Why?

If you were delusional enough to buy Bitcoin in March for $47,000 you’ve lost 66% in eight months. Ouch. Of course, if you’d jumped into the hype four months earlier, one unit would have cost $64,000. So today you’d be licking a 75% wound. All numbers are in real dollars – greenbacks.

Crypto is a sham now unravelling in a spectacular fashion with more to come. FTX circled the drain in the last couple of weeks. It’s high-flying, curly-mopped, 30-something, globe-trotting founder’s fortune went from $16 billion to zero in a day. That’s a record. As we noted here last week, the dude took a boatload of Ontario Teacher Pension Plan cash down with him.

How could smart professional pension plan managers be dumb enough to tie the retirement assets of their clients to such a make-believe donkey? Do they not have a fiduciary duty?

Let’s see how regulators respond. But this should make everybody with a pension plan they thought was stable, boring and godly have a look at assets held. Some of these wokey fund cowboys are clearly out of control.

And now it gets worse. The next domino to fall will be BlockFi.

This crypto lender was bailed out by FTX a few months ago, and now its lifeline has snapped as the exchange goes paws-up. Last week BlockFi stopped giving clients their money back while refusing new deposits. The lights are about to go out entirely – yet another crypto crash (like Celsius Network and Voyager Digital).

The funny-money crypto kiddos thought BlockFi would compete with the traditional (regulated, trusted) banks, but it hit the wall months ago when token Luna went to zero and $55 billion disappeared. FTX stepped in, and now that is ending in tears. Dead end. Finito. Apparently you can’t construct a viable business model when your core assets have been, well, made up. Backed by nothing. Dust.

And how about those hot, hot, hot Bored Ape Yacht Club NFTs that smart people were snapping up last Spring (when we told you to stay away)? Well, in the wake if the FTX implosion, they’re now down in value by 82%.

None of this ends well.

Here’s what crusty veteran trader Ed Pennock had to say today:

Crypto is Imploding. The Crypto Lender BlockFi is reportedly on the verge of bankruptcy. This environment has Institutions putting on the brakes. Distance from a problem is important to them reputationally. Deniability is even better. The question today is “What is Tether”? Some will sell. Some will halt acquisition. No one will add.  What do you tell your clients? We lost your money in an unregulated, unproven, misunderstood supposed currency in the midst of massive fraud. No FDIC. No FTC. No SEC.  How does one answer the question, why?

By the way, Gemini and Genesis have both just suspended redemptions. The billionaire Winklevoss twins are fading faster than a Liz Truss lettuce. The FTX fallout is sweeping through an industry which is beyond fragile, massively susceptible to fraud and manipulation and will erase hundreds of billions in the coming weeks and months. Crypto never was investing, but always gambling.

This day was inevitable. One of the greatest Ponzi schemes ever is coming to an inglorious end. What on earth was Pierre Poilievre thinking?

About the picture: “Here is Casper,” writes Maureen, “a senior, dignified gentleman we found as a stray kitten.  He had been hanging around our local hospital emergency ward for days.  One day he followed our neighbour home, one of the emergency ward nurses, and we took him in immediately.”

181 comments ↓

#1 Polozified on 11.16.22 at 2:39 pm

HEY!

At least a monkey picture is, like, a picture or something.

#2 Cash is King on 11.16.22 at 2:44 pm

Money is money. Crypto is not money.

The road to hell is paved with good intentions.
https://en.wikipedia.org/wiki/The_road_to_hell_is_paved_with_good_intentions

#3 Paul on 11.16.22 at 2:53 pm

Well there goes 200 jobs that won’t be coming back.
In business for 80 years.

https://london.ctvnews.ca/adient-tillsonburg-closes-its-doors-without-warning-over-200-jobs-lost-1.6154631

#4 Squire on 11.16.22 at 2:55 pm

SBF is straight up creepy. And being based in Bahamas should have been a big red flag.
Sometimes greed is blind, even Ontario Teachers Pension is blind. They’re going to take their anger on someone, let’s see…. more strikes.

#5 Groovy69 on 11.16.22 at 2:57 pm

Poilievre is mistake prone.

#6 Felix on 11.16.22 at 2:58 pm

Why not?

Cats are the best.

#7 Youngblood on 11.16.22 at 2:59 pm

Crypto is NOT bitcoin. Completely agree that crypto is full of ponzi scams and shitcoins, all of which are centralized and reliant on organizations ie. FTT, Solana, etc. BITCOIN is completely decentralized and was designed to be tamper proof. YES the price is falling, but the viability of bitcoin fundamentals has not changed. Investment in bitcoin via self-custody is proving to be the only safe way to get exposure. Do your research and learn why crypto and bitcoin are note equal.

#8 Felix on 11.16.22 at 3:02 pm

Why not?

Cats are the best!

#9 Dr V on 11.16.22 at 3:04 pm

“How could smart professional pension plan managers be dumb enough to tie the retirement assets of their clients to such a make-believe donkey? Do they not have a fiduciary duty?” – garth
——————————————–

I think the investment was$200M with a fund totalling
near $200B. So 0.1%. I have more AQN than that.

I dont see this as abnormal for any huge pension fund.
Once they have their load of canadian and global stocks, then billions of dollars of bonds, they are going to branch out away from the plain vanilla assets. I think the CPP bought a shopping mall in the UK, and a bridge in Asia and probably lots of private equity not easily available to steerage. The OTP board probably even had a meeting about it.

Disclosure – I do not own crypto.

https://www.ai-cio.com/news/worlds-300-largest-pension-funds-assets-rise-to-record-23-6-trillion/

Sure. What’s two hundred million? Flush it away. (This is why normal people hate financial ones.) – Garth

#10 San on 11.16.22 at 3:04 pm

>What on earth was Pierre Poilievre thinking?

Let’s not forget President Nayib Bukele of El Salvador.

#11 Dr V on 11.16.22 at 3:05 pm

Oh and Casper is a handsome boy!

#12 yvr_lurker on 11.16.22 at 3:09 pm

DELETED (Anti-immigrant)

#13 BitcoinBro on 11.16.22 at 3:11 pm

I’ll make my regular Bitcoin =/= “Crypto” appeal here even it’s completely in vain.

Bitcoin is a relatively simple internet protocol and completely transparent digital monetary network that anybody can use for genuine peer to peer, counterparty free transactions. It has no owner, no leadership, just like all the other internet protocols that make exchanging dog pictures online possible. It’s been running since 2008. More and more people around the world use it every day because while it’s volatile and risky to be sure … it’s actually less volatile and risky than financial instruments available in many parts of the world.

That’s all it is. We can debate the value of this but please do not confuse it for the madness that is unfolding at FTX and the greater “crypto” industry.

FTX is/was a criminal organization ran by a gang of polyamorist millennials who smoked weed and played video games in between stealing money from the customers and duping Kevin O’Leary and Tom Brady.

#14 Bob on 11.16.22 at 3:11 pm

Or… you could be buying an asset class cheap?
.
.
.
.

that was sarcasm, btw

#15 JR on 11.16.22 at 3:12 pm

First of all, if you’d bought bitcoin at 10K and sold at 60K you’re a winner. Garth is just handpicking his example. Yes, crypto is volatile, and yes it’s not appropriate for a pension fund to invest in an an exchange with no regulator.

