Kleptocurrency

“I was one of the lucky few,” says Ian, “who made a significant amount of money from Bitcoin.  I thought I would share a story with you about the process of getting money out of that system.”

You bet. Ian’s story is compelling. Getting lucky on a speculative flyer like Bitcoin is one thing. Actually prying your cash out is something else. The crypto world is unregulated, uneven, dangerous and populated by clowns and cowboys. The incredible mess with a BC digital exchange underscores it.

“I had used a Canadian company named QuadrigaCX to purchase Bitcoins in early 2017.  It was a fairly simple process to get my money in and buy.  Transaction fees were at a near abusive level, 1% round-trip for a transaction, and a couple percent for deposits.

“I cashed out in early 2018 and unfortunately for me, did not do any new due diligence on QuadrigaCX before transferring my Bitcoins into my account.  It turns out QuadrigaCX had been cut off from the Canadian financial system, and some of their international partners were getting shut down.  People were waiting months to see any money from them, and like the two-bit operation they were, they had no real customer service or even a storefront people could find.”

Ian was smart, and used Toronto-based Coinsquare to collect at least part of his funds.

“Finding out a six figure transaction may not complete and that the company I was dealing with could be going bankrupt or stealing funds was a huge eye opener to me about this ‘industry’.  It took me weeks to finalize the selling process from my initial thoughts of selling to receiving funds in my account, and I lost tens of thousands due to delays, fees, and additional transaction costs that need not have occurred had this been on the straight and narrow.  The stress was huge.  It taught me two valuable lessons – don’t trust companies that don’t have a storefront or people manning the phones (obvious in hindsight), and just because you have dealt with a company in the past does not mean they are the same reputable company today.”

It gets worse.

QuadrigaCX founder, sole director and officer Gerry Cotton died a few weeks ago in India, of Crohn’s disease. He was but 30. And secretive. Cotton took $180 million worth of Bitcoin belonging to 100,000 clients (like Ian) and placed them in an offline ‘cold wallet’ (so it could not be hacked) on an encrypted laptop.

Bitcoin are irretrievable if a password is lost. Since the cryptocurrency exists only as a digital file, with nothing backing it – no deposit insurance or investor protection fund coverage – it just goes pffft. And Gerry didn’t tell anyone. Not even his spouse, Jennifer Roberston, of Halifax.  In a court filing a few days ago she stated: “The laptop computer from which Gerry carried out the Companies’ business is encrypted, and I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere.”

More troubles. QuadrigaCX is also embroiled in legal wrangling with third-party partners, tying up an additional $50 million in coin. It has now filed for creditor protection, casting into doubt if any of its 115,000 customers will ever see a penny of their money.

“I do believe distributed technology has its uses,” says Ian, “but it is far less developed then I had thought, and I am glad to be done with it for now.”

What happened to this exchange’s clients is both incredible and unsurprising. The very thing that attracted so many to digital ‘currencies’ – freedom from the control of central banks, governments, corporations and regulators – is precisely why they’re failing, and now constitute the biggest bubble-collapse in financial history. The gamblers, the ignorant and the naïve among us are being slaughtered. And they have no recourse.

Meanwhile bitcoin continues to limp towards zero.

It’s not money. Or currency. Bitcoin isn’t an efficient medium of exchange. It cannot compete with credit card transactions. It’s no storehouse of value, having lost 80% in a year. And, as Ian discovered and Gerry Cotton proved, it can turn illiquid. Or just disappear into a laptop in Nova Scotia. Finally, it’s not an investment asset I would own nor ever, ever, ever, ever put in a client portfolio.

Finally, shame on the BC Securities Commission, like the OSC and every other regulator in Canada, plus the SEC in the States, for allowing outfits like Quadriga to survive and thrive. Our world does not need less regulation. It begs more. Except for blogs.

172 comments ↓

#1 Conclusion on 02.04.19 at 1:57 pm

The Cotton Bunny faked his death like others have done and the loot is missing. The password cannot be retrieved, and he is living the good life on his yacht in parts unknown laughing at the greater fools who invested with him.

#2 LivinLarge on 02.04.19 at 1:58 pm

Finally a real life example of just how incredibly stupid putting money in crypto can be. A fool and their money….

No one reading here has anyone to blame but themselves when they get swindled.

#3 Blacksheep on 02.04.19 at 2:12 pm

Cue the:

“If you don’t hold it, you don’t own it”

Gold bugs : )

#4 Godth on 02.04.19 at 2:22 pm

get the bloated parasite called government out of everything, monetize everything and everyone, deregulate everything. I want government out of my life! gone – let the free market rule and let the leader of the free world take over canada by force if necessary. guns, god and glory! I’m an island of pain in a sea of indifference. I want trump to rule over me directly, he’s such a strong man (and i’m so weak) sent by god almighty – yeah!, yeah!, yeah! https://www.youtube.com/watch?v=uNXgjnBpxGI

thank god i’ve started hoarding pennies for the copper, nickels for the nickel, dimes, quarters, and loonies for the silver and twoonies for the silver and gold. at least when it all come a cropper these commodities will be worth something.

God bless America and please put us canadians out of our vassal state misery. let the monroe doctrine and manifest destiny rule canaduh. T2 out, Trump in.

#5 AGuyInVancouver on 02.04.19 at 2:44 pm

One thing I’ve been wondering, where are all the stories from those who lost the money in bitscam? We must be talking hundreds of millions in losses, with barely a peep.

#6 jess on 02.04.19 at 2:51 pm

kleptos and visas

more rules ? golden visas
https://www.occrp.org/en/61-ccblog/9194-strongest-measures-axed-in-eu-golden-visa-report

=================================

trump wants walls to keep out illegals while at the same he keeps them employed behind his walls

https://www.seattletimes.com/nation-world/trumps-demand-for-a-border-wall-shut-down-the-government-at-the-same-time-his-company-was-firing-undocumented-workers/
water wars

https://www.cbc.ca/news/technology/thaw-himalayas-glaciers-asia-rivers-crops-study-1.5004665

#7 Brian Ripley on 02.04.19 at 2:51 pm

My Vancouver housing charts are up
http://www.chpc.biz/vancouver-housing.html

All data metrics going down except for inventory.

The Calgary chart is up as well and buyers are still coming into the market while sales head for a new low.

#8 Blacksheep on 02.04.19 at 2:52 pm

Although I must admit, I do enjoy pulling out my precious and fondling it every now and then, you know, when the mood strikes…

#9 For those about to flop... on 02.04.19 at 2:54 pm

We talkin’ Gyptocurrency again?

I’ll contribute this recent howmuch article…

M44BC

Is Cryptocurrency ‘The Mother of all Bubbles’?

This Visualization Puts Things in Perspective.

The sheer magnitude of how much money there is in the world can be quite staggering—and hard to understand. What if you could visualize every market in the world as a bubble?

Earlier this year the total U.S. stock market cap surpassed $30 trillion. It then lost more than $1 trillion in a single month. Apple was the first company worth over $1 trillion in the modern era. The U.S. national debt surpassed $21 trillion, and the deficit for next year is expected to add another $1 trillion. But just how big are these numbers? Can we get some perspective?

A trillion here, a trillion there—pretty soon you’re talking about real money.

We decided to clarify things with one simple and easy to understand visualization of bubbles. We found the total value of each major market in the world, everything from brand new cryptocurrencies to sovereign debt. We stacked ranked the combined total value of each category and called out interesting subsets. We color-coded each type and added a little narrative on the right for easy reference. Categorizing each asset as a “bubble” can make you wonder—what if one of these pops?

Our visualization can help keep things in perspective. The cryptocurrency market is certainly one of the fastest growing and most exciting assets in the world, and indeed it makes many people think of the 2000 dot-com bubble. Some even say it’s the biggest bubble of all time. You can find countless articles about bitcoin and ethereum on the Internet, including on this website. But for all the hype, the entire crypto market is worth only a tiny fraction of the gold market, which is itself only worth about 10% of the entire world’s stock markets. The good news? If the bubble has already popped, there’s potentially plenty of upside in cryptocurrencies.

Pundits also spill a lot of ink about the U.S. national debt, which is indeed staggering at $21.35T. The concept of a “trillion” is impossible to comprehend, let alone 21.35 trillion. But now consider all the debt in the world, counting everything like mortgages and municipal bonds. Don’t get us wrong, the U.S. debt seems out of control, but it’s still less than 10% of the world’s total debt load. That being said, a lot of pundits see the massive accumulation of debt as itself a bubble. It would take more than 3 times the value of all the stock markets in the world to pay off the world’s debts. Is that sustainable?

Even more interesting is the market for derivatives at $532T. Most people know about the role unregulated derivatives played in the housing market crash. In short, derivatives are most commonly used as ways to purchase assets (especially commodities) in the future. They can therefore swing wildly in value, and at present amount to well over $500T, more than double all the debt in the entire world. Maybe the media should pay a lot more attention to derivatives than every tiny scandal in the crypto market.”

https://howmuch.net/articles/visualizing-the-biggest-economic-bubbles

#10 NotLegalAdvice on 02.04.19 at 2:55 pm

……early post today!

What about the Real Estate market and the spring correction that’s on the way?!

#11 TRUMP 2020 on 02.04.19 at 2:57 pm

SO ARE GOVERNMENT CAN REGULATE THE S*** OUTTA REAL ESTATE…..

But they turn a blind on a big scam like bitcoin…

Folks these are the people who run our country.

ALL FOR THEMSELVES!!!

#12 JB on 02.04.19 at 3:00 pm

#4 Godth on 02.04.19 at 2:22 pm

get the bloated parasite called government out of everything, monetize everything and everyone, deregulate everything. I want government out of my life! gone – let the free market rule and let the leader of the free world take over canada by force if necessary. guns, god and glory! I’m an island of pain in a sea of indifference. I want trump to rule over me directly, he’s such a strong man (and i’m so weak) sent by god almighty – yeah!, yeah!, yeah! https://www.youtube.com/watch?v=uNXgjnBpxGI

thank god i’ve started hoarding pennies for the copper, nickels for the nickel, dimes, quarters, and loonies for the silver and twoonies for the silver and gold. at least when it all come a cropper these commodities will be worth something.

