash was a bad idea and never did that.

 

[windeguy]

Nobody is going to explain to me that this is a good investment path:

Bitcoin USD (BTC-USD) Interactive Price Chart - Yahoo Finance

Interactive Chart for Bitcoin USD (BTC-USD), analyze all the data with a huge range of indicators.

finance.yahoo.com

 

[cavok]

My wire transfers to Banco Santa Cruz arrive the next day and I can immediately withdraw it. Maybe if I got up earlier, I could get the money the same day(?).

 

[Yourmaninvegas]

BTC and crypto are not good investments in the opinion of @windeguy

I am not suggesting that BTC is a good investment for anyone.
I am not giving investment advice here
Although I held a series 7 and series 6 before in my youth during my early workings years...I have not maintained my continuing education.
I am not qualified to do that.

But certain investment and personal financial issues remain constant.
Those are what we are discussing.
Not a debate.
Everyone who takes something from our discussion and uses it to profit or avoid loss wins.

How long has BTC been in existence?
How long has Amazon been existence?

Are you really going to throw a chart up against the wall to prove your assertion that BTC is not a good investment?
The success you have with any investment depends heavily on your entry point into that investment.

Let's take a look at Amazon:

Amazon - 26 Year Stock Price History | AMZN

Historical daily share price chart and data for Amazon since 1997 adjusted for splits. The latest closing stock price for Amazon as of April 20, 2023 is <strong>103.81</strong>. <ul style='margin-top:10px;'> <li>The all-time high Amazon stock closing price was...

www.macrotrends.net

If you bought Amazon on July 8, 2021
The all-time high Amazon stock closing price was 186.12 on July 08, 2021.
You are sitting unrealized losses.

So, I am not buying the "red hearing" that you are trying to sell me.
I know it is going be pretty smelly by Monday even if I keep it refrigerated.

I am saying that as a store of value BTC is going to fair better that fiat currencies.
In the long run...
This is no different from saying that if you were Dominican (insert the "Flag of the Dominican Republic" here) you would have faired better storing your life energy in USD than DOP from 2015 - 2023.

 

[keepcoming]

Just a reminder...the thread has to stay DR related...Thanks

 

[william webster]

Herring..... red herring

 

[Yourmaninvegas]

I am saying that as a store of value BTC is going to fair better that fiat currencies.
In the long run...
This is no different from saying that if you were Dominican (insert the "Flag of the Dominican Republic" here) you would have faired better storing your life energy in USD than DOP from 2015 - 2023.

Just a reminder...the thread has to stay DR related...Thanks

If the loss of value of the DOP against the USD and the loss of purchasing power that Dominicans are experiencing due to inflation are not related to the Dominican Republic...please tell me what do you consider "DR related"❓

The discussion of BTC revolves around these issues.
If a Dominican saves their life energy in DOP the value of the energy is drained 8 - 10% a year on average?
Tell me how long could you drive if your gas tank leaked 8% to 10% of the fuel you put in it each year.
Apply this to your propane tank...or getting billed for 1 KWH while only receiving 90%.
If you apply it to the gym how about speeding up the treadmill 10% from what your normal speed is...
You would have to run faster wouldn't just to stay in the same place.
Is this not what Dominicans experience when the DOP loses value against USD and when the Dominican Republic experiences inflation❓

The subject is deeply imbedded into economics in the Dominican Republic and now for the very first time Dominicans can avoid the problems of fiat currency DOP and USD and buy BTC.

A side note...I have a friend that lives in Santiago and has a Dominican wife.
Her co-workers know she gets dollars from her husband.
They are paying her a premium over the exchange rate in for direct hand to hand DOP to USD exchanges.

 

[Yourmaninvegas]

Herring..... red herring

Thank you @william webster for noticing and pointing out my error.
Appreciate the love 🖤
Always‼️

 

[Tom0910]

Warren Buffett says that BTC is a crock of chit,that's good enough for me....

 

[Yourmaninvegas]

Warren Buffett

Billionaire who has made is money investing in business.
Not building them.
Who has admitted he has made mistakes.
And has not recognized opportunities.

says that BTC is a crock of chit,that's good enough for me....

So, you have not investigated...and you are good with allowing someone else to think on your behalf.
If that is the way you want to play it...

I choose to think for myself.
I take my counsel about BTC from Michael J. Saylor

Michael.com

www.michael.com

The subject is deeply imbedded into economics in the Dominican Republic and now for the very first time Dominicans can avoid the problems of fiat currency DOP and USD and buy BTC.

 

[playacaribe2]

In the DR, Pesos, Dollars or Euros are freely exchangeable for goods and services. They will not be replaced by cryptocurrency......which, despite its name, is NOT really a currency at all.

Ditto all these tokens that seem to appear out of nowhere........and then disappear (with people's money) just as fast.

Speaking of which, The Bitcoin Shop in Cabarete (older thread) launched a digital token (NABANA) in December 2022 allowing people to buy them online.........and then;

https://medium.com/@NabanaToken/important-nabana-project-update-2302f2c0aabf ...................................and then relaunced with a value of;

New born token Nabana ( NABANA ) contract is 0x5d43b629517178daae64072e8b83d26f0295a306 on BSC

Nabana ( NABANA ) is token on BNB Chain smart contract is 0x5d43b629517178daae64072e8b83d26f0295a306. Nabana ( NABANA ) launch on 2023-04-15 08:59:00 with price is 0 usd

coinalpha.app

Respectfully,
Playacaribe2