#16 Timmy on 11.16.22 at 3:12 pm

These pension managers could probably find a job at Jason Kenny’s Aimco pals, the twits who gambled with teacher’s pensions and lost bigtime.

I wonder how much Cryptoman Skippy Polievre has lost.

#17 45north on 11.16.22 at 3:14 pm

Crypto is Imploding. The Crypto Lender BlockFi is reportedly on the verge of bankruptcy. This environment has Institutions putting on the brakes. Distance from a problem is important to them reputationally. Deniability is even better. The question today is “What is Tether”? Some will sell. Some will halt acquisition. No one will add.  What do you tell your clients? We lost your money in an unregulated, unproven, misunderstood supposed currency in the midst of massive fraud. No FDIC. No FTC. No SEC.  How does one answer the question, why?

Mogo is a financial institution. I see their ads in the paper. A bunch of woke fools!

Effective immediately
1 You can no longer fund CAD (cash) into your Mogo Bitcoin account.
2 You can no longer buy Bitcoin in your Mogo Bitcoin account.
3 All Mogo Bitcoin rewards have been stopped.

https://helpcentre.mogo.ca/hc/en-us/articles/9982576243219-Closing-Mogo-Bitcoin

#18 Summertime on 11.16.22 at 3:17 pm

There goes the ‘digital gold’ meme.

Physical gold is still around.

#19 Not a crypto guy on 11.16.22 at 3:18 pm

What does this have yo do with Pierre? He mentioned people are looking at crypto out of fear of inflation. That is a fact. I personally don’t recommend it. But crypto was a growing industry. Everyone I know who is all in on it is very liberal politically. Sort of a weird statement to blame this on PP. And if he invested and lost that is his mistake and his business. Still don’t know how this justifies Judtin Trudeau adding half a trillion onto the debt and refusing to take responsibility for inflation. If inflation was not out of control desperate people wouldn’t even be looking at crypto.

#20 the Jaguar on 11.16.22 at 3:19 pm

A reasonably intelligent colleague of mine who invested some funds in Bitcoin once asked my opinion on it’s investment merits. Not sure why given I would rather watch paint dry than read about investment vehicles. Criminal masterminds need greater intellectual stimulation. Luckily I was able to answer truthfully that I wasn’t well informed on the subject. That was easier than blurting out ‘Have you lost your mind’?

The professional pension plan managers fiduciary duty on behalf of their clients is unlikely to be the only deep dive on FTX and the rest of funny money world. There are whispers about other funds disappearing down that worm hole. Unlikely to be reported on front pages, similar to the S-300 missile debacle. Turns out those mean ol’ Ruskies aren’t the ones who fired on Poland. This time there is photo evidence. Worrisome nonetheless given all the ‘Article 4 & 5’ talk that poured forth at the git go.

Good for Casper for making it to ‘senior cat’ status. White cats unfortunately sometimes have health issues, but with kind folks like Maureen he’s living la Vida Loca.

#21 Rook on 11.16.22 at 3:20 pm

OTPP apparently has about $240 billion in net assets, and their bet on FTX was in the range of $95 million USD, according to them.

https://www.otpp.com/en-ca/about-us/news-and-insights/2022/ontario-teachers–statement-on-ftx/

If we assume that 240b is in USD, my napkin math has it that their investment in crypto was 0.03958% of their total assets.

I’d suggest that taking a gamble with less than half a percent of total assets, while hoping for outsized returns or one of those big wins we drool over, was probably the right thing for them to do, rather than avoid it entirely.

How dumb would they have looked if FTX went to the moon, and whoever’s in charge put the kibosh on the opportunity?

Nobody expect their pension manager to ‘take a gamble’ with client retirement assets. There is no excuse. – Garth

#22 Shawn on 11.16.22 at 3:23 pm

Take CPP now or in January

#181 Tony on 11.16.22 at 12:12 pm
Re: #170 Shawn on 11.16.22 at 10:58 am

This youtube video says if you take your CPP you should have taken it in December 2022 instead of January 2023 saying you’ll earn an extra 2.5 percent for life if you take CPP December 2022 instead of January 2023.

Some Of You Should Start CPP RIGHT NOW – Fred Vettese Globe and Mail

https://www.youtube.com/watch?v=lqHy2-FtGlc&t=202s

***************************************
That’s interesting. I did not know about the link to five year average YPME. Looks like best to take right away if you are thinking about January, do it now instead. Still time to catch December.

I thought I saw where the bump in January was pro-rated so only 1/12th if you took in December. Looks like I was wrong on that.

In any case I will get a 6.5% bump in January.

#23 enthalpy on 11.16.22 at 3:28 pm

are central bank digital currencies the same as crypto?

Because we are ALL going there.

#24 KingKouros69 on 11.16.22 at 3:30 pm

Garth this is a bit of a disingenuous post.

You know darn well that these exchanges don’t represent Bitcoin and what it stands for. These exchanges are corrupt and greedy and were Ponzi schemes.

All the user had to do was use the exchange to buy the Bitcoin and then immediately transfer to self custody.

When Pierre says he likes crypto … he means he likes crypto … not corrupt exchanges.

#25 Doug in London on 11.16.22 at 3:32 pm

Why would anyone buy something grossly overpriced that you can’t even see? Instead, buy a company that provides something everyone can use and when it’s on sale. Right now, that would be Algonquin Power, AQN. Could there possibly be any future whatsoever in electric power, especially when the expectation is there will be more electric cars on the roads in years to come?

One of the greatest Ponzi schemes ever is coming to an inglorious end. What on earth was Pierre Poilievre thinking?
Answer, he obviously wasn’t thinking about what would increasing the likelihood of ever being elected in even suggesting something so ridiculously stupid.

#26 Buy Low Sell High on 11.16.22 at 3:36 pm

I wonder if Casper would prefer to meet or eat my cockatiel, Coco?

#27 Dr V on 11.16.22 at 3:40 pm

Re: AQN
The Desjardins Takeaway

“3Q missed, but this was primarily due to low wind speeds and thus was not too bad…….”

Add in a couple hundred basis points and it’s down
several billion in market cap.

#28 SunShowers on 11.16.22 at 3:43 pm

The entire cryptocurrency sphere is clearly a sham, but it was puttering on for years, even with its wonky highs and lows, without any institutional failures like FTX and Celsius. Crypto markets were still worth billions in market capitalization, and they fluctuated wildly, but aside from the odd hacking incident, rug pull scam, alt-coin pump & dump scheme, and people timing the market badly, nobody really lost their shirts on a large scale like this.

While I think that we’d be better off without crypto entirely, it seems to me that these big losses all came about because in the last few years since crypto has gone mainstream, entities popped up promising stable 15-20% returns on crypto investments with “no risk.” All this pain is caused by people ignoring the enormous red flags associated with such a promise, and getting caught with their pants down when the people making the promises either cut and ran, or just imploded under the weight of such a ridiculous commitment.