God bless America and please put us canadians out of our vassal state misery. let the monroe doctrine and manifest destiny rule canaduh. T2 out, Trump in.
…………………………………………………………………
The Monroe Doctrine has done nothing but create trouble for everyone it has touched. It is an archaic old man way of thinking in today’s modern world. BTW your trading T2 for Trump that is like taking off your dirty underwear and replacing them with last weeks dirty underwear.

#13 Godth on 02.04.19 at 3:17 pm

#8 Blacksheep
70% of internet traffic is porn. good business to get into. if public libraries would only change their business model to 70% sex toys and porn, 30% books that require reading and thinking they’d be worth privatizing for profit.

#14 Ubul on 02.04.19 at 3:19 pm

Except the level of stupidity how the password was not secured, is the end result very different from well regulated, but still disappearing corporate pension fund or being Lehman Bros client/shareholder before bankruptcy? Should crypto exchanges have deposit insurance or investor protection fund coverage?

#15 Not So New guy on 02.04.19 at 3:21 pm

What built the internet will also build the crypto network

porn

#16 Godth on 02.04.19 at 3:36 pm

#12 JB
tears of laughter
https://www.youtube.com/watch?v=vzzfcDx_TQc

#17 crossbordershopper on 02.04.19 at 3:40 pm

not the first piece of crap invented by people to steal money from greedy people. same game just the story changes.
some people get up in the morning and go to work , some get up in the later in the day trying to figure out how to steal from people who worked that day.
the rest is all details, charts, graphs, stories etc.

#18 Blacksheep on 02.04.19 at 3:57 pm

My Silver coins that is….my precious, shiny, Silver Maple coins….

#19 Hi Garth on 02.04.19 at 4:06 pm

Bitcoin is so blah. Garth, did you miss the POT stocks? Could have really made a return. Career changing returns in CANNABIS!

#20 mike from mtl on 02.04.19 at 4:22 pm

#4 Godth on 02.04.19 at 2:22 pm

thank god i’ve started hoarding pennies for the copper, nickels for the nickel, dimes, quarters, and loonies for the silver and twoonies for the silver and gold.

////////////////////////////////////////////////////////////////

I hope you’re only joking, Cu in pennies has been in trace qualities for decades, quarters, dimes and so on are mostly Ni, and Sn.

There’s basically zero Au or Ag in circulation coins, even old Ag castings are not even worth the fuel to melt them down.

#21 islander on 02.04.19 at 4:34 pm

#12 JB on 02.04.19 at 3:00 pm

I think [#4 Godth on 02.04.19 at 2:22 pm] is being facetious.

#22 J on 02.04.19 at 4:35 pm

The people who lost the $250m are people who didn’t do their due diligence and remove their crypto from the exchange. Anyone who got into crypto to the point of thinking seriously about it and buying it would have heard that “it’s not your crypto if you don’t have the private keys”. I used QuadrigaCX to buy crypto in early 2017 as well… luckily I had the diligence to move my bitcoin to a wallet. Unfortunately didn’t do the same for Ether and Litecoin which I now assume I’ll never get back… lesson learned. Either way, cryptocurrency’s infrastructure is still in its early stages… but it’s not going away, it’s here to stay, and bitcoin is not going to zero. Despite the bear market in price, the network has been improving dramatically from a technical standpoint.

#23 Not1st on 02.04.19 at 4:35 pm

Garth Russia can easily hack those files. There is no impenetrable security on the internet.

#24 espressobob on 02.04.19 at 4:41 pm

Bitcoin is one of the greatest dupes of all time. After spending some time researching a way to short crypto, came up with nothing. Sort of like doing puts on tulips.

Bummer.

#25 Wallflower on 02.04.19 at 4:46 pm

oooooooooooooohhhh, Jenn, nice stash!

#26 Godth on 02.04.19 at 4:48 pm

#20 Figure it Out
it’s technology and progress, get with it. are you some sort of Luddite? i hope you have the latest smartphone to help you out. Siri – what is money?
https://www.ft.com/content/519ad6ae-bcd8-11e8-94b2-17176fbf93f5

money is a commodity. thank god i’ve started hoarding pennies for the copper, nickels for the nickel, dimes, quarters, and loonies for the silver and twoonies for the silver and gold.
if that fails it’s tally sticks.
http://www.usdebtclock.org/

#27 freedom first on 02.04.19 at 4:55 pm

Bitcoin. All cryptos. Stupidity.

Read this blog. Do as Garth says. Smart.

Freedom First

#28 Headhunter on 02.04.19 at 4:57 pm

one password.. guy dies
cheque is in the mail.. Brilliant.

#29 PastThePeak on 02.04.19 at 5:00 pm

#9 For those about to flop… on 02.04.19 at 2:54 pm
We talkin’ Gyptocurrency again?

I’ll contribute this recent howmuch article…
+++++++++++++++++++++++++++++++

Flop, unless I am reading that wrong, it would seem the value attributed to crypto is Jan. 23, 2019. Indeed that is low, AFTER the bubble burst and values are 80% less

Charts need to be redone with values from late 2017 / start 2018. Big difference. The market size was approaching $1B then.

And – how is the derivatives market larger than the value of all other assets combined…?

#30 jess on 02.04.19 at 5:00 pm

Canadian journalist John Ibbitson and political scientist Darrell Bricker – “In roughly three decades, the global population will begin to decline,” they write. “Once that decline begins, it will never end.”

https://www.wired.com/story/the-world-might-actually-run-out-of-people/?mbid=synd_digg

#31 Godth on 02.04.19 at 5:01 pm

#28 freedom first
How’s life in your bunker with the blue pills and a harem of hookers going geezer?
it’s always sounded like you’re living the dream.

#32 PastThePeak on 02.04.19 at 5:06 pm

#15 Not So New guy on 02.04.19 at 3:21 pm
What built the internet will also build the crypto network

porn
++++++++++++++++++++++++++++++++++++

The Internet provided efficient and widespread distribution for the porn (ease of access, increased content supply, blah blah blah).

But why is crypto needed for porn? It is not illegal to purchase. There are many digital payment platforms to use if someone wants to keep the transactions confidential.

Crypto doesn’t seem to be a requirement.

Now, use of crypto for illegal activities is obvious. But I wouldn’t think that is a the basis for a sound investment.

#33 dakkie on 02.04.19 at 5:08 pm

Is this the Beginning of a Globalized Housing Downturn?

https://www.investmentwatchblog.com/is-this-the-beginning-of-a-globalized-housing-downturn/

#34 Godth on 02.04.19 at 5:16 pm

The StrongMan President of the USA and the free world, Canada, Venezuela, Colombia, Afghanistan, Iraq, Libya, Syria and Uranus is my main hero but here’s a close second:
John McAfee: The Millionaire Madman
https://www.youtube.com/watch?v=tOccw3U4goU

what a strongman – i love it.

#35 earthboundmisfit on 02.04.19 at 5:23 pm

Who says you can’t take it with you?

#36 Bill on 02.04.19 at 5:23 pm

#5 AGuyInVancouver on 02.04.19 at 2:44 pm
One thing I’ve been wondering, where are all the stories from those who lost the money in bitscam? We must be talking hundreds of millions in losses, with barely a peep.

You’re just not looking hard enough.

http://www.reddit.com/r/QuadrigaCX

http://www.reddit.com/r/buttcoin

#37 Unhinged Trader on 02.04.19 at 5:30 pm

>Gerry Cotton died a few weeks ago in India, of Crohn’s disease. He was but 30

Lyl

A 30-year old man doesn’t just collapse and die of Crohn’s Disease while backpacking through India.

These are the risks of a speculative market where people do not even know how to secure their own private keys.

If it’s on an exchange like Quadriga, you are their mercy.

Quadriga was clearing gambling with their deposits, and paying for withdrawals from deposits. Their insolvency troubles were clear as of late 2017.

Confidence scams are not unique to cryptocurrency.

#38 MF on 02.04.19 at 5:31 pm

#33 PastThePeak on 02.04.19 at 5:06 pm

“The Internet provided efficient and widespread distribution for the porn (ease of access, increased content supply, blah blah blah).”

-And increased quality as well. Not that I would know of course….

MF

#39 Ogopogo on 02.04.19 at 5:35 pm

More good news from the frozen Okanagan:

“Market continues to cool”

The average price of all homes in the region between Peachland and Revelstoke fell four per cent from December and eight per cent from January 2018.

https://www.castanet.net/edition/news-s … htm#248453

The sign in the photo should say “REDUCED” instead of “SOLD” because that’s all I’m seeing everywhere here, but what can you expect from a sleazy industry in league with ad revenue-starved local media?

Fingers crossed for conditions to get even better as unsold inventory continues to pile up in spring. I never thought I’d say this, but the NDP have finally done something right!

#40 Godth on 02.04.19 at 5:39 pm

#24 Not1st
we hear you.
Angela Merkel Among Hundreds of German Politicians Hacked, Personal Data Posted Online
https://www.thedailybeast.com/angela-merkel-among-hundreds-of-german-politicians-hacked-personal-data-posted-online
Revealed: US spy operation that manipulates social media
Military’s ‘sock puppet’ software creates fake online identities to spread pro-American propaganda
https://www.theguardian.com/technology/2011/mar/17/us-spy-operation-social-networks

those damn russians are so sneaky. look at what the russians are revealing now: clearly the usa should just take over canada by force, it’ll be a money maker.
Canadians, not Mexicans, represent largest number of visa overstays in the U.S., according to Department of Homeland Security
‘They seem to think that they’re kind of the 51st state and the laws don’t apply to them’
https://nationalpost.com/news/politics/canadians-not-mexicans-represent-largest-number-of-visa-overstays-in-the-u-s-according-to-department-of-homeland-security

poor americans can’t help themselves. besieged on every side.

#41 CEW9 on 02.04.19 at 5:40 pm

Can lost coins be treated like salvage?

Like a shipwreck?

Can someone who has the addresses and time brute force the passwords? And it they do, what then? All passwords are ultimately hackable, given enough time and energy.

