Remember Cryoptocurrency

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Remember Cryoptocurrency

Feb 5, 2019 | 09:38 1 Today Quadriga, the biggest BC crypto exchange applies for bankruptcy protection. Oh gee, seems the fearless leader has “died” in India, but unfortunately took the passwords with him to Cryptoheaven. Cryptocurrencies and undeveloped gold mines seem to repeat the same pattern. Remember the guy “jumping” out of the plane, something to do with Bre-ex? Reply With Quote
farmaholic's Avatar Feb 5, 2019 | 10:40 2 I guess if you were able to exchange those bitcoins, after the run up, for something tangible there wouldn't have been anything wrong with that.

Just like poker, you gotta know when to hold em and fold em...I guess. Reply With Quote
Feb 5, 2019 | 10:53 3 Cryptocurrency is not money. Bitcoin below cost of production most places now Reply With Quote
farmaholic's Avatar Feb 5, 2019 | 11:25 4 "Bitcoin is a digital payment currency that utilizes cryptocurrency (a digital medium of exchange) and peer-to-peer (P2P) technology to create and manage monetary transactions as opposed to a central authority. The open source Bitcoin P2P network creates the bitcoins and manages all the bitcoin transactions."

I thought it was a cryptocurrency.

So Bitcoin is money and uses cryptocurrency platforms for exchange.

With e-transfers why is any of this necessary?
Last edited by farmaholic; Feb 5, 2019 at 11:40.
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Feb 5, 2019 | 12:03 5 All I remember about Bitcoin was SK3 crying he missed the boat on investing in this Ponzi scheme as one of his relatives got in on it when Bitcoin ran up to $20,000.00 last year.

A fool and his money are soon parted! Reply With Quote
blackpowder's Avatar Feb 5, 2019 | 15:03 6 Knowing when to fold em second most valuable lesson. Reply With Quote
Feb 5, 2019 | 15:57 7 Yep, a smart guy would look at history and these schemes, dump and run for the hills. There’s so many scams. Like Bre-X after I mentioned it earlier, I googled Bre-X and the article pointed out that even though investors lost millions, the Canadian regulators did nothing to remedy the Canadian potential to scam. Guzman and a couple of other “geologists” bought gold from local panners and mixed the gold into their samples, ran their stock up and jumped ship, leaving investors shaking their heads. The potential to scam continues in Kanuckistan - now bitcoin too. Reply With Quote
Feb 6, 2019 | 06:29 8
Quote Originally Posted by sumdumguy View Post
Yep, a smart guy would look at history and these schemes, dump and run for the hills. There’s so many scams. Like Bre-X after I mentioned it earlier, I googled Bre-X and the article pointed out that even though investors lost millions, the Canadian regulators did nothing to remedy the Canadian potential to scam. Guzman and a couple of other “geologists” bought gold from local panners and mixed the gold into their samples, ran their stock up and jumped ship, leaving investors shaking their heads. The potential to scam continues in Kanuckistan - now bitcoin too.

Not the same but a lot of money to be lost in POT stocks over the next 24 months i think also

https://ca.finance.yahoo.com/news/canada-many-pot-companies-expect-short-attacks-canaccord-analyst-222854018.html Reply With Quote
iceman's Avatar Feb 6, 2019 | 07:00 9 I don’t understand how it works with these digital currencies and the ledger but transactions have shown up after his “death” from this cold wallets. According to the inner web.

Iceman Reply With Quote
Feb 6, 2019 | 08:13 10
Quote Originally Posted by FertaCloud View Post
Not the same but a lot of money to be lost in POT stocks over the next 24 months i think also

https://ca.finance.yahoo.com/news/canada-many-pot-companies-expect-short-attacks-canaccord-analyst-222854018.html
I think you might be right, however everytime a new jurisdictions legalizes it breathes new life into the sector. Reply With Quote
Feb 6, 2019 | 08:58 11
Quote Originally Posted by sumdumguy View Post
Yep, a smart guy would look at history and these schemes, dump and run for the hills. There’s so many scams. Like Bre-X after I mentioned it earlier, I googled Bre-X and the article pointed out that even though investors lost millions, the Canadian regulators did nothing to remedy the Canadian potential to scam. Guzman and a couple of other “geologists” bought gold from local panners and mixed the gold into their samples, ran their stock up and jumped ship, leaving investors shaking their heads. The potential to scam continues in Kanuckistan - now bitcoin too.
For every scam there is a huge success story. For your bre x example there are dozens if not hundreds of miners that have made their investors very wealthy. It's very important to look at the team behind the company. Have they had success in the past, are they investing their own money, is their compensation reasonable?