Long story short: Crypto always had it’s share of scams, but it was never on this level. In recent years, a couple of incompetent or malicious actors took advantage of the “mainstreaming” of crypto to go full Ponzi, and took a lot of people and infrastructure down with them.

#29 rosie on 11.16.22 at 3:45 pm

This is what the pension fund sent me. Take it for what it’s worth or 0.05%, whichever is less.

https://www.otpp.com/en-ca/about-us/news-and-insights/2022/ontario-teachers–statement-on-ftx/

#30 The Great Gazoo on 11.16.22 at 3:46 pm

This Matt Damon commercial was the slickest of all. I remember at the time watching it (it was running more than 10X/day back then) and thinking wow this commercial is impressive and given the cost of air time it must be pulling in 100’s of thousands of suckers.

https://www.youtube.com/watch?v=eVdTjxkM1TY

A friend of mine who works at the blue bank said her boss told her she had to get with the program and invest in cryto. I am afraid to ask, but suspect she did and lost a few $$. Even employees at established banks were fooled – Sad.

#31 Quote on 11.16.22 at 3:59 pm

Bitcoin is a hedge against inflation and a way to escape the money printing Federal Reserve that is ruled by lizard people and space aliens, says a billionaire crypto scammer.

#32 Crypto is the new Bre-Ex on 11.16.22 at 4:01 pm

People love to invest in stuff that they can’t understand. Not don’t understand. Can’t understand. Big difference.

#33 TurnerNation on 11.16.22 at 4:03 pm

Hi Boss!!

No I may still not return to the office. I have diagnosed, myself, with the following Internet Diseases
Morgellons Disease, Marberg Disease, Long Corvid.

Byeee,
Singed, WFH 4EVER

——

Comrades your new State cell bloc is ready. When you are finished just call the government MAiD service for cleanup Cradle to grave the State will take care of you.

https://www.toronto.ca/news/mayor-tory-announces-opening-of-59-new-permanent-modular-homes-at-540-cedarvale-ave/
The 59 new homes will be studio apartments, each with a kitchen and a bathroom. The new building will also have common amenities for residents including a dining room, a laundry room and programming space, as well as administrative offices and a commercial kitchen that can provide on-site meals for residents.

#34 Jason on 11.16.22 at 4:05 pm

Just saw Justin Trudeau’s new campaign ad:

“I might not know anything about central banks, but at least I don’t push crypto!”

#35 CJohnC on 11.16.22 at 4:05 pm

FTX created money out of thin air. Just like the Fed.

https://wallstreetonparade.com/2022/11/ftx-was-creating-money-out-of-thin-air-like-the-fed-and-trading-its-own-stock-like-the-wall-street-mega-banks-in-their-dark-pools/

And an educational video by the Fed explaining how they do it:
https://www.youtube.com/watch?v=0PmXbTcOVhU

The interesting part starts about the 4min mark.

Assets created by the US central bank are backed by the strongest economy on the planet with government bonds considered risk-free. – Garth

#36 TurnerNation on 11.16.22 at 4:11 pm

#162 IHCTD9 on 11.16.22 at 9:51 am
Yep – The “Rules” and “Mandates” were designed to tear apart and divide the Former First World Countries.

In Kanada Corvid is Life, Life is Corvid. Still. Servitude.

.It’s time to bring back mask mandates in Ontario, says ER doctor (cbc.ca)

.Opinion: It’s that time of year – time to get the masks out (theglobeandmail.com)

.Newfoundland and Labrador making rapid tests widely available for the first time since pandemic began (thestar.com)

— —- MSN article suggesting blood relatives disown each other.
Why our elite rulers are roaring with laughter, they know blood ties and linage is everything.

Why USA had two Bush presidents and a number of Bush Governors.
Two Clintons
In Ontario the Ford Bros. held top mayor and premier jobs.
Two Trudeaus ruling us.
Whose family is on the rear of our coinage?

https://www.msn.com/en-us/lifestyle/lifestyle-buzz/my-kids-are-revolting-against-mean-aunt-ruth-do-they-have-to-talk-to-her-at-thanksgiving/ar-AA143DE9?ocid=entnewsntp&cvid=e7be7b0baeb947829c5bdcd6ca5aba1b
My mom, who lives three hours away and visits for a weekend once a month, did not: she said that she would get the flu shot sometime in the beginning of November and was silent about the bivalent booster. Recognizing the evasion, I asked if she had plans to get the booster and she said that she did not. So I said, “It’s your body and your decision. We’ll see you at Christmas, when our daughter is old enough to be vaccinated herself.” This did not persuade her—she has canceled her next planned visit.

#37 Dazed & CONfused on 11.16.22 at 4:12 pm

I believe PePe has abandoned Bit Coin, and is now pumping Bitumen Coin as the saviour to all Canadians.

#38 Billy on 11.16.22 at 4:13 pm

Why = Human Nature.

#39 Charity on 11.16.22 at 4:14 pm

I commented twice today and neither posted. What’s up Garth I don’t think I’ve ever been on the bad list?

Did you take the urine test? – Garth

#40 Lee on 11.16.22 at 4:18 pm

Teachers lost 1/2500 of its asset value on FTX. It probably did o.k. on its total TVG platform though. I think it looks at the platform like an ETF – as long as it is up over all, a win is a win.

#41 cuke and tomato picker on 11.16.22 at 4:18 pm

Maybe we have low understanding of investment
vehicles so we did not comprehend crypto so we i
ignored it. We were at a strata bbq and the cool dudes
were all into crypto and about how good it was going to be. They are looking a little sheepish and their mode of travel for work etc is e bike good for the planet.

#42 alexinvestor on 11.16.22 at 4:19 pm

That’s why people “invest” in houses. It’s solid, they can touch it, and it’s not walking away. There are 2 houses on my street (< 10 years old) that haven't been occupied for a while. The owners don't even care to have tenants. Capital taxes ? They don't care because they aren't selling. What's really needed is to change the real estate tax to something more like a land tax (based on land, not buildings). But ain't happening … too many entrenched interests.

#43 Penny Henny on 11.16.22 at 4:27 pm

#177 Dr V on 11.16.22 at 11:49 am

As far as the blog goes, maybe I’m finally noticing how angry some posters are.

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

Bingo!

#44 earthboundmisfit on 11.16.22 at 4:29 pm

“Do they not have a fiduciary duty?”

Of course they did. And a breach of that duty constitutes misfeasance/malfeasance/non-feasance (your choice).

I’d be calling the board of directors E&0 insurers. The suits will make out like bandits.

#45 theoryAndPractice on 11.16.22 at 4:35 pm

How could smart professional pension plan managers be dumb enough to tie the retirement assets of their clients to such a make-believe donkey? Do they not have a fiduciary duty? -GT

—-

What if one get incentive to bring money in?

#46 Faron on 11.16.22 at 4:39 pm

#30 The Great Gazoo on 11.16.22 at 3:46 pm

must be pulling in 100’s of thousands of suckers.

AKA exit liquidity. Elon Musk does this regularly when he needs to sell shares in Tesla or scam people into buying Doge. Except in his case all he has to do is tweet something like “new OTA update bringing FSD from 10.420.68 to 10.420.69.” All the Teslemmings rush to buy shares, price pops and he sells right into it. DGAF about anything but money and fame.