#42 waiting on the westcoast on 02.04.19 at 5:43 pm

On a note where the crash is just beginning… ;-)

Vancouver’s housing market:

January Listings up 56.6% YoY
January New Listings up 27.7% YoY

Sales volume down 39.3% YoY

Prices down 4.5% YoY
Detached prices down 9.1% YoY

https://dailyhive.com/vancouver/metro-vancouver-home-sales-january-2019

#43 Rargary on 02.04.19 at 5:49 pm

#1 sounds right. I googled gerry cotton death and the reddit blogs are funny and scary. Watching cold wallets move money since his death in real time.

#44 Bob Dog on 02.04.19 at 5:51 pm

Here is an interesting bit of numeric info.

BitCoin encryption like most modern encryption is based on 256 SHA (secure hashing algorithm) key. This key is a number between zero and 2^256 (2 to the power 256).

Have you ever wondered just how big that is? Here is the decimal representation of the largest number that can be fit into 256 bits.

115,792,089,237,316,195
423,570,985,008,687,907,853,
269,984,665,640,564,039,457,
584,007,913,129,639,935

Try to guess which number I’m think of.

#45 Shawn Allen on 02.04.19 at 5:57 pm

Incomprehensible

I’m not dumb but a couple of years ago now I read the book, the “Blockchain Revolution” by Don and Alex Tapscott.

After reading it, I knew I still did not understand what blockchain was or what it might be used for. I also strongly suspected that the authors did not really know either. The book was virtually unreadable as far I am concerned. I forced myself to finish it anyhow.

They said something about it’s all entirely secret and secure as well as totally open for all to see. Okay then.

Then then was weird stuff like hearing about all the power consumption. That made little sense to me.

No way would I invest in something that depended on my keeping a secret password that could never be recovered if lost. Idiotic.

Overall I knew enough to know I did not understand Bitcoin enough to be interested in it in the slightest.

Bitcoin also seemed to solve some problems that don’t exist. Like the “problem” of a currency relying on a central bank. Or the “problem” of financial institutions acting as intermediaries in transactions. Pure lunatic fringe stuff.

Sometimes knowing what you don’t know is a good thing.

#46 entropy on 02.04.19 at 5:59 pm

was that even his real name?

https://en.wikipedia.org/wiki/Jerry_Cotton

poor clients.

#47 reynolds531 on 02.04.19 at 6:05 pm

Yeah, he’s dead. Sure just like the brex executive that supposedly fell out of a helicopter.

Right

#48 espressobob on 02.04.19 at 6:08 pm

#19 Hi Garth

Cannabis is still a regulated space. Anything can happen. Those boasting big returns are usually the ones dumping their positions at the first sign of trouble. Do these outfits actually make profit or are they built on speculation?

Government policy can change the landscape in a heart beat. This style of investing is known as a sector play. Pot, really?

Global investors don’t care much about sectors and commodities since we already own them all, except fluff like crypto.

#49 Ray Skunk on 02.04.19 at 6:15 pm

A choice quote from Reddit may be appropriate here:

The guy went to India for “humanitarian” reasons then reportedly died. A 30 year old guy with crohns disease, which doesn’t kill you. In a country where a death certificate is easy to forge and only costs $100. Then his wife that no one knew about came out and announced his death. And it just so happens that he was the only one with the password to the cold wallet. And on top of that, the people on that subreddit and btc subreddit found the litecoin addresses for the cold wallet and amazingly, the ledger shows that he is still moving litecoin from beyond the grave. Seems legit

“Seems legit” is the sarcastic understatement of the year!

#50 Ponzius Pilatus on 02.04.19 at 6:16 pm

#45 Bob Dog on 02.04.19 at 5:51 pm
Here is an interesting bit of numeric info.

BitCoin encryption like most modern encryption is based on 256 SHA (secure hashing algorithm) key. This key is a number between zero and 2^256 (2 to the power 256).

Have you ever wondered just how big that is? Here is the decimal representation of the largest number that can be fit into 256 bits.

115,792,089,237,316,195
423,570,985,008,687,907,853,
269,984,665,640,564,039,457,
584,007,913,129,639,935
Try to guess which number I’m think of.
——-
That’s easy.
007. I always liked James Bond movies.

#51 Godth on 02.04.19 at 6:27 pm

September 1, 1939
W. H. Auden, 1907 – 1973

I sit in one of the dives
On Fifty-second Street
Uncertain and afraid
As the clever hopes expire
Of a low dishonest decade:
Waves of anger and fear
Circulate over the bright
And darkened lands of the earth,
Obsessing our private lives;
The unmentionable odour of death
Offends the September night.

Accurate scholarship can
Unearth the whole offence
From Luther until now
That has driven a culture mad,
Find what occurred at Linz,
What huge imago made
A psychopathic god:
I and the public know
What all schoolchildren learn,
Those to whom evil is done
Do evil in return.

Exiled Thucydides knew
All that a speech can say
About Democracy,
And what dictators do,
The elderly rubbish they talk
To an apathetic grave;
Analysed all in his book,
The enlightenment driven away,
The habit-forming pain,
Mismanagement and grief:
We must suffer them all again.

Into this neutral air
Where blind skyscrapers use
Their full height to proclaim
The strength of Collective Man,
Each language pours its vain
Competitive excuse:
But who can live for long
In an euphoric dream;
Out of the mirror they stare,
Imperialism’s face
And the international wrong.

Faces along the bar
Cling to their average day:
The lights must never go out,
The music must always play,
All the conventions conspire
To make this fort assume
The furniture of home;
Lest we should see where we are,
Lost in a haunted wood,
Children afraid of the night
Who have never been happy or good.

The windiest militant trash
Important Persons shout
Is not so crude as our wish:
What mad Nijinsky wrote
About Diaghilev
Is true of the normal heart;
For the error bred in the bone
Of each woman and each man
Craves what it cannot have,
Not universal love
But to be loved alone.

From the conservative dark
Into the ethical life
The dense commuters come,
Repeating their morning vow;
“I will be true to the wife,
I’ll concentrate more on my work,”
And helpless governors wake
To resume their compulsory game:
Who can release them now,
Who can reach the deaf,
Who can speak for the dumb?

All I have is a voice
To undo the folded lie,
The romantic lie in the brain
Of the sensual man-in-the-street
And the lie of Authority
Whose buildings grope the sky:
There is no such thing as the State
And no one exists alone;
Hunger allows no choice
To the citizen or the police;
We must love one another or die.

Defenceless under the night
Our world in stupor lies;
Yet, dotted everywhere,
Ironic points of light
Flash out wherever the Just
Exchange their messages:
May I, composed like them
Of Eros and of dust,
Beleaguered by the same
Negation and despair,
Show an affirming flame.

#52 Andrew on 02.04.19 at 6:33 pm

As I’ve said each time you write on bitcoin. I look forward to your humble post when you’re off zero in a few years. Grateful for what you do and I’ve learned tons from you. Keep up the great work for all of us.

https://youtu.be/G6q1Wi42E9E

#53 Cotton Name on 02.04.19 at 6:35 pm

#47 entropy – You might be correct about this name because I know it well. There were those in Europe who escaped to Manchester, England during the late 1770’s. This was the center of cotton textiles with newly invented machinery, and exports of clothing went to the USA in the early 1800’s. Those under persecution adopted the surname Cotton to anglicize their real identity.

#54 Andrew on 02.04.19 at 6:37 pm

Also:

https://www.bloomberg.com/news/articles/2019-01-29/fidelity-is-said-to-plan-march-launch-of-bitcoin-custody-service

Fidelity, among the largest providers of retirement savings and mutual funds, is hoping it can leverage its famous name and win over institutional customers keen on digital currency trading. The company already works with more than 13,000 financial institutions.

#55 Penny Henny on 02.04.19 at 6:45 pm

#45 Bob Dog on 02.04.19 at 5:51 pm
Here is an interesting bit of numeric info.

BitCoin encryption like most modern encryption is based on 256 SHA (secure hashing algorithm) key. This key is a number between zero and 2^256 (2 to the power 256).

Have you ever wondered just how big that is? Here is the decimal representation of the largest number that can be fit into 256 bits.

115,792,089,237,316,195
423,570,985,008,687,907,853,
269,984,665,640,564,039,457,
584,007,913,129,639,935

Try to guess which number I’m think of.
/////////////////

Quantum computer.
Problem solved.

#56 Damifino on 02.04.19 at 6:48 pm

Clever picture tonight. Immensely creative.

#57 Terry on 02.04.19 at 6:55 pm

“Finally, it’s not an investment asset I would own nor ever, ever, ever, ever put in a client portfolio.”

What to own and what not to own?

Bitcoin – No. not ever!
Real Estate – Yes. Only to live in. Pay it off quickly when you start out in life and never do it again. (Also, once it’s paid off……….don’t ever borrow against it for anything!)
ETF’s – Yes. Always a great move here.
Mutual Funds – Yes. But only a few.
Segregated funds – Yes as well. Again, only a few.
Options/puts/calls/futures/derivatives..etc… – No. This is just gambling stay away.
Individual Stocks – Yes. Only if you understand the risks involved and can afford to lose it all.
Ownership possession of Gold/Silver bullion or coins – Yes. It’s store of value/wealth and a great hobby.
Antique furniture and other household antique items – Yes. Again it’s another store of value/wealth.
Limited edition sport cards, comics, games etc… – Yes. Can be very lucrative, another store of value/wealth and also a great hobby.

The point here is that most of the above and more that I have not listed, can contribute to a very well balanced and diversified total Net Worth portfolio for your family and your heirs. Lots of diversification across a variety of asset classes for maximum protection in an increasingly unstable world.

#58 LL on 02.04.19 at 6:57 pm

I have done my home work concerning Bicoin.
You cannot deposit converted money from Bitcoin.
Banks will not approve transaction like that.
The only thing you can do is buying stuff with a merchant accepting Bitcoin (and there is not a lot of them).
In Japan Bitcoin is really popular.

#59 akashic record on 02.04.19 at 7:00 pm

#46 Shawn Allen on 02.04.19 at 5:57 pm

Incomprehensible

No way would I invest in something that depended on my keeping a secret password that could never be recovered if lost. Idiotic.

Ironically and shockingly, you still have better personal control about keeping your personal password safe, than keeping your company pension safe if something goes South there, before you can commute it.