The ones that never trust get left in the dust. Reply With Quote
farmaholic's Avatar Feb 6, 2019 | 09:19 12
Quote Originally Posted by biglentil View Post
For every scam there is a huge success story. For your bre x example there are dozens if not hundreds of miners that have made their investors very wealthy. It's very important to look at the team behind the company. Have they had success in the past, are they investing their own money, is their compensation reasonable?


The ones that never trust get left in the dust.
Now now biglentil, show a little respect!

Re investments, You don't have to ride the garbage truck all the way to the dump, jump off any time!

And then there's these stories, ringing so true!

https://youtu.be/xN3QY0UTK0E

https://youtu.be/_JlWmk1_1Sw

https://youtu.be/DiLvi9avsAc

I realize there is risk in self directed savings like there is in "paying" someone to "monitor" your investments, what a ****ing scam! Now there is the ETF(exchange traded fund) model.
TIME TO GET RID OF SOME PARASITES

Should have bought farmland and Regina housing 15 years ago.

I may not buy "paper bins" but I sure do have paper "assets". Let's get "real"! Reply With Quote
farmaholic's Avatar Feb 6, 2019 | 09:23 13 Reply With Quote
farmaholic's Avatar Feb 6, 2019 | 09:25 14 Reply With Quote
farmaholic's Avatar Feb 6, 2019 | 09:26 15 Reply With Quote
Feb 6, 2019 | 10:08 16
Quote Originally Posted by farmaholic View Post

TIME TO GET RID OF SOME PARASITES
Timing is everything. And time keeps ticking away.... Reply With Quote
Feb 6, 2019 | 10:17 17
Quote Originally Posted by farming101 View Post
Timing is everything. And time keeps ticking away....
Yes! The right thing at the wrong time is the wrong thing.
Last edited by biglentil; Feb 6, 2019 at 10:31.
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Feb 6, 2019 | 10:31 18
Quote Originally Posted by farmaholic View Post
An estate that I administered was paying 7% per year in admin fees. Seems they didn’t have a problem with that. They lived and learned! Reply With Quote
farmaholic's Avatar Feb 6, 2019 | 10:46 19
Quote Originally Posted by farming101 View Post
Timing is everything. And time keeps ticking away....
I've been saving in RRSP's since my early twenties...tick tock tick tock.

I got in when locked in savings interest rates were very respectable. Then they went for shit and useless mutual funds and ETF's came into the scene, dismal since then.

I kept track of deposits over the years and I bet I don't have a pile of more money in the portfolio than I deposited. Nothing to write home about anyway. I expected to be much further along than I am thirty years later.

Best investments ever made were in "myself"! Reply With Quote
Feb 6, 2019 | 11:15 20
Quote Originally Posted by farmaholic View Post
I've been saving in RRSP's since my early twenties...tick tock tick tock.

I got in when locked in savings interest rates were very respectable. Then they went for shit and useless mutual funds and ETF's came into the scene, dismal since then.

I kept track of deposits over the years and I bet I don't have a pile of more money in the portfolio than I deposited. Nothing to write home about anyway. I expected to be much further along than I am thirty years later.

Best investments ever made were in "myself"!
Just wait till you start your rrsp withdrawals and conversion to a rrif. once the taxman gets his due your "investments" will be very disappointing. if you figure in oas clawbacks and the fact that you'll likely be in the highest tax bracket tax rate could well be north of 75%.
investing in fast cars, loose women and booze couldn't have been a whole lot worse;>) Reply With Quote
Feb 6, 2019 | 11:32 21
Quote Originally Posted by farmaholic View Post
I've been saving in RRSP's since my early twenties...tick tock tick tock.

I got in when locked in savings interest rates were very respectable. Then they went for shit and useless mutual funds and ETF's came into the scene, dismal since then.

I kept track of deposits over the years and I bet I don't have a pile of more money in the portfolio than I deposited. Nothing to write home about anyway. I expected to be much further along than I am thirty years later.

Best investments ever made were in "myself"!
So, why does a farmer invest in RRSP's instead of investing in his own business?