#47 Damifino on 11.16.22 at 4:42 pm

#16 Timmy

I wonder how much Cryptoman Skippy Polievre has lost.
—————————–

Probably very little or none. Although it was a bit dumb for him to endorse it. He’s probably too smart to have actually owned any significant amount.

#48 16th century investor on 11.16.22 at 4:45 pm

If you had bought Toronto real estate in 1555 the lb of shells & beaver pellets you exchanged for the transaction would have been worth millions today!

#49 Bitcoin is on sale! on 11.16.22 at 4:48 pm

This oddly comes just as the central banks are launching their own “trusted” CBDCs…

Buy the bitcoin dip!

#50 Hyperbole on 11.16.22 at 4:51 pm

The Ontario Teachers Pension Plan took a position that’s less that 1 percentage point of its assets. I fail to see how this is life altering for the teachers or the fund. I mean, this is less than what most money managers charge as a fee.

As for the crypto drawdowns: companies like Amazon have been down as much as 90% and look where it is now. Amazon is built on this “nothing”you refer to. I call this nothing computer code and it will put to pasture many investment shops.

Does this mean I am a crypto fan? Nope. I am just not biased. I manage my crypto position to 2%. If it goes to zero, no sweat. But when it goes up, it does it in a “convex” manner. Google “convex”.

You can diddle all you want with your own money and try to justify the results. But those entrusted to manage the retirement funds of clients must adhere to a higher standard. There is no excuse. – Garth

#51 Ronaldo on 11.16.22 at 4:52 pm

Yes. I recall the BreX scam in 97 and 5 years later the Nortel scam. Pension funds got caught on these two including the Fund company I was using at the time for investing and our own company pension plan. I recall the reps of the fund company that was handling our pension funds gloating at how well they had done by buying into Nortel. Wasn’t long after it was worth zero. Makes you wonder what kind of due diligence these fund managers did. Luckily they were only allowed to have a small percentage of the stock in the funds so the hit was negligible.

#52 NOSTRADAMUS on 11.16.22 at 4:56 pm

CRYPTO, JUST ONE MORE NAIL IN THE COFFIN.
Sure, the Crypto crash wiped out a few fool’s but the big hurt is coming for those who speculated in high end real estate. You may even know a few, the ones’ who bought and sold numerous times and moved up the real estate ladder, all the while aided and abetted by ever increasing leverage. Sadly, the escalating rise in interest rates has brought this speculating adventure to an abrupt end. In a downturn such as the one we are experiencing today, high end real estate will be found to be extremely illiquid. If you don’t want it and it’s not needed it could almost be valueless. Harsh words you say. The hard truth a lot of people are about to learn is that uncertainty rules during a financial crisis and liquidity dry’s up. Cash can rapidly become a king. Anyone who has done a lot of negotiating will agree to is this, the one word people don’t want to hear is “IF”
Another sadly, banks have a way of failing us when we need them the most and that is a big part of why liquidity is generally the first casualty in a financial crisis.
One more sadly, If you think high end real estate is in for a rough ride, you can thank your lucky star you only own one high end property, not multiple. An extra sadly for those who like sad tales, I can’t even imagine the sleepless night’s the commercial real estate sector is experiencing. The reality is the banks have only started to tighten the screws. Don’t shed too many tears for the crypto crowd, save them for the people who worked their ass off and are now watching their dreams slowly die. I am just a fly on the wall taking you behind the scenes.

#53 David on 11.16.22 at 4:57 pm

Gold and other hard assets will benefit as crypto has been stealing gold’s lustre for some time now

Miners are on sale, good time for a trade position

#54 Ronaldo on 11.16.22 at 5:01 pm

Shades of the Dot.Com bubble. Remember it well.

https://en.wikipedia.org/wiki/Dot-com_bubble

#55 Linda on 11.16.22 at 5:01 pm

Yes, the ever so safe, never failing public pension sector – because, you know, its ‘backed by taxpayer dollars’. In Alberta, AimCo managers decided on a risky VOLTS strategy back in 2019 which saw a loss of $2.1 billion, mostly from the Heritage Trust Fund but some of which came out of public sector pension funds. Were those who made the risky bet censored? Nope. Not only did the UCP government pass legislation that forced the public sector pension plans to keep AimCo as their fund managers even if their performance was poor, but they forced the Alberta Teacher’s under the same umbrella. As for the Heritage Fund, well sorry there, taxpayers. Departing AimCo staff received some $3.6 million in severance, despite the less than stellar showing. In 2022, another AimCo investment triggered another $1 billion+ dollar loss from public pension plans – which by Alberta law, are specifically NOT backed by taxpayers, so the loss would be taken by plan members alone. That was the investment into Vue, an entertainment venture. AimCo was not alone in losing money. The Vue losses were blamed on the departing AimCo CEO – who was given some $10 million in severance.

Way back, eyeballs popped when our pension fund let it be known that it had recently divested itself of its stake in Bre-X. For those who may not have heard of it, this was a wonderful example of a swindle carried out on a grand scale. There were sighs of relief when we realized our pension fund had divested before the balloon went up. I think the fund divested in time to at least get out the original investment amount. So a win, given that a lot of investors lost everything they put in.

#56 crowdedelevatorfartz on 11.16.22 at 5:09 pm

China’s leader gave Trudeau a verbal smack at the G20

https://www.reuters.com/world/chinas-xi-confronts-canadas-trudeau-g20-summit-over-leaks-media-2022-11-16/

#57 Faron on 11.16.22 at 5:09 pm

The FTX “investment” is best viewed as an options play. Cheap insurance against being left behind in case of a melt-up. This brings to mind the question: do pension funds buy options? I would assume purchasing and continually rolling OTM index puts would be acceptable practice to protect against black swan events. If pension funds do that, wouldn’t the potential convexity, at a somewhat low price, be acceptable risk? Also, what matters in the end is overall fund performance. If that is in order, who cares? Do you ever hear about the plays that go deep green? Doubt it. Not a great look, but non-issue IMO.

Much more egregious was the Alberta fund’s short vol bet that went south during the COVID induced vol spike. A pension fund should never be exposed to downside convexity.

#58 Ponzius Pilatus on 11.16.22 at 5:13 pm

#167 Ihtcd9
Indeed, born in Canada but the cheap NLD genes live on. Ms. IH has exactly zero interest in hot sandy beaches believe it or not. She’d much rather go to Europe.
————————
Same here.
Beaches and burning sunshine, boooring.
Shrivels your brain.

#59 Steerage on 11.16.22 at 5:19 pm

#55 Linda on 11.16.22 at 5:01 pm

Yes, the ever so safe, never failing public pension sector – because, you know, its ‘backed by taxpayer dollars’. In Alberta, AimCo managers decided on a risky VOLTS strategy back in 2019 which saw a loss of $2.1 billion, mostly from the Heritage Trust Fund but some of which came out of public sector pension funds. Were those who made the risky bet censored? Nope. Not only did the UCP government pass legislation that forced the public sector pension plans to keep AimCo as their fund managers even if their performance was poor, but they forced the Alberta Teacher’s under the same umbrella. As for the Heritage Fund, well sorry there, taxpayers. Departing AimCo staff received some $3.6 million in severance, despite the less than stellar showing. In 2022, another AimCo investment triggered another $1 billion+ dollar loss from public pension plans – which by Alberta law, are specifically NOT backed by taxpayers, so the loss would be taken by plan members alone. That was the investment into Vue, an entertainment venture. AimCo was not alone in losing money. The Vue losses were blamed on the departing AimCo CEO – who was given some $10 million in severance.