Plus, with BTC you are fully aware of the risk, while you may consider your pension perfectly safe.

#60 mike from mtl on 02.04.19 at 7:06 pm

#45 Bob Dog on 02.04.19 at 5:51 pm
Here is an interesting bit of numeric info.

BitCoin encryption like most modern encryption is based on 256 SHA (secure hashing algorithm) key.
///////////////////////////////////////////////////////////////////

Right, also note it is not unsolvable, just mathematically “hard”. Better pray there’s no (intentional) loophole in the crypto implementation.

True perfect secrecy is the domain of one time pad.

#61 crowdedelevatorfartz on 02.04.19 at 7:07 pm

@# FiftyTooth Godth

Re: Auden poem

Did you recite that from memory or cut and paste?

#62 akashic record on 02.04.19 at 7:08 pm

From the title I thought Garth writes about the “taxed dollar” aka kleptocurrency, stolen with laws, by kleptomaniac politicians to finance their wealth-redistribution vision of the day.

#63 crowdedelevatorfartz on 02.04.19 at 7:09 pm

@#57 Damfino
“Clever picture tonight. Immensely creative.”
++++

Total agreement. Brilliant costume for a dog

#64 CEW9 on 02.04.19 at 7:11 pm

Passware, Inc. supposedly can hack bitwallet passwords at 500,000 password combinations per second.

It’s going to happen, the technology will develop to open wallets.

https://www.prnewswire.com/news-releases/passware-the-first-to-recover-bitcoin-wallet-passwords-300723723.html

Passware is the first, it will not be the last.

#65 akashic record on 02.04.19 at 7:19 pm

#44 Rargary on 02.04.19 at 5:49 pm

#1 sounds right. I googled gerry cotton death and the reddit blogs are funny and scary. Watching cold wallets move money since his death in real time.

This may have been Mr Cotton’s plan to escape the plantation.

I bet noone could see in real time moving money in Madoff’s wallets.

#66 kommykim on 02.04.19 at 7:22 pm

RE:#24 Not1st on 02.04.19 at 4:35 pm
Garth Russia can easily hack those files. There is no impenetrable security on the internet.

———————————————————

That’s why the “cold wallet” was not connected to the internet. Now if a hacker could get his hands on that machine, that would be another matter…

#67 Long-Time Lurker on 02.04.19 at 7:24 pm

#22 islander on 02.04.19 at 4:34 pm
#12 JB on 02.04.19 at 3:00 pm

I think [#4 Godth on 02.04.19 at 2:22 pm] is being facetious.

>I think Godth is SCM on weed. Godth, set a worthy goal for yourself and work for it.

Care to chime in, Bitcoinnaire? We’re waiting.

#68 Godth on 02.04.19 at 7:28 pm

#62 crowdedelevatorfartz
i sniffed uranus and my memory kicked in. woof woof.

are you saving your copper pennies?

#69 k on 02.04.19 at 7:36 pm

#23 j “Bitcoin is here to stay and not going to zero ” If you really believe that you should be very happy ! All you need to do is borrow your ass off and pour as much money you can get your hands on into this wonderful buying opportunity ! You’ll be fantastically rich ! NOT !

#70 Boomer Bill on 02.04.19 at 7:45 pm

Had a bunch of millenials asking me about my thoughts on bitcoin when it was the rage and I told them to stay the hell away. A number of them ignored my advice and lost. Each generation has its Brex and tulip mania…. Some have to learn the hard way. Things are not different this time…

#71 Godth on 02.04.19 at 7:52 pm

#68 Long-Time Looser
hit me with your purse again.
nothing but ad hominem?
you’re allowed to read:
Debt: The First 5,000 Years
https://www.goodreads.com/book/show/6617037-debt
The Lost Science of Money: The Mythology of Money, The Story of Power
https://www.amazon.com/Lost-Science-Money-Mythology-Story/dp/1930748035
Debunking Economics – Revised and Expanded Edition: The Naked Emperor Dethroned?
https://www.goodreads.com/book/show/10303367-debunking-economics—revised-and-expanded-edition

https://www.google.com/search?q=moran&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjM_a_Rr6PgAhUZGDQIHVbqARAQ_AUIDygC&biw=1366&bih=657#imgrc=7lSCEFdNKPkS8M:

#72 paracho on 02.04.19 at 7:52 pm

I got into bitcoin I direcetly in 2011.I put a quantity of $100 dollar bills into a bitcoin atm . It was totally irrational . I then got a ticket and had to open a wallet . Friend of mine helped me with this . I saw it appreciate and went back to this Bloor Street gaming place ( in Toronto ) and did the irrational . I bought more . Never paid more than $3000 US per bitcoin . I added up my particular bitcoins and thought how irrational I was . Yes I admit I was irrational and had extra cash laying around .
The Good Lord spared me and provided wisdom . I sat back and watched this thing called Bitcoin appreciate . It was a real gamble . But hey I never played a slot machine and I forgive myself for this transgression .
I just sat back and this artificial financial instrument hit $17,000 US a bitcoin . I owned just over 3 bitcoin by now and paid a fraction of the cost . I decided to sell some and not only cover my costs but make a pretty penny . Realized profit . I did this and kept selling in increments . I finally saw a decline when I had 0.5 bitcoin . So I sold .that !
It took me over 4 months in each and every transaction to get my money back . A lot of frustration . Easy to buy. Easy to open a wallet . Easy to even purchase things with it . I know friends who used the windfall to buy computers , drones…etc …… But very frustrating to get your gains back to cold hard cash ! I was lucky and patient . Got in at the right time and our . Very lucky . I think I am the minority that got out with his money !
Even though I got lucky . I would not recommend this to anyone . I am happy with my profit . But the frustration and uncertainty over getting my money after a profitable group of sales was unnerving . I truly was lucky and am glad to be out !

#73 Yuus bin Haad on 02.04.19 at 7:52 pm

I heard that after Venezuela, TwinkleToes and Seymour are going to turn their attention to France. They’re just waiting for someone to tell them which side they’re supposed to support.

#74 crowdedelevatorfartz on 02.04.19 at 8:00 pm

@# 69 (LOL) Godth
“are you saving your copper pennies?

++++

Oddly enough. We are doing a demolition/ refurbishment of a public facility and I found TWO copper pennies today….. I showed them to a Gen Z kid we had working with us( a rare find, he works hard?!?!?)…. His eyes glazed over at my stories of 2 bubble gum for a penny….
Generation zero interest ……until I told him draft beer was $0.25/ glass in 1979

#75 Give me back my identidy QuadrigaCX on 02.04.19 at 8:02 pm

What happens to the passport, Drivers ID and SIN number you have to provide QuadrigaCX to open up your account?

Don’t keep your crypto in cold storage on someone else’s platform. Put it on a trezor.

Anyways, back to the real story:

I just got wind that inventory in Kelowna housing market almost doubled in one month to just under 11 months supply.

Wheeeeeeeeeeewwww!

#76 paracho on 02.04.19 at 8:03 pm

The founder passed away in India . Supposedly there to open up an orphanage . Many articles online now with stories how do or so lost on their investment … etc.
The late founders surname was Cotten and not Cotton .

#77 For those about to flop... on 02.04.19 at 8:05 pm

Race to a million. Richmond edition.

Doesn’t seem to be many sales or reductions coming through today.

Hardly surprising, I guess, as I have remarked before that the bulk of the information seems to get processed in the middle of the week, that being Tuesday, Wednesday and Thursday.

Friday can be a bit of a snoozer and on the weekend you might see the odd new listing being put up.

In the meantime when a couple of sales go through in a certain segment, when I get the chance I try to replace them.

How do I know what people are looking for?

I don’t, in all honesty.

I just try to sample as much as I can.

Down the bottom, for instance, I nab a couple of bulldozers that might be raised and then I try to find a couple that I could visualize a family living in happily and safely.

Nothing scientific about my approach.

When inventory is low and I have time, I can sample close to 5 percent of the market.

When inventory is high and I am busy that number would likely be less than 2 percent.

These are not high numbers but both are better than Zero.

Lots of people thank me for what I do.

Some people tell me it’s a waste of time.

I’ve always stated that is only a waste of time if I don’t follow through.

When I collect cases and then no longer follow through and see the results, that would be a waste of time,I’m not there yet and will see this case through.

The details…

9366 Kingsley Cres,Richmond.

Asking 1.08

Assessment 1.11

So someone picked it up for around 650k in 2010 and it looks like they have spent a bit of money on it.

One thing I have noticed, although lots of people still try and sell any old crap with no preparation, is as things correct the percentage seems to be getting higher of places like this one where pride of ownership is evident.

Nice backyard and couldn’t have done much more except maybe blinged up the fireplace.

All in all, a nice house for the bottom of the market and now we wait for the sold sticker…

M44BC

https://www.zolo.ca/richmond-real-estate/9366-kingsley-crescent

#78 Double Take on 02.04.19 at 8:06 pm

I had to take a second look at that bitcoin chart.

I thought for a second that is was the sales-to-active listing ratio chart for Kelowna housing. They both look the same.

#79 Leo Trollstoy on 02.04.19 at 8:09 pm

bitcoin is catnip for the stupid

darwin takes care of the rest

#80 LL on 02.04.19 at 8:10 pm

#73
…”Easy to buy. Easy to open a wallet . Easy to even purchase things with it . I know friends who used the windfall to buy computers , drones…etc …… But very frustrating to get your gains back to cold hard cash ! I was lucky and patient . Got in at the right time and our . Very lucky . I think I am the minority that got out with his money !”..

Yes that’s right..easy to buy!
Every where I saw add “Buy..buy..buy” but nothing on how to sell!
Your lucky to have been able to turn crypto in cash!
I have read that it was not easy!

#81 Vancovuer Housing on 02.04.19 at 8:11 pm

All metrics going down except for inventory in Vancouver housing market?

Get Meggs on the phone. We need the paddles / a new round of money laundering injected into BC.

I just called El Chapo. His line is out of service. Must be held up in the US.

Got Campbell’s voice mail. They must be busy re-engineering the casino lines in Ontario.

