Cryptocurrency A COUP brought me to Crypto world. Now I stayed as a believer because it can help my country in so many ways |
- A COUP brought me to Crypto world. Now I stayed as a believer because it can help my country in so many ways
- Feds Seized Robinhood CEO's Phone in GameStop Trading Halt Investigation
- Quick reminder to check if your E-mail has been leaked.
- Boss just asked me why I’d risk hard earned money on crypto vs. earning 10% yearly with his financial group in my retirement accounts.
- It's really evident that many people have thrown money into crypto without having any understanding of how any of this works and it scares me.
| Posted: 02 Jul 2021 12:13 PM PDT I am from Myanmar, a country where the military staged a coup on Feb 1. I want to share my story of how I was introduced to Crypto and how it could help my country now and in the future. I will not focus on the horrid acts of the military such as violent crackdowns of protestors, lawless killings of 800++ people, loots, vandalism, telecom cutoffs and detention of almost 10k people. Forced investment: CryptoCurrency After a few days into the coup, a group of doctors started a movement called "Civil Disobedience Movement" where they stopped going their work at government hospitals to show their resilience to the military and its attempt to control the country. This caught on like wildfire and rallied/inspired other professionals such as teachers, lawyers, medical officers, engineers, bankers and other government officers. The movement is so unexpected and significant in a way that it effectively jammed the operations of all government work. Then the military decided to detain the chief and deputy chief of the Central Bank and replaced with their own military personnel. It caused professionals from private banks joining the CDM movement to voice out that they do not want to work under the military and it leads to most banks closing 80% of their branches because of insufficient manpower. Obviously, this created panic among bank users and they started withdrawing cash by any means (ATMs, branches) People started lining up in front of branches and ATMs since 4am to be able to withdraw their money. NO ONE TRUSTS THE MILITARY NOR THE BANKS ANYMORE. This caused bank-runs and banks started to limit the withdrawal amounts (currently $200 per week per account and limited slots per day) Also, inflation rate soared by 30% and many people bought gold and USD to hedge against inflation. Many shops and markets stopped accepting payment via mobile banking since their money will be frozen in their accounts. WE ARE IN MASSIVE CASH SHORTAGE! I had my life savings in bank account and I did not have time or energy to spend 5 hours every day to withdraw from an ATM (not even guaranteed) I started finding ways to channel my savings into something so that I can get my money out before bank crashes. This is when I stumbled upon Crypto. It was such a promising long-term investment option (it is around late Mar so green every day :") ) that I risked everything into Crypto. I would rather invest all in Crypto than letting my money frozen and potentially gone. That is the beginning of my Crypto journey. CC can help avoid centralized control over our money The more I learn about CC, the more I realize that the problems people in Myanmar can be solved with decentralization. If we had widely adopted CC as payment or investment options, we do not have to give a damn about the Central Bank and the banks. We will not have to beg for our own money. Another example is that we now have an interim civilian government formed by officially elected lawmakers ousted by the military during the coup. They are in exile and hiding from the military junta. They are trying to help those who are out of job because they joined CDM movement and refugees running from skirmishes and raiding of the military. However they need serious funds to run their operations. Civilians are strongly backing this government as they voted for them last year and they want to support the government with donations. Unfortunately, military-controlled Central Bank is cracking down all donation streams going through bank transactions (both local and remittance). Every account owned by coordinators is closed and tracked down leading to coordinators getting arrested with their info available at the banks. This is also where CC can shine. People can anonymously donate without fear of being caught. I seriously believe that Cryptocurrency and decentralization can revolutionize the world in so many ways and I am starting to see how it can fuel creative solutions. Thank you so much for reading til the end and listening to my story. It is pretty late but I just couldn't sleep. Hope you all have a great weekend. TLDR: All of my savings are FROZEN in bank accounts because of the coup and I invested everything in Crypto to get them out of the unstable banks. Then I start realizing how much potential Crypto has to change the world. [link] [comments]  | ||
| Feds Seized Robinhood CEO's Phone in GameStop Trading Halt Investigation Posted: 02 Jul 2021 12:05 PM PDT
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| Quick reminder to check if your E-mail has been leaked. Posted: 02 Jul 2021 01:36 PM PDT Quick Reminder to regularly check if your email has been compromised or hit by a data leak. This tool will also tell where your email was potentially compromised. After experiencing the consequences of a data leak first hand I urge everyone to step up their security game! Make sure to regularly update your passwords and use an authenticator, especially when you're HODLing your funds on an Exchange. [link] [comments]  | ||
| Posted: 02 Jul 2021 10:37 AM PDT My reply was that I've already earned over 100% profit my first few months. I expect to make 1000% profit by 2022 though and while less risk is awesome I just can't pass that up. As of now I am down to even but at peak price I sold small portions and doubled my portfolio. He doesn't understand because he's well off in life. He kept explaining that I'll probably lose all my money. Which I replied better to lose a few thousand dollars for the chance at drastically changing my life situation. He still thinks I'm crazy and told me to call his guy for 10% yearly returns…. Edit: I do also put money in my retirement! I'm not a complete ape haha. My boss just thinks it's dumb that I split between the two. [link] [comments]  | ||
| Posted: 02 Jul 2021 11:37 AM PDT These crypto subs are LOADED with the most insanely basic questions that can be answered by spending an hour watching generic crypto videos online before pulling the trigger and purchasing. I can't for the life of me understand how people can be so quick to throw money at something without having any understanding of how it even works. There have been quite a few intelligent people here who share their approaches to investing and they really impress me because I feel like I do my due diligence but will never be able to work as efficiently as they do.. Then on the other hand we have panicking people who invested thousands of dollars and then asking how to cash out when the market goes -10% because they need the money. How do I transfer assets? Should I use a wallet? How are the fees covered? How can I sell my bank ETH? I'm a blue collar guy trying chasing the tech and trying to establish some financial freedom for my family by investing in crypto but I'll be damned if I put money into something without understanding the fundamentals . It's fun to explore this tech and learn how it all works even if you are only here for the money. It would be a shame to get caught up and need to move assets and suddenly have no idea how anything works. [link] [comments]  |
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