Way back, eyeballs popped when our pension fund let it be known that it had recently divested itself of its stake in Bre-X. For those who may not have heard of it, this was a wonderful example of a swindle carried out on a grand scale. There were sighs of relief when we realized our pension fund had divested before the balloon went up. I think the fund divested in time to at least get out the original investment amount. So a win, given that a lot of investors lost everything they put in.
..

Great stuff!!.. and now Smith has them definitely pursuing starting an Alberta version of CPP.. so AIMCo can mismanage even more money… AIMco’s 10 yr performance has been horrible…. hands off.. it’s not your money!

#60 Linda on 11.16.22 at 5:22 pm

#137 on 15/11/2022: there is a bit of mythos about the ‘tax free benefits’ of home ownership. First of all, there are taxes associated with home ownership. The universal tax of property taxes. GST charged on new builds. Land transfer taxes, which are not (as yet) universal in Canada but give it time. This very blog mentions the investment cost of purchasing over renting.

Further, until a sale is successfully concluded any estimated ‘gain’ is just that – an estimate. Which might or might not be realized. Currently, there are not a few recent home buyers who are – also as per this blog – in a deficit situation. Maybe it will swing back to the ‘You’re a Winner!!!’ meme which held sway prior to the party crashers inflation & higher mortgage rates, but at the moment looks like those party poopers are going to stick around for a while. So if government did impose a tax on capital gains, would not those plummeting RE values potentially see that tax harvest become a river of red capital losses? Would any legislation to allow the taxing of those capital gains also allow the losses to be written off?

Capital gains losses are not ‘written off’ taxable income but can be used to offset realized capital gains. – Garth

#61 Søren Angst on 11.16.22 at 5:24 pm

Thanks for the big cat photo today Garth.

Didn’t help with Mr. Market Threadbare Portfolio today, darn. Hopefully a statistical outlier.

Good article for me, informative as are the Comments.

Do not know much about crypto, bitcoin etc. I’m Old School.

—————–

CPI Oct out today. Same as Sept at 6.9%.

Gasoline Sept to Oct +9.2%

https://www150.statcan.gc.ca/n1/daily-quotidien/221116/cg-a002-eng.htm

Everything went up save 1 small low weighted category, Recreation, education and reading.

Transportation went up from 8.7% to 9.5%.

https://www150.statcan.gc.ca/n1/daily-quotidien/221116/cg-a002-eng.htm

Transportation will affect inflation in most of the other categories.

Current BoC Rate not lowering inflation. Higher rate needed, much higher in my view.

#62 Steve on 11.16.22 at 5:27 pm

Bitcoin != Crypto.

With all of crypto going to zero, and bitcoin holding in the 16000 – 18000 range, you have to understand they are not one in the same.

Anyone who does their proper research and due dilly knows this.

Stay away from crypto. Buy bitcoin. Hold your own keys. Run your own node.

Simple.

#63 Tim on 11.16.22 at 5:32 pm

I don’t hate to say I told ya so, and I did tell ya so: https://twitter.com/timbray/status/963115533825527808

#64 Søren Angst on 11.16.22 at 5:32 pm

For the record, link typo …

Gasoline Sept to Oct +9.2%, Table with that data:

https://www150.statcan.gc.ca/n1/daily-quotidien/221116/t001a-eng.htm

————–

#46 Faron

Teslemmings

THAT was good.

#65 Søren Angst on 11.16.22 at 5:41 pm

#39 Charity

Did you take the urine test? – Garth

——————

You know Garth, it amazes me that people Commenting here didn’t know that.

Newbies.

#66 Wrk.dover on 11.16.22 at 5:45 pm

#58 Ponzius Pilatus on 11.16.22 at 5:13 pm
Beaches and burning sunshine, boooring.
Shrivels your brain.
________________________________

The idea is to party with some Red State yahoos that know nothing of Canada, Trudeau, our RE, and hear their stories about what they do for fun.

Good times! Have to change it up for a while.

#67 Fiduciary duty on 11.16.22 at 5:48 pm

The crypto exposure of the Pension Fund is a rounding error. More consequential to the fund and its beneficiaries is the bear market in both stocks and bonds. So, when it comes to fiduciary duty I would be looking for exposure (or lack thereof) to assets that can benefit in regimes where both equities and bonds are in the toilet.

PS: no, I don’t mean preferreds.

#68 Skeptical guy on 11.16.22 at 5:49 pm

Add to the toxic pension investment list anything with ESG or Green Funds in the name. Losing scams.

#69 Faron on 11.16.22 at 5:54 pm

#64 Søren Angst on 11.16.22 at 5:32 pm
#46 Faron

Teslemmings

I can’t take credit for it, but it is true. Any criticism of Tesla will be met with a synchronous set of sulking speaking points and the hurd scurries along.

With all of these bubbleicious “assets” some will make money, others will lemming in at the tippy top (RIP Classic Liberal Millennial w/ ARKK) and a few will have seen a big paper gain evaporate before their eyes as the price keeps on halving quarter after quarter.

Despite my defense of the FTX “investment” above, I see crypto (bitcoin=crypto) as a bubble that will hit much lower values.

#70 Reality is stark on 11.16.22 at 5:58 pm

Is this even a discussion?
If you are a true economist who paid attention to Dr. Kurt Richebacher, Warren Buffet and Nouriel Roubini over the years this is a non-starter.
Give me a break. Are you people really that gullible?
Who cares what Pierre Ding Dong thinks about anything?
As an investor you need to formulate opinions from a variety of venerable sources.
You need to be extremely judicious when betting against the mighty US dollar.
It made sense to short it when “W” was running the show and the Neocons were all about extending the Iraq war for the “motherland”.
It was the underprivileged American kids that got to die for that idiotic cause.
Americans are much brighter now, so don’t bet against legal tender.
Educate yourself and keep your money.
Extremists are idiots so don’t be one.

#71 Fragrant Cookie on 11.16.22 at 5:59 pm

That Larry video actually makes an apt analogy in that Crypto is a very new invention that challenges tradition. Every new invention will be met with these two things:
1) Kinks in execution
2) Naysayers who are comfortable with the tradition way

Kinks are inevitable as no system is perfect from the get-go. Even dogs used to eat humans until we slowly bred some sense into them. I’d say FTX is an example of one way to fail at crypto. But I’m not ready to shun the entire crypto technology and what it can do to advance our society. Let the bad apples fail and serve as lessons that we can all build upon.

That said, pension funds really should not be dabbling in such a new, volatile asset class when they are responsible for people’s retirement income.