#82 Leo Trollstoy on 02.04.19 at 8:12 pm

#31 jess on 02.04.19 at 5:00 pm

can’t predict the stock market tomorrow, but they can predict the planet’s population in 3 decades? yea riiight

ROFL!

#83 Doomer porn on 02.04.19 at 8:13 pm

#72 Godth on 02.04.19 at 7:52 pm
#68 Long-Time Looser
hit me with your purse again.
nothing but ad hominem?
you’re allowed to read:
Debt: The First 5,000 Years
https://www.goodreads.com/book/show/6617037-debt
The Lost Science of Money: The Mythology of Money, The Story of Power
https://www.amazon.com/Lost-Science-Money-Mythology-Story/dp/1930748035
Debunking Economics – Revised and Expanded Edition: The Naked


Blah blah blah… the queen of doomer porn with endless cut n paste from bunker central

#84 AGuyInVancouver on 02.04.19 at 8:14 pm

#79 For those about to flop…

The Globe & Mail has a flop-worthy story on a West Side house today. $900k loss, you have to wonder who can afford that!
https://www.theglobeandmail.com/business/article-2-million-teardown-underscores-vancouvers-housing-slump/

#85 crowdedelevatorfartz on 02.04.19 at 8:27 pm

@#117 Smartalox

Well done.
A lot of work to assemble those numbers and post them.
A must read for Lowerbrainland House Horny greaterfools

#86 For those about to flop... on 02.04.19 at 8:30 pm

Guy in Van

pm
#79 For those about to flop…

The Globe & Mail has a flop-worthy story on a West Side house today. $900k loss, you have to wonder who can afford that!

https://www.theglobeandmail.com/business/article-2-million-teardown-underscores-vancouvers-housing-slump/

&&&&&&&&&&&&&&&&&&&

Hey Guy, here is my b-grade report on that one from January 16th 2019.

Garth Turner demands the best.

He ended up with me instead…

M44BC

////////////////////////////////

Recent sale report.

The Chicken Koop case has reached a bloody finale.

The details…

4213 w 14th ave,Vancouver.

Paid 2.88 February 2016

Just sold for 1.98, January 2018

Originally asking 3.07

Assessment 2017 2.86

Assessment 2018 2.43

Blood and guts everywhere.

North of 35%, the highest percentage loss I recall and this would have been one of the cheapest detached options at the time of the 2016 sale.

Over a million dollars gone.

The fox is in the henhouse…

M44BC

https://www.zolo.ca/vancouver-real-estate/4213-west-14th-avenue

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Feel free to make a small donation for cancer research.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#87 crowdedelevatorfartz on 02.04.19 at 8:32 pm

@#Eighty Sixed, A Guy in Van
“you have to wonder who can afford that!….”
++++
Pffft.
A 900k loss is chicken feed if the owner is offshore and looking to either, legitimize their money or, move it further ….off shore to friendlier climes.
Either way….they win.

#88 Ace Goodheart on 02.04.19 at 8:34 pm

So the powers that be want to start another arms race. USA versus Russia. Withdraw from the treaty and start building bombs again. A “my missle is bigger than yours” old man war with comparing how long range each other’s appendage is being the contest. The idea is hold us in fear of their destructive might as we pray that we will not all be killed.

Like, seriously? Oh we are all so scared again. We all have to concentrate on USA versus the Russians. Meanwhile the US President is in bed with Putin and China holds the purse strings.

Yeah, China. A Lanister always pays his debts. And China knows that taking over the world does not involve scaring everyone by threatening to kill them all and plunge the planet into a nuclear winter.

That is politics of mass distraction. That failed miserably with the “war on terror” and we are all smarter than that now.

China just loans money. They own half of Greece and most of Africa. How? If you don’t pay them, they just take over your assets. Which means half of all Greek shipping ports, most African roads and railways and ports. Yeah, they own it all.

Who do you think is going to pay for the latest old man US versus Russia my penis is bigger than yours let’s scare the world with the size of our missles match?

China, of course.

And if China pays for the US military, who do you think owns it?

Just ask the Greeks

#89 Beezy on 02.04.19 at 8:41 pm

Bought crypto in spring 2017. Sold everything in December 2017 once Charlie Lee (LiteCoin Founder) announced he was selling. Chart had gone parabolic at the time. Had my profits and principal in a week. Don’t invest in what you do not fully understand.

#90 Godth on 02.04.19 at 8:42 pm

#85 Doomer porn
more ad hominem and that bloody purse upside my head again. dang, don’t you have any other moves?

so engage in some hope (wishful thinking), run out and buy 3 or 4 houses with your copper pennies. you could take out a heloc or two and accumulate lots of points on your credit cards too. let us know how it works out.

#91 Remembrancer on 02.04.19 at 8:43 pm

#80 Double Take on 02.04.19 at 8:06 pm

Maybe so, but at least a Kelowna house is a roof over your head…

#92 acdel on 02.04.19 at 8:44 pm

#9 For those about to flop…

You know Flop, this is exactly why the post you have just posted and have, are are appreciated by the ones who get it. Thanks.

Thanks Garth for posting this on your blog! It helps, along with many others, of course you! Do not let it get it to your head wiseass!

#93 ImGonnaBeSick on 02.04.19 at 8:51 pm

#58 Terry – if you buy individual stocks, options can be a great way to pull money out of those shares. Selling Naked Puts to purchase and covered calls once owned are considered pretty conservative strategies actually.

#94 ex-Van on 02.04.19 at 9:00 pm

It’s quite likely that Gerry Cotton is not dead, and that QuadrigaCX is a ponzi. This analyst used transaction data contributed by volunteers to infer the BTC wallet addresses of the company (because remember, crypto uses a public ledger) and makes a convincing argument that the company simply does not have the holdings, and instead has been using recent deposits to pay withdrawals. http://archive.is/CK5IL

#95 Crypto Millionaire on 02.04.19 at 9:05 pm

Dealing with 6 figures amounts, Ian should never have trusted a retail crypto exchange – where you actually deposit fund/crypto before you can trade.

He should have cashed out using a reputable OTC trading company that deals bigger amounts. They exist, and they settle transactions rather quickly.

You have to understand that crypto is still young and immature.
Not only are the markets risky because almost 100% speculative, but the tech itself is unforgiving.
There is not cancelling a transaction sent to the wrong recipient or with the wrong amount.
There is no bank to refund you if you were scammed.
Crypto is way more similar to physical money than the amounts on your online banking accounts.
Shen it’s gone, it’s gone.

Regardless, the tech is here to stay.
And no, don’t tell me “the tech behind crypto – Blockchain – is good but crypto is damned”.
It’s basically like saying in 1993 “Corporate intranets are good but the public Internet is damned”.

You will all be using crypto directly or indirectly in the next 15 years.
And this blog post and comments will be hilarious to read then.

#96 acdel on 02.04.19 at 9:18 pm

Today’s blog is eerily similar to this story.

https://www.dailymail.co.uk/news/article-6667305/Battle-beasts-Crocodile-shark-fight-other.html

#97 prairie person on 02.04.19 at 9:26 pm

https://vancouversun.com/news/local-news/city-levies-empty-homes-tax-against-owner-of-property-with-breached-aquifer

#98 Chaddywack on 02.04.19 at 9:32 pm

Hope Ian declared the Bitcoin gain on his taxes….

#99 bdwy sktrn on 02.04.19 at 9:39 pm

You will all be using crypto directly or indirectly in the next 15 years.
———————-
It’s been over ten years and nobody uses blockchain or crypto for much of anything other than silly coins and kitties.

nobody.

in 15 years it will be roughly the same.

#100 Duke on 02.04.19 at 9:41 pm

#88 For those about to flop… on 02.04.19 at 8:30 pm
Guy in Van

pm
#79 For those about to flop

The details…

4213 w 14th ave,Vancouver.

Paid 2.88 February 2016

Just sold for 1.98, January 2018

Originally asking 3.07

Assessment 2017 2.86

Assessment 2018 2.43

Blood and guts everywhere.

North of 35%, the highest percentage loss I recall and this would have been one of the cheapest detached options at the time of the 2016 sale.

Over a million dollars gone.

The fox is in the henhouse…

M44BC

===============

Awesome!

#101 Bob Loblaw on 02.04.19 at 9:50 pm

Where are the cold wallet QuadrigaCX coins? Like the new Superbowl Budweiser commercial says, the answer my friends, is blowing in the wind

#102 nobody special on 02.04.19 at 10:00 pm

This isn’t a story about crypto – it’s about trusting a dodgy 3rd party to hold your money.

At least when you buy shares on iShares or Blackrock or Questrade or Vanguard you get a proper piece of paper that you can take to the stock exchange and exchange for gold.

#103 Reality is stark on 02.04.19 at 10:00 pm

Bitcoin idiots, not one of them can read a financial statement.
You want to call yourself a businessman take your hits. Get beat up and underpaid.
It’s a long way to the top if you want to rock and roll.

#104 DON on 02.04.19 at 10:08 pm

Just a question.

If the stress test is gone and 0/40 amorts comes back and interest rates go to zero (best case scenario) and there is already 70% home ownership and prices are inflated so much that only a few of the remaining 30% can even contemplate buying.

Ah right! Rich immigrants and criminal money launderers. So if we crack down on the launderers less of them to buy.

Then we have China who has their own credit bubble…and the Huawei politics affecting foreign relations and then the Canadian slow down in the midst of a highly leveraged nation.

Yikes! I need a Scooby treat.

Still wondering where all the buyers are coming from. Remember prices increases have to continue to provide incentive for buying the average house at the average price of 2 million dollars (No Pool).

Sometimes it is better to take your medicine and get it over with as life is too short and debt is a stressor.

#105 yvr_lurker on 02.04.19 at 10:09 pm

Putting in loads of cash to anything like this, where one solitary dude is the “gatekeeper to the safe” is as stupid as can be. He disappears, dies, gets amnesia and forgets the key passwords, and you have lost your cash. I would not at all be surprised that he has faked his death and has disappeared with all of the proceeds. Not for all the tea in china would I ever “invest” in anything like this.