Any RRSP indexed to mutual funds, or investing directly in stocks is just investing in someone else's business, with many layers of middlemen taking their cut inbetween, businesses we know very little about, meanwhile, we borrow money to finance our own businesses simultaneously.

I realize that you started investing in a completely different era than some of us, when interest bearing investments did very well, and land didn't, so obviously we were imprinted by different factors at different times. Reply With Quote
farmaholic's Avatar Feb 6, 2019 | 11:50 22
Quote Originally Posted by AlbertaFarmer5 View Post
So, why does a farmer invest in RRSP's instead of investing in his own business?

Any RRSP indexed to mutual funds, or investing directly in stocks is just investing in someone else's business, with many layers of middlemen taking their cut inbetween, businesses we know very little about, meanwhile, we borrow money to finance our own businesses simultaneously.

I realize that you started investing in a completely different era than some of us, when interest bearing investments did very well, and land didn't, so obviously we were imprinted by different factors at different times.
I did invest in the farm, took it from about 4 quarters to 16. "Invested" in machinery to do it too. TFSA(actual stocks), RRSP(ETFs), Non Registered(ETFs and cash). I don't have all my eggs in one basket.

Here's a thought, why does every generation of a family farm have to buy the same land? At today's prices and farm size that isn't even feasible anymore.
Last edited by farmaholic; Feb 6, 2019 at 11:55.
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Feb 6, 2019 | 12:01 23
Quote Originally Posted by farmaholic View Post
I did invest in the farm, took it from about 4 quarters to 16. "Invested" in machinery to do it too. TFSA(actual stocks), RRSP(ETFs), Non Registered(ETFs and cash). I don't have all my eggs in one basket.

Here's a thought, why does every generation of a family farm have to buy the same land? At today's prices and farm size that isn't even feasible anymore.
On your second point, what a drastic difference it would make to an operation if each generation didn't have to buy the farm all over again. But on the same note, I often ask a different question:

Just because ones parents were successful farmers and business people, does that guarantee that the offspring are the best possible operators to take over that farm? Or does giving them a break exclude someone who might have been much more competent and motivated, who never gets the chance? Reply With Quote
Feb 6, 2019 | 12:07 24 Rules always changing, for estate and transition planning.
- gone are the trust benefits
- capital gains?
- life insurance proceeds next?

It might be impossible to transfer businesses in the future?

Investing In your self is always a wise investment.

As for diversification, farming is a diversified business, currency, commodity, land, Catepillar ( farm machinery) etc Reply With Quote
farmaholic's Avatar Feb 6, 2019 | 12:19 25 I had a goal of not having to rely on the farm's income, or selling farmland, to fund my retirement.

Maybe I was expecting or asking for too much.

The power of compounding got lost along the way.

I guess Savers have been subsidizing Borrowers. Reply With Quote
Feb 6, 2019 | 12:51 26 Think of it this way,
I’m going to invest in what I believe to be in my families best interests, farm business best interests, creating a work - life best interest.

Many investment bankers, financial advisors, bankers, life insurance companies etc all suggest diversification, financial and life insurance instruments to set up for retirement and estate planning to create fairness, equality and tax estate payments, etc

If there is any equity at all in the business or farm it should not be a burden for the successors to borrow on the equity to maintain and grow the business further. Reply With Quote
farmaholic's Avatar Feb 7, 2019 | 06:52 27

Since the investments aren't performing up to my expectations I thought I'd cash them in for one of the world's cheapest currencies and use it to heat the house. Reply With Quote
Feb 9, 2019 | 07:51 28
Quote Originally Posted by tmyrfield View Post
Just wait till you start your rrsp withdrawals and conversion to a rrif. once the taxman gets his due your "investments" will be very disappointing. if you figure in oas clawbacks and the fact that you'll likely be in the highest tax bracket tax rate could well be north of 75%.
investing in fast cars, loose women and booze couldn't have been a whole lot worse;>)
The solution to this is managing it early. Don’t wait until you have to “convert to a RRIF”. For those in farm corporations, which is most, make sure you are reporting 100,000 or more personal income and not nothing or very low so that you get child tax benefits and all the gov’t hand outs you think you need to exist.

Not sure how you equate to 75% final tax rate but that seems a bit high. 48-52% is possible if you keep pushing off the inevitable Reply With Quote