#72 Faron on 11.16.22 at 5:59 pm

#49 Bitcoin is on sale! on 11.16.22 at 4:48 pm
This oddly comes just as the central banks are launching their own “trusted” CBDCs…

They will have military might and massive economies behind them. Bitcoin has… well… a bunch of feisty computer nerds with Twitter alacrity and laser-eyed profile pictures. Oh, and a Central American dicttator.

Also, love the use of “CBDC” to virtue signal to your fellow QAnoners.

#73 Domino on 11.16.22 at 6:04 pm

Just numbers …. Personally I think crypto is poopoo.
But high low numbers are just that and don’t always mean what they intend or imply something sinister
For example
A multiple billion dollar company that our teenage kids know Align had gone from about 740 to 200 in the past year
Criminal..no just numbers

#74 BABY'S BUM on 11.16.22 at 6:05 pm

DOTCOM BUBBLE ALL OVER AGAIN!

Amongst the wreckage who are the Google’s and Amazon’s of tomorrow?

Crypto is a bust.

Bitcoin is the king.

#75 Ronaldo on 11.16.22 at 6:11 pm

Bitcoin is an environmental disaster. This should be of great concern to the Greenies and Greta. Talk about a waste of energy.

https://www.afr.com/markets/currencies/academics-debate-bitcoin-as-environmental-calamity-20221005-p5bnce#:~:text=According%20to%20the%20peer%2Dreviewed,mine%20coins%20over%20the%20period.

#76 Midnight’s on 11.16.22 at 6:23 pm

What’s that quote?
Oh yeah, birds of a feather flock together.

https://www.dailymail.co.uk/news/article-11434835/President-Xi-humiliates-Trudeau-caught-camera-tearing-strips-Canadian-PM.html

#77 devore on 11.16.22 at 6:24 pm

#15 JR

First of all, if you’d bought bitcoin at 10K and sold at 60K you’re a winner. Garth is just handpicking his example

January 2022 – About 5.7 million bitcoins in circulation, or 30%, are underwater

May 2022 – 40% of holders are now underwater

September 2022 – roughly 50 percent of Bitcoins are below the price people paid

That’s hardly handpicking.

#78 Summertime on 11.16.22 at 6:24 pm

#61 Søren Angst on 11.16.22 at 5:24 pm

Current BoC Rate not lowering inflation. Higher rate needed, much higher in my view.

Isn’t the Central banks ‘fight with inflation’ talk not a sham as well?

We see that CPI is not going away, if we look at real inflation which IMHO is much higher than the ‘official’ CPI it gets scary, and rates are at sub-4 %, indicating that it won’t go much higher?

And that is somehow good and reassuring that inflation is under control?

It seems that we somehow are starting to see increase in the velocity of money, due to the fact that the true scale of inflation is finally recognized.

The central bank actions are pathetic, rates should have been in double digits already as it was in the 80-es.

Didn’t BOC boss himself say very recently that rates won’t go up for a very long time?

I think he forgot conveniently the word ‘real rates’ in that statement.

So the statement: ‘The real interest rates will stay low/strongly negative for a very long time’ seems suddenly relevant and true.

In fact with strongly negative rates – minus 3.5 % official at the moment, – minus 8-10 % unofficial, BOC is actually reducing the real interest rates at the moment.

And at the end if things could go south with people’s savings as well duet to central bank policies, how is that different than crypto when your purchasing power is wiped out rapidly?

If we average the last 8-10 years, crypto looks suddenly great and shiny as ‘investment’.

Not a crypto proponent, never had any and will not, but give me one reason why I should keep central banks cash vs. highly liquid traditional assets?

Digitalizing central bank currencies without adequate monetary policy/i.e. keeping the debt Ponzi scheme going, combined with strongly negative rates/ will only escalate the flight away to assets.

#79 Nonplused on 11.16.22 at 6:26 pm

Maybe sometimes you can judge a person by their hair cut. Just sayin’.

#80 Søren Angst on 11.16.22 at 6:31 pm

#69 Faron

Been following him for quite some time.

Some of his stuff I like but then there are things he says that makes me shake my head in bewilderment and THEN you read the Reply’s and I conclude this about the bulk of his followers …

Brainwashed Idolatrous Masses.

It’s like every Tweet of his to them is akin to Moses trapezing down the mountain with the Top 10 Commandments for the day.

And to me, he is still unforgiven for trying to break the Twitter deal with flimsy excuses. Not his better self then, that’s for sure.

#81 @J on 11.16.22 at 6:44 pm

SBF just gave a twitter interview. He sure has hurt a lot of people. His responses do not have empathy.

https://www.vox.com/future-perfect/23462333/sam-bankman-fried-ftx-cryptocurrency-effective-altruism-crypto-bahamas-philanthropy

#82 Doing my Part on 11.16.22 at 6:47 pm

Pretty funny, all the people saying losing 100-200 milion dollars not is not a big deal if you have lots more, monetary and reputational damage is not good for business, probably living in their parents basement with Mom doing the laundry.
I wouldn’t invest with anyone selling unicorn farts, especially when the demise was easily predictable, can you say ponzi.
Bitcoin/crypto going to zero, get out while you can.

#83 Jim on 11.16.22 at 6:47 pm

Every time I said crypto was a Ponzi scheme people defended it like religion. Come to think of it, crypto does take faith, has followers, conferences, revival meetings, and I imagine now, prayer.

It depended on new money coming in to give returns to those invested earlier. Kind of like tulips.

#84 Dr V on 11.16.22 at 6:50 pm

Garth in response to blogger ‘Q’@113 yesterday

“Simple. As stated here. End the full capital gains tax exemption on residential real estate or provide equal support to tenants.”
—————————————————

So to end the speculative nature of “investing” in PR real estate, we…..treat like an investment?

Also, wouldnt throwing money at/to renters have a
similar effect as throwing it at homebuyers ie – raising rents?

Ironic.

Too late. Residential real estate is the investment asset of choice for most Canadians. It should be treated as such. If not, stop discriminating against renters and give them the ability to enjoy tax-free gains on investment assets. How would that possibly raise rents? Moronic. – Garth

#85 Monkey shoulder on 11.16.22 at 6:53 pm

if gold loses all its value like crypto, at least we can lick it.

#86 kommykim on 11.16.22 at 6:55 pm

RE: #21 Rook on 11.16.22 at 3:20 pm
How dumb would they have looked if FTX went to the moon, and whoever’s in charge put the kibosh on the opportunity?

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

Classic gambler psychosis. The house always wins in the end.
Hint: You are not the “house”…

#87 Catalyst on 11.16.22 at 6:59 pm

What bothers me most about it is that OTPP does not feel any regret. No consequences. Their official statement read basically as, yeah we take some high risk investments. Some of those wont work out.

Nothing on investing millions in a company with no board or clearly missing very basic diligence items.

Hopefully the power has shifted permanently. We came from an era where a person with nice hair and pitch deck could raise $100MM without any real business and if you asked questions you got left out in the cold. Kinda feels like the RE bidding war era.

#88 AM in MN on 11.16.22 at 7:00 pm

As has been mention here today, and I have several times before, buying Bitcoin and keeping custody of it is like buying any other “property” and keeping custody of it.