#106 Lead Paint on 02.04.19 at 10:27 pm

I preaching about the promise of Blockchain long before most, but not Bitcoin, which I saw as risky. Even though I was early to the game, I did not want to ‘invest’ in Bitcoin until I developed a solid plan (secure, secret but hard to lose) for storing my private keys. Alas, tons of time went by as life got in the way, and I missed the huge opportunity. But I’ve avoided the downside as well…

As Warren Buffett says, don’t invest in things you don’t understand. Leaving your cryptocurrency with an exchange is madness. Most people who invested had no clue how much risk there was. Would you leave your gold bars with some guy who promised to keep it safe, but who you otherwise did not know or had reason to trust? Probably not, but leaving your coins with an exchange is the same thing. Even if they are honest, they could disappear, or get robbed themselves.

#107 Smoking Man on 02.04.19 at 10:36 pm

Busted

https://www.washingtonpost.com/lifestyle/style/harvards-top-astronomer-says-an-alien-ship-may-be-among-us–and-he-doesnt-care-what-his-colleagues-think/2019/02/04/a5d70bb0-24d5-11e9-90cd-dedb0c92dc17_story.html?utm_term=.7224b7e43444

#108 The Real Mark on 02.04.19 at 10:52 pm

New Ross Kay on TalkDigitalNetwork:

https://www.youtube.com/watch?v=sGVa0uK3tMY

Around the 25:xx mark, he starts talking about the inverse correlation of the (Canadian) housing and stock markets arising from fund flows. Basically re-hashing some of the comments I’ve made here over the years. Also confirms that 2013 was a major inflection point in the housing market, which, people who have followed my comments have come to understand was the statistical peak of Canadian RE prices, especially in Vancouver/Toronto on average individual identical properties.

#109 Expat on 02.04.19 at 11:01 pm

When you look around the poker table and can’t find the sucker

You are it…

Nuff said

#110 Ponzius Pilatus on 02.04.19 at 11:01 pm

Finally, shame on the BC Securities Commission, like the OSC and every other regulator in Canada, plus the SEC in the States, for allowing outfits like Quadriga to survive and thrive. Our world does not need less regulation. It begs more. Except for blogs.
—————
No worries here.
Mr. Market will do his job.
As usual.
Or not.

#111 Ponzius Pilatus on 02.04.19 at 11:09 pm

#65 CEW9 on 02.04.19 at 7:11 pm
Passware, Inc. supposedly can hack bitwallet passwords at 500,000 password combinations per second.

It’s going to happen, the technology will develop to open wallets.
————-
No hacker will ever get my password.
It’s my exwifes new boyfriends birthday.

#112 expat on 02.04.19 at 11:15 pm

#97

Sadly suckers like you honestly believe you are above government. You are one Bernie Sanders fart from owning nothing.

If you believe govts will tolerate a competing private sector currency you are dreaming.

People will be using an electronic government currency as they do now. It’s called Apple Pay, Google pay, etc.

In the future it may transact using a block chain type of tech but just like when they legalized dope they will shut this private crap down and are planning to do so.

It is astounding how people are so gullible. Be smart and sell.

I n fact, govt will sit back and watch your millions go to zero then CRA will demand taxes on the profits that don’t exist.

In the end govt runs currency – period.
As Warren Buffet so eliquently said long ago.

Beware of the geek with an idea.

They will hunt taxes by controlling transactions. They want all the taxes and are working on digital currency now to do it.

#113 expat on 02.04.19 at 11:16 pm

Manias all end the same.
With suckers holding the bag of zeros

#114 Remembrancer on 02.04.19 at 11:22 pm

#84 Leo Trollstoy on 02.04.19 at 8:12 pm
#31 jess on 02.04.19 at 5:00 pm

can’t predict the stock market tomorrow, but they can predict the planet’s population in 3 decades? yea riiight

ROFL!
————————————————————
Different kinds of math… though we live in the age of false equivalence so opine away…

#115 Ponzius Pilatus on 02.04.19 at 11:31 pm

#97 Crypto Millionaire on 02.04.

You will all be using crypto directly or indirectly in the next 15 years.
And this blog post and comments will be hilarious to read then.
v————-
Cryptos are using insane amount of energy.
Just not sustainable.
If people have to choose between a cool beer in the fridge or some forking crypto, I believe they will do the right thing.

#116 Remembrancer on 02.04.19 at 11:34 pm

#97 Crypto Millionaire on 02.04.19 at 9:05 pm
Why is it when the topic of liquidity and cashing out comes up, the “you don’t understands’ start rolling in?

This blog is all about helping inform, who are some of these OTC traders that Ian could have used that you would recommend or have experience with?

#117 Where's The Money Greedeau? on 02.05.19 at 12:00 am

This parallels my trouble trying to get my mutual fund cashed out before TSHTF just before the GFC.
Never happened. Lost 1/4 of my take.
Couldn’t get hold of anyone at Credential’s “Ethical” management or Van-shitty’s peeps. Willfully blind and deaf, just wouldn’t hear me screaming from the rafters for 4 months, instead chose to hide in their rat holes! Nobody lost their job either.
Absolutely horrid to me that no one would buck up.
Credit freezer.
Who are they going to hit next. Best hope you have nothing in it. You’ll be the last one they pay, unless you’re in on it.

#118 pay your taxes on 02.05.19 at 1:23 am

So how about some numbers here. How much did he make compared to a balanced portfolio? I’ve heard similar wailing and gnashing of teeth from people who bought Canadian preferreds but none of them made a penny.
Every industry has its scammers. Remember “Aaron Acceptance”? Thousands of people, mostly greedy seniors who should have known better than to believe those rates of return, were bilked out of their life savings.
I don’t have the guts (or insert another word here) to blindly send money off to a make believe realm but many who did have become fabulously wealthy. We all benefit from a more balanced perspective on these matters. This blog seems to attract a very risk averse crowd who have missed out on golden opportunities since 2008. A good income and high savings rate can mitigate that somewhat but it doesn’t leave much to pass on to their children to build intergenerational wealth.

Your whole message of balance, in both investing and life (the purpose of life isn’t to own a pile of bricks!) is music to my ears, but for some reason that balance hasn’t carried over to the topics you write so well about on this blog. Perhaps the peanut gallery is so polarized because the blog entries set the tone.

#119 Nonplused on 02.05.19 at 2:38 am

I don’t know how anyone every thought that Bitcoins could be valuable. They are electrons! Static charges in a piece of silicon! Sure, there is some complicated math involved, but saying Bitcoin is valuable is like saying someone can own prime numbers. It’s silly. If the dollar collapses, (which is not impossible), people will go back to gold and silver and barter until a replacement currency is produced, not Bitcoin.

I mean think about it people! If the power is out, a dollar bill is still acceptable. But what are you going to do with your Bitcoins if you can’t charge your phone?

And there is a major difference between things like online banking and Visa and such and Bitcoin. Sure, much of it is electronic now, but that it accounting for the actual cash, it isn’t the cash itself. You can, at least for now, go down to the bank and trade your digits for cash. You can’t do that with Bitcoin. You have to find somebody to buy it for cash first.

Bitcoin was and is a solution in search of a problem.

#120 Pete from St. Cesaire on 02.05.19 at 2:53 am

When people use these exchanges they put themselves at risk of loss. It’s not so much that Bitcoin is risky, but to put it in the hands of strangers is where the risk lies. If people would simply keep it all in a ‘paper wallet’ they wouldn’t lose it to con-artists. However, most people are trying to exchange the Bitcoin for cash, and the use of exchanges is the easiest way to do this. Until Bitcoin is widely accepted by retailers there isn’t really much else to do other than to hold it or cash it in. People don’t seem to realize that the raison-d’etre of Bitcoin, it’s independence from banks and authorities, is thwarted as soon as they try to turn it back into cash. In essence, they are losing out due to their mishandling of Bitcoin. It will never be accepted as a medium of exchange as long as people are using it as a get-rich-quick-scheme with the goal of converting it all back into the much hated Fiat money that it was designed to replace.

#121 Howard on 02.05.19 at 4:52 am

QuadrigaCX founder, sole director and officer Gerry Cotton died a few weeks ago in India, of Crohn’s disease.

———————————————–

Nobody dies of Crohn’s disease.

#122 David Driven on 02.05.19 at 5:14 am

Talking Kleptocracy? Look at the billions Justin Trudeau has stolen from Canadian taxpayers and given to political supporters in third countries ( who in turn smurf it back to him in donations to his party aspirations . We don’t have to outside Canada for thieves.

#123 Howard on 02.05.19 at 5:27 am

#75 crowdedelevatorfartz on 02.04.19 at 8:00 pm
@# 69 (LOL) Godth
“are you saving your copper pennies?

++++

Oddly enough. We are doing a demolition/ refurbishment of a public facility and I found TWO copper pennies today….. I showed them to a Gen Z kid we had working with us( a rare find, he works hard?!?!?)…. His eyes glazed over at my stories of 2 bubble gum for a penny….
Generation zero interest ……until I told him draft beer was $0.25/ glass in 1979

————————————

He’s not likely to care much about the beer either. Gen-Z (or i-Gen, as some call that cohort) consume far less alcohol than Millennials, Gen-X, Boomers, or even pre-Boomers did at the same age.

#124 Steven Rowlandson on 02.05.19 at 7:29 am

Garth how do crypto currencies stand in respect to legal tender laws?

#125 tkid on 02.05.19 at 7:50 am

477 commercial trucks counted this am, with 90% headed towards the US. US government shutdown had an influence in Ontario?

#126 jess on 02.05.19 at 8:09 am

TV networks may soon be able to fact check politicians in real time

https://www.cbc.ca/radio/spark/spark-424-1.4995529/tv-networks-may-soon-be-able-to-fact-check-politicians-in-real-time-1.4995547

#127 crowdedelevatorfartz on 02.05.19 at 8:10 am

@#126 Howie
” Gen-Z (or i-Gen, as some call that cohort) consume far less alcohol…..”
******

As I said, he’s a rare breed. Works hard and drinks.
Perhaps there is hope for mankind’s future after all……

#128 Proud Baby Boomer on 02.05.19 at 8:14 am

Ok millennials, maybe you can try to find a way to blame this on the baby boomers too, just like everything else you whine about?

https://www.cnn.com/2019/02/04/health/obesity-cancer-increase-millennials-study/index.html

#129 Westcdn Whining Grape on 02.05.19 at 8:15 am

I may vote for Rachel. She has good intentions but I have trouble with her fiscal policies. Jason was my Federal MP for what felt like forever. Let’s just say I wasn’t impressed. At least Rachel stands by her guns though I think the public service should feel a bit more pain – my nickel worth.

Some days it is tough to be an Albertan and hear the critics. I still look at ABexit and wonder if it is worth the effort. I know the rest of Canada will want to punish and the Americans take advantage. At least we could make a crypto currency backed by gold/oil as our national currency (sarc).

#130 David Driven on 02.05.19 at 8:20 am

Justin Trudeau and Canadian Public Service Unions caught red-handed funding and supporting the murderous dictatorship of Venezuela for leftist agenda rather than right and wrong, disgusting.

https://nationalpost.com/news/world/canadian-unions-helped-fund-delegation-that-gave-glowing-review-of-venezuela-election-widely-seen-as-illegitimate

CUPE, Unifor, Soros, Steyer, it seems hate is the Liberal agenda. This information is shocking.

#131 Tater on 02.05.19 at 8:38 am

42 CEW9 on 02.04.19 at 5:40 pm
Can lost coins be treated like salvage?

Like a shipwreck?

Can someone who has the addresses and time brute force the passwords? And it they do, what then? All passwords are ultimately hackable, given enough time and energy.
—————————————————————

Sure, you could try. Of course the sun would die out first.

Some estimates say it would take 3.3 quadrillion times the length of time since the big bang.

Now, if quantum computers become a thing, yes it would be doable. And at that point bitcoin becomes worthless

#132 russell on 02.05.19 at 8:59 am

Is this clown really dead… no… he cashed out…

#133 Penny Henny on 02.05.19 at 9:08 am

97 Crypto Millionaire on 02.04.19 at 9:05 pm

Regardless, the tech is here to stay.
And no, don’t tell me “the tech behind crypto – Blockchain – is good but crypto is damned”.
It’s basically like saying in 1993 “Corporate intranets are good but the public Internet is damned”.

You will all be using crypto directly or indirectly in the next 15 years.
And this blog post and comments will be hilarious to read then.

///////////////////////////

Weren’t you here the other day?
It was already determined that the planet is doomed and we only have 11 years left.
Climate change Man! Try to keep up.

#134 dharma bum on 02.05.19 at 9:13 am

Greatest lesson learned from this post:

If you suffer from Crohn’s disease, do NOT go to India.

#135 Tater on 02.05.19 at 9:19 am

I never understood why the stress test wasn’t tied to the average home price. A 1mio mortgage goes much farther in NB than the GTA. Would have made more sense to say they’d insure 95% of 1.5x the median home price in the city/county/region/whatever.

#136 Remembrancer on 02.05.19 at 9:34 am

#129 tkid on 02.05.19 at 7:50 am
477 commercial trucks counted this am, with 90% headed towards the US. US government shutdown had an influence in Ontario?
———————————————————
Or maybe its just Tuesday?

#137 crowdedelevatorfartz on 02.05.19 at 9:53 am

@#134 David Driven

Anything the idiots in control of Canada’s large govt employee unions do no longer surprises me.

It’s good to know that valuable CUPW Union resources ( insert taxpayer dollars here) were used for a trip to Venezuela in support of a socialist branded dictatorship.
Then they try an justify their trip with nonsensical “announcements ” of the US “interfering” with a “free and fair election” that only China and Russia ( those paragons of democracy) accepted.
Canadian govt employee unions.
The brainwashed led by the corrupt…….

#138 Lee on 02.05.19 at 10:19 am

According to the Globe Canada’s tech industry is booming. Bodes well for housing in Toronto i’d say.

#139 Phonetics on 02.05.19 at 10:26 am

#77 paracho – I doubt this was his original family name, because from my point of view going back to the early 1800’s you were what you said. Very few could read or write and Cotton or Cotten are sounding the same to be written down. Upon passage to the New World one could change it again. It wasn’t until the early 1900’s that names were formally documented.

#140 Howard on 02.05.19 at 10:38 am

#132 Proud Baby Boomer on 02.05.19 at 8:14 am
Ok millennials, maybe you can try to find a way to blame this on the baby boomers too, just like everything else you whine about?

https://www.cnn.com/2019/02/04/health/obesity-cancer-increase-millennials-study/index.html

—————————————-

Well, it was mostly the Boomers, aka Generation Drawbridge (that is, pulling it up behind them as they gleefully wave to the drowning Mills) who raised the Mills on a diet loaded with sugar.

#141 Midnights on 02.05.19 at 10:58 am

Lmbo, ‘Cooling Is Warming’: Climate Hoaxters Panic As US Freezes, Media Provides Cover

https://www.investmentwatchblog.com/cooling-is-warming-climate-hoaxters-panic-as-us-freezes-media-provides-cover/

#142 Godth on 02.05.19 at 11:01 am

#137 Penny Henny
I know right, it’s one big cash grab scam by those greedy scientists that are becoming billionaires. earlier this year the aussies in nsw and victoria were crying about a drought and showing us pictures of cows that couldn’t stand up and those money grubbing ranchers were saying they’ve been shooting their breed stock. a million dollars a year to ship in hay from clear across the country, who would believe that? then the people in queensland were pretending they were having unprecedented fires and now they’ve concocted some cockamamie story about unprecedented flooding – sure thing boss. they’re in cahoots with the bloody money grubbing scientists, it’s all a scam.

now scientists (puulease) are trying to fool us with some story about massive caverns opening up between the bedrock and glaciers in antarctica. give it a rest you clowns, we’re not falling for it.

we’ve got a high of 2 and a low of -8 going on here and we had 3 cm. of snow yesterday. global warming my ass.

Maybe you should learn the difference between climate and weather. – Garth

#143 NoName on 02.05.19 at 11:10 am

Interesting picture,

And slide on a side note, millenials are lazy boomers are expensive, gen-x are utterly screwed…

https://twitter.com/ryangrim/status/1092810335168413696?ref_src=twsrc%5Etfw

#144 Ubul on 02.05.19 at 11:12 am

Major problem is the missing government regulation, tailored to the specifics of the crypto technology.

It is not that the exchanges are outside of the regulatory system, as Garth suggests.

All Canadian crypto exchanges had to comply with the Know Your Client government regulation for a long time.
The government clearly described and enforced some regulations.

Except those, that would protect investors.

Since the government is taxing gains on crypto, in return it should (have) provided proper regulation to protect investors, like in case of other securities.

It is well known for a long time, that exchanges keep their assets in offline paper valet. A securities regulation should have been in place to enforce crypto exchanges how to secure the password. This could have been done relatively easily, by forcing exchange operators to keep parts of the passwords at several third party. In case of a situation like this, a court order could have been issued to collect the peaces from the various law firms, bank deposit boxes, etc. to unlock the valet.

I can see clients suing the regulators for neglecting their duty.

Crypto exchanges are not subject to KYC requirements as the investment industry is. Most BTC investors needed only a valid piece of ID and a functioning credit card. No information regarding suitability was asked, nor collected. – Garth

#145 Midnights on 02.05.19 at 11:15 am

It’s beautiful…
A New Americanism

https://www.investmentwatchblog.com/cooling-is-warming-climate-hoaxters-panic-as-us-freezes-media-provides-cover/

#146 tkid on 02.05.19 at 11:16 am

#140 Remembrancer
“Or maybe its just Tuesday?”

No. There were approx 350 trucks on the road in January by my count. Of course this isn’t a scientific study …

#147 Godth on 02.05.19 at 11:34 am

#141 crowdedelevatorfartz
when the us kidnapped hugo chavez in 2002 they should have assassinated him and put an end to all this socialist nonsense. as john bolton said, get us oil corporations in there so i can get my cut via my investments. bloody poor people and literacy, useless to me.

#148 DHKP on 02.05.19 at 11:39 am

LOL! BTC literally means cashless

#149 For those about to flop... on 02.05.19 at 11:39 am

Pink Snow falling in Vancouver.

How much trouble are these guys in?

Probably about a million dollars worth of trouble.

The details…

2235 w 21st ave, Vancouver.

Paid 3.92 April 2016

Originally asking 3.99

Now asking 3.18

Assessment 3.19

So some of the heavy losses are starting to get some press but that’s just doomerism as everyone is gonna be fine and Vancouver is up 15% y.o.y according to Zolo.

People see what that want to see.

I’ve searched a little harder than most and have seen some ugly stuff.

Vancouver has a mass case of conjunctivitis…

M44BC

https://www.zolo.ca/vancouver-real-estate/2235-west-21st-avenue

#150 MF on 02.05.19 at 11:53 am

131 crowdedelevatorfartz on 02.05.19

There was always hope. I work with younger millennials and Gen z. They are like everyone else with some good some bad.

And lol if you believe that all government workers support, trust, and value their union. Just lol.

MF

#151 Femdom Fist on 02.05.19 at 12:08 pm

DELETED

#152 SimplyPut7 on 02.05.19 at 12:20 pm

I think Canadian securities regulators are going to have to confirm his death as part of their investigations.

I don’t know which is worse losing fake money or taking ownership of a home no one wants to buy from you and no bank wants to finance.

Does a population of 2.463 million people need an extra 40,000 homes completed in the next 2 years?

https://www.huffingtonpost.ca/2019/02/04/vancouver-housing-prices-down_a_23661096/?ncid=other_trending_qeesnbnu0l8&utm_campaign=trending

https://www.huffingtonpost.ca/2019/01/13/housing-oversupply-canada_a_23641374/

#153 For those about to flop... on 02.05.19 at 12:36 pm

Pink Snow falling in Richmond.

I’ve done a few reports on places at Ash Street in Richmond before and it looks like these guys are worthy of a follow.

The details…

8260 Ash st, Richmond.

Paid 1.51 June 2017

Asking 1.39

Assessment 1.38

So someone held this property for a brief time in early 2017 after paying 1.31 and then flipped it to the current bag holders.

Can’t even call them knife catchers, as they forced the price up post -peak.

Now they still want more than the original guys paid roughly one year after the music stopped.