PP wants Canadians to have the right to do so, unencumbered by the Govt. preventing them.

If you bought some and haven’t sold, you haven’t lost anything, like any other investment. If you need to keep it as a liquidity option or insurance policy, or for whatever other reason someone might hold property with a high liquidity value, so be it.

This is like owning and holding gold bars vs. owning shares in a gold exchange that is involved in leveraged lending or gambling with client assets (fraud).

This is also why the SEC defines BTC as property, everything else as a security.

Difficult to understand why so many people (like Garth) have difficulty understanding the difference?

BTC will be around for a long time.

So what? It sucks as an investment assets and scores of people have been Hoovered. Way better places to put money. – Garth

#89 CJohnC on 11.16.22 at 7:17 pm

#35 CJohnC

Assets created by the US central bank are backed by the strongest economy on the planet with government bonds considered risk-free. – Garth

Yes and that is the point.

SBF essentially used the same system but backed by nothing. The ultimate scam.

What Sam Bankman-Fried, co-founder and CEO of FTX, did with the help of his colleagues, was to create their own magic money creation tool. It was a crypto token called FTT and was backed by nothing more than the hyped reputation of FTX and Sam Bankman-Fried. In that sense, it traded much like the “stock” of FTX.

And much like the price of debt on Wall Street was levitated by the Fed’s $8 trillion buying binge over a decade, the price of FTT soared through a buying binge by FTX and Sam Bankman-Fried’s own hedge fund, Alameda Research. FTT’s price went from less than $4 in December 2020 to more than $84 in September 2021 – a 2,000 percent gain in less than a year. (And all those sophisticated institutional investors in FTX didn’t find that suspicious?) This morning FTT is trading at $1.61 – despite the fact that some very sophisticated investors in FTX have written down their investment to zero.

CNBC explains what was going on with the FTT token as follows:

“The source explained that Alameda could post the FTT tokens it held as collateral and borrow customer funds. Even if FTX created more FTT tokens, it would not drive down the coin’s value because these coins never made it onto the open market. As a result, these tokens held their market value, allowing Alameda to borrow against them – essentially receiving free money to trade with.

“FTX had been able to sustain this pattern as long as it maintained the price of FTT and there was not a flood of customer withdrawals on the exchange. In the week leading up to the bankruptcy filing, FTX did not have enough assets to match customer withdrawals, the source said.”

Reuters reported that Bankman-Fried had moved as much as $10 billion of FTX customers’ money to his hedge fund, Alameda Research, through a “backdoor” in its software. Alameda lost much of the money on wild bets while $1 billion to $2 billion had just “disappeared,” according to Reuters. The Financial Times reported that FTX held just $900 million “in easily sellable assets” against $9 billion “of liabilities the day before it collapsed into bankruptcy.”

#90 Phylis on 11.16.22 at 7:20 pm

So what will it take for crypto to be deemed illiquid?

#91 jess on 11.16.22 at 7:34 pm

November 15, 2022
Penchukov was named in a 2014 indictment by the U.S. Department of Justice as a top figure in the JabberZeus Crew, a small but potent cybercriminal collective from Ukraine and Russia that attacked victim companies with a powerful, custom-made version of the Zeus banking trojan.

Vyacheslav “Tank” Penchukov, the accused 40-year-old Ukrainian leader of a prolific cybercriminal group that stole tens of millions of dollars from small to mid-sized businesses in the United States and Europe, has been arrested in Switzerland, according to multiple sources.
Penchukov is from Donetsk, a traditionally Russia-leaning region in Eastern Ukraine that was recently annexed by Russia. In his hometown, Penchukov was a well-known deejay (“DJ Slava Rich“) who enjoyed being seen riding around in his high-end BMWs and Porsches. More recently, Penchukov has been investing quite a bit in local businesses.
https://krebsonsecurity.com/2022/11/top-zeus-botnet-suspect-tank-arrested-in-geneva/

background 2008 -Operation Trident Breach why did it fail?
..”After the raids, some Ukrainian officials, who were unhappy with the corruption and leaks happening within the country’s security services, concluded that the 2010 Donetsk raid against Tank and the Jabber Zeus crew failed because of a tip from a corrupt SBU officer named Alexander Khodakovsky.At the time, Khodakovsky was the chief of an SBU SWAT unit in Donetsk known as Alpha team. It was the same group that led the raids for Trident Breach. He also helped coordinate law enforcement across the region, which allowed him to tell suspects in advance to prepare for searches or destroy evidence, according to the former SBU officer who spoke to MIT Technology Review anonymously.
When Russia and Ukraine went to war in 2014, Khodakovsky defected. He became a leader in the self-proclaimed Donetsk People’s Republic, which NATO says receives financial and military aid from Moscow. And Tank’s links to power have not gone away. Enmeshed with the powerful Yanukovych family, which is itself closely aligned with Russia, he remains free. Until now of course.
Computing
Inside the FBI, Russia, and Ukraine’s failed cybercrime investigation

Russia and Ukraine promised to cooperate and help catch the world’s most successful hackers. But things didn’t quite go to plan.
By

Patrick Howell O’Neillarchive page

July 8, 2021
https://www.technologyreview.com/2021/07/08/1027999/fbi-russia-ukraine-cybercrime-investigation-ransomware/

#92 Mr. Wonderful ? on 11.16.22 at 7:38 pm

Back in March and April , Kevin O’Leary was interviewed by several news sources including CNBC (goo
gle it) and said he had 20% of his portfolio in Crypto and Blockchain. Noticed that he’s been a little bit grumpy lately.

#93 Faron on 11.16.22 at 7:41 pm

#80 Søren Angst on 11.16.22 at 6:31 pm
#69 Faron

And to me, he is still unforgiven for trying to break the Twitter deal

Among the TSLAQ, this is called “the realization”. The moment when the illusion of his intelligence and the illusion of the strength of his businesses is lifted or more often shattered.

For me it happened in 2018 when, in short order, he accused the rescuer of the kids stranded in the cave in Thailand a “pedo” (a term that Old Boot uses BTW) then, soon after, tweeted that he was taking TSLA private at a share price of $420. He settled a SEC fraud case in the latter event.

Read this from a well-respected journalist who has followed Elon for some time.

#94 Victor Llearna on 11.16.22 at 7:54 pm

Would be nice if housing prices plummeted in the same devastatingly way as the crypto implosion. Is very nice to see greedy sheep learn their lesson…. schadenfreude, love that word, thanks for teaching it Garth!

#95 Faron on 11.16.22 at 7:58 pm

#90 Phylis on 11.16.22 at 7:20 pm

So what will it take for crypto to be deemed illiquid?

An infinite bid ask spread.

#96 DON on 11.16.22 at 8:02 pm

#24 KingKouros69 on 11.16.22 at 3:30 pm
Garth this is a bit of a disingenuous post.

You know darn well that these exchanges don’t represent Bitcoin and what it stands for. These exchanges are corrupt and greedy and were Ponzi schemes.

All the user had to do was use the exchange to buy the Bitcoin and then immediately transfer to self custody.

When Pierre says he likes crypto … he means he likes crypto … not corrupt exchanges.