Really need to get closer to 1.6 but that’s extremely unlikely with current conditions, nor do they appear to be after that number.

They seem have listened to the market and get the situation they’re in and it’s about limiting the damage.

A lot of the other speculators in the city appear to be tone deaf…

M44BC

https://www.zolo.ca/richmond-real-estate/8260-ash-street

#154 Godth on 02.05.19 at 12:44 pm

Maybe you should learn the difference between climate and weather. – Garth

the climate is always changing Garth, and it always has – it’s called winter, spring, summer and fall. geez, how dumb can you get.

i suppose you believe there’s still a drought going on in nsw and victoria too? the people in queensland are trying to tell us it’s flooding – make up your mind australia! to all the ranchers, farmers, scientists and other assorted parasites: put your hands back in your pockets you bums. get a real job!

we need trump to take over and fire all these parasites.

#155 Flint on 02.05.19 at 12:46 pm

A few people I work with are starting to take out HELOCs, pool the money then lend that out at ridiculous rates to people with bad credit to then buy real estate with. My jaw nearly dropped. How is this even allowed? How common is it?

#156 bdwy sktrn on 02.05.19 at 1:01 pm

In case of a situation like this, a court order could have been issued to collect the peaces from the various law firms, bank deposit boxes, etc. to unlock the valet.
////////////////

the wallet is mostly empty anyway. it was gone long ago.

look up the video of him lying his ass off about taking the company public a few years back. clumsy fraudster got lucky.

#157 bdwy sktrn on 02.05.19 at 1:03 pm

How is this even allowed?
————
because people/banks have freedom to do with their money as they please? like a ‘free market’?

#158 Ubul on 02.05.19 at 1:05 pm

Crypto exchanges are not subject to KYC requirements as the investment industry is. Most BTC investors needed only a valid piece of ID and a functioning credit card. No information regarding suitability was asked, nor collected. – Garth

Canadian exchanges are subject and have been for KYC for years.

When I signed up with them, they specifically referred to all the required documentation as KYC requirement, collected for the authorities. None of them required credit card, but bank account information, tied to your identity was mandatory, as the destination where they would transfer the deposit when you sell. Financing the exchange account to buy had multiple options.

That is not KYC, but rather information collected to satisfy FINTRAC and our anti-terrorism and money-laundering legislation. As I said, it has nothing to do with suitability. – Garth

#159 Dups on 02.05.19 at 1:32 pm

What market correction, in Etobicoke outskirts the detached properties are still selling with multiple bids and 150K over the asking price on average. Beats me, this is pure stupidity to buy such no value barracks at 1M price range. Some people in this city are stupid and brainwashed by the masses.

#160 Raging Ranter on 02.05.19 at 1:40 pm

@#159 Flint, those are called syndicated mortgages. Been around for years.

#161 n1tro on 02.05.19 at 1:43 pm

#33 PastThePeak on 02.04.19 at 5:06 pm
#15 Not So New guy on 02.04.19 at 3:21 pm
What built the internet will also build the crypto network

porn
++++++++++++++++++++++++++++++++++++

The Internet provided efficient and widespread distribution for the porn (ease of access, increased content supply, blah blah blah).

But why is crypto needed for porn? It is not illegal to purchase. There are many digital payment platforms to use if someone wants to keep the transactions confidential.

Crypto doesn’t seem to be a requirement.

Now, use of crypto for illegal activities is obvious. But I wouldn’t think that is a the basis for a sound investment.
——————————–
If you only think of crypto as fake cash, it’s uses (real or imagined) is quite limiting. As for how porn can build the crypto network?
Off the top of my head, I can see crypto playing an important role in digital content management. If the people involved in the production of videos (porn or other) wants to get paid for views and not be censored (ie. Youtube) they would need a platform that they can control who gets access. Patreon has sprung up to deal with the limitations of Youtube but it is centralized and subject to its own censorship so this is where crypto would fill the void.

#162 Deplorable Dude on 02.05.19 at 1:44 pm

Daymmnn…the TSX is on a RIP! My portfolio of 15 TSX dividend growth stocks is up 8.24% in a month!

Starting to make up for 2018.

Roller coaster ride….not for the faint hearted….

#163 Deplorable Dude on 02.05.19 at 1:49 pm

Maybe you should learn the difference between climate and weather. – Garth

———-

We’ve seen this movie before….when it’s cold it’s the just weather….but when it’s hot it’s Global Warming…..sorry ‘Climate Change’.

#164 Godth on 02.05.19 at 2:06 pm

for all the climate pansies out there i want you to look at this map: https://climatereanalyzer.org/wx/DailySummary/#t2anom
do you see that blue blob over N.America? that’s called cold, i’m freezing my arse off here. some idiot told me that if i built my mcmansion with 2 by 6 i’d have 50% better insulation and it would only cost 5% more. i told him to pound sand and saved the 5%, our family has always built houses with 2 by 4. scammers. the wood stove needs another log, hang on.

this communist dictatorship nonsense in venezia needs to stop. they could take a lesson from brozil. bolsanro threw his communist opposition in jail for the election and he’s under no threat. i’m going to profit handsome from his policies – grow up venzia, get with the program!
i have nothing against poor people, i employ them to do my gardening and clean my house. they don’t need to know how to read or write to do that though, in fact it’s best they know their place in the natural order. if they get sick and die i can always hire another one, there’s no shortage. i do insist that my nanny has a masters degree though, along with second language fluidity. i like to have intelligent convosations with the person taking care of me.
about bitcoin i think it could be good, could be bad. let the free market decide.

#165 Shawn Allen on 02.05.19 at 2:32 pm

Store Your Crypto Where?

Lead Paint as 110 said:

Leaving your cryptocurrency with an exchange is madness.

***************************
True you gotta store those electrons in maybe a lead encased safe.

*********

Nonplused at 123 has it right”

“Bitcoin was and is a solution in search of a problem.”

Right the “problem” Bitcoin solves are things like the “problem” of “fiat” money and the “problem” of using large trusted and fully regulated banks as intermediaries and the “problem” of how to make illegal transactions without getting caught.

#166 Ubul on 02.05.19 at 3:12 pm

#162 Ubul on 02.05.19 at 1:05 pm

Crypto exchanges are not subject to KYC requirements as the investment industry is. Most BTC investors needed only a valid piece of ID and a functioning credit card. No information regarding suitability was asked, nor collected. – Garth

Canadian exchanges are subject and have been for KYC for years.

When I signed up with them, they specifically referred to all the required documentation as KYC requirement, collected for the authorities. None of them required credit card, but bank account information, tied to your identity was mandatory, as the destination where they would transfer the deposit when you sell. Financing the exchange account to buy had multiple options.

That is not KYC, but rather information collected to satisfy FINTRAC and our anti-terrorism and money-laundering legislation. As I said, it has nothing to do with suitability. – Garth

They actually used this term specifically, it was discussed and referenced on crypto blogs, and they collected information about occupation. It was not a different experience from opening trading account on Questtrade or Oanda.

It is not KYC because they know nothing about your risk tolerance, net worth, level of financial knowledge, income, investment assets, family obligations or retirement/wealth goals. End of conversation. – Garth

#167 AGuyInVancouver on 02.05.19 at 3:23 pm

#88 For those about to flop… on 02.04.19 at 8:30 pm
Guy in Van

pm
#79 For those about to flop…
_ _ _
Thanks Flop, I don’t know how I missed that! As I said, I would really be curious to know who it was who took the loss. A spec builder? Another would-be flipper? Or an offshore owner scared off by taxes. And who bought a $ 2 million shack to rent out?

#168 bdwy sktrn on 02.05.19 at 3:27 pm

#166 Deplorable Dude on 02.05.19 at 1:44 pm
Daymmnn…the TSX is on a RIP! My portfolio of 15 TSX dividend growth stocks is up 8.24% in a month!

Starting to make up for 2018.

Roller coaster ride….not for the faint hearted….

///////////////////

you’re not kidding!

us markets same. straight shot back up so far.

the new fed dovishness keeps this party rocking as earnings are ok but not stellar.

2018 was about +11% having bailed out in sept.
i went all in (so late!) at 2530 on the sp500 (replaced preferreds and xiu with qqq)in early jan STRAIGHT UP since then, almost too good to be true.

so keep holding, right?

#169 Blacksheep on 02.05.19 at 4:14 pm

DELETED

#170 Richard Gibbons on 02.05.19 at 4:26 pm

I find this climate denier reaction very strange. You folks seem proud of your ignorance–a trait that I’ve seen from others, but I have a hard time understanding.

Is it just because smart, knowledgeable people are often arrogant or not grounded, so–to establish a contrast–you begin to admire ignorance? Or is it something else?

I find the “intelligence is bad, ignorance is good” trend fascinating, so I’m curious what your thoughts are about the topic.

Thanks!

#171 jess on 02.05.19 at 4:30 pm

https://www.politico.eu/article/deutsche-bank-danske-bank-dirty-money-scandal-deflects-eu-lawmakers-questions-in-money-laundering-probe/

=====================

…”Yet Wilken left European lawmakers frustrated by offering little detail on how billions of suspicious cash went through its payment system unnoticed.

“We’re trying to learn from these incidents and look to the future,” Wilken said. He told lawmakers, however, that any wrongdoing found would lead to “clear consequences,” such as bonuses cuts and layoffs.
======
The U.S. Treasury last year accused Latvia’s third-largest lender, ABLV Bank, of “a wide array of illicit conduct,” linked to North Korea’s weapons program and corruption in Russia and Ukraine. ABLV Bank collapsed soon after the accusations. One month later, U.S. authorities arrested the chairman of Maltese lender Pilatus Bank on charges including bank fraud and money laundering.

The EU has no single agency tasked with supervising dirty-money flows and relies on national regulators to spot suspicious activities.

Danske faces new front in money-laundering scandal (4 Feb 2019)
Deutsche Bank deflects EU lawmakers’ questions in money laundering (4 Feb 2019)

#172 Smartalox on 02.05.19 at 4:35 pm

@CrowdedElevatorFartz #87

Thanks for noticing my comments about the REBGV stats for January.

I’m glad to know someone appreciated the effort!