***********
It speaks to Pierre’s lack of judgement and jumping on bandwangons shows a lack of experience.

#97 Mr Canada on 11.16.22 at 8:04 pm

Its hilarious how the “experts” from the Teacher’s Pension Plan (guaranteed by the Ont Taxpayer) justify their mistake by commenting their $95 million loss in FTX is “just” .05% of their total investments — treating like its a rounding error….some error…!

#98 Blobby on 11.16.22 at 8:04 pm

LOL : “Pierre Poilievre thinking?”

Have you listened to ANYTHING he’s said over the course of his career?

(Im guessing you have.. And you’re thinking the same as I’m thinking… Quite depressing, I want a Conservative party I can vote for!)

#99 DON on 11.16.22 at 8:12 pm

#7 Youngblood on 11.16.22 at 2:59 pm
Crypto is NOT bitcoin. Completely agree that crypto is full of ponzi scams and shitcoins, all of which are centralized and reliant on organizations ie. FTT, Solana, etc. BITCOIN is completely decentralized and was designed to be tamper proof. YES the price is falling, but the viability of bitcoin fundamentals has not changed. Investment in bitcoin via self-custody is proving to be the only safe way to get exposure. Do your research and learn why crypto and bitcoin are note equal.

*******
The Italian MOB started the numbers racket. The authorities deemed it illegal, shut it down and bought in their own version called the Lottery.

Capisce?

#100 Ponzius Pilatus on 11.16.22 at 8:15 pm

Somehow, when I hear Crypto, I always get this vision of a funeral.

#101 Shawn on 11.16.22 at 8:17 pm

With a name like Crypto, who’d a thunk this would turn out badly?

Dictionary.com says:

cryptic
[ krip-tik ]

adjective Also cryp·ti·cal.
mysterious in meaning; puzzling; ambiguous:
a cryptic message.
abrupt; terse; short:
a cryptic note.
secret; occult:
a cryptic writing.
involving or using cipher, code, etc.

Zoology. fitted for concealing; serving to camouflage.
noun

a cryptogram, especially one designed as a puzzle.

********************************
I read Don Tapscott and his son’s book on Blockchain in 2017. After reading it I did not particularly understand what Block Chain was and I did not think they really knew either.

They said Blockchain was totally private AND totally transparent for all to see. Okay…

BitCoin was limited to 23 million or so coins (Did they forget that fractional reserve landing could be used to expand that infinitely?)

What about the infinite number of other Crypto “coins” that could be conjured from thin air?

ROTFLAMAO (or whatever)

#102 Linda on 11.16.22 at 8:21 pm

#59 ‘Steerage’ – don’t forget the creation of a made in Alberta ARA (Alberta Revenue Agency) – so much for reducing red tape, as Albertans would have to file dual returns, one for Alberta & another at the federal level. While I confess I’m by no means up on what is currently UCP policy – it apparently changes depending on the levels of medication employed – I recall ‘red tape’ as being one of the triggers that produced much foaming outrage. I guess ‘made in Alberta’ makes it o.k.

#103 @J on 11.16.22 at 8:22 pm

Patrick Boyle, a former hedge fund manager and author, has what I think is a nice summary of the FTX debacle. Like Garth, he adds some witty humour to his dialogue. Unlike Garth, he has ads so you have to put up with that. He feels sorry for the retail investor, but asks what the heck were large funds thinking when they decided to invest in FTX.

https://youtu.be/zTFhnpf-IE0

#104 Ed on 11.16.22 at 8:25 pm

So some Greater Fools here that lost most of their money buying Shopify are laughing at others for losing most of their money buying Bitcoin…its the same picture.

#105 the Jaguar on 11.16.22 at 8:26 pm

Holy crap! There really is something to that old expression about life imitating art. Not that anyone else in the rest of Canada cares as you have your own predicaments and challenges, but here in Alberta our newly installed ( not elected )Premier Danielle Smith is taking on the health care system like a bull in a china shop.

Never mind that she fired a revered Chief Provincial Medical Health Officer in the middle of a respiratory crisis, now she wants to roll back successful consolidation of services to community levels ( time warp your mind back to 2008 ), which currently save money and deliver services more seemlessly so her hillbilly supporters can erode public health initiatives. Apparently the needs of the few outweigh the needs of the majority. Good thing there is this thing called ‘Karma’.

I found this video of her strategy on Youtube.
https://www.youtube.com/watch?v=YEJ_g3NXYac

#106 Bitcoin Bros on 11.16.22 at 8:26 pm

You’re about to get 8 million comments from the BTC bros saying how BTC is ‘different’ and that if you don’t own it you don’t understand it and furthermore, not owning it means you are doomed to a life of penury and starvation.

I’ve never seen anything that required so many pumpers to stay afloat.

Relax BTC bros, if it’s any good you don’t need to scream at everybody. You should just keep buying it cheap and keep quiet.

Right?

#107 That Guy on 11.16.22 at 8:33 pm

Okay Dogs, who here has a bitcoin mining machine for sale? When folks are crying it’s time to be buying!

#108 PeterfromCalgary on 11.16.22 at 8:42 pm

Cryto is all based on greater fools paying more for it later. The supply of greater fools is finite which is why every Ponzi scam eventually crashes.

#109 Doug t on 11.16.22 at 8:53 pm

#85 monkey shoulder (nice scotch)

Actually my gold coins have a delicious chocolate center

#110 Steven Rowlandson on 11.16.22 at 8:57 pm

Frankly Garth I always thought there was something wrong with cryptos right from the start, but I am surprised the governments didn’t quash the whole thing as soon as they could hear of it. It is an infringement on sovereign power to create the official currency is it not?

#111 Store Offline on 11.16.22 at 9:00 pm

I got in on the first bubble, which was bigger when compared with the Dutch tulip bubble as the greatest bubble in history – but that was 2018.

Crypto crashed and then jumped 3 times higher than the previous mother of all bubbles during the pandemic, only to implode again to present day valuations, which sits at the peak of the last bubble in 2018.

I was on both QuadrigaCX (run in part by an ID theft expert from the US) and Einstein exchange (touted by fintec Lawyer Duhame as legit) – both Vancouver, BC based. Both magically disappeared.

And now defunct. Any money on these exchanges gone.

This is rule #1 – don’t store money/crypto on a crypto platform.

I had about 2k of ETH on Einstein that I could not get out 3 months before they collapsed. They would not return calls, emails, tweets, nothing.

And it all followed the same pattern. Valuations skyrocketed and then collapsed, and with the collapse of valuations came whooooops we don’t have as much money as we do deposits and you get a run and that is it. Bye. System freezes while owner stuffs suitcase and gets on a plane to go disappear on vacation.

When I contacted the BC Securities Commision in 2020, they said Crypto/Einstein is unregulated and therefore can do whatever they want and that I will never see my money again, but I could file a civil lawsuit against the operator (technically still a contract of owed money). Then I contacted a good lawyer who told me unless it is a lot of money involved not to bother.

So, I basically lost 2k and never heard about anyone ever being charged.

Einstein funds basically disappeared at the discretion of the owner/operator who is probably filthy rich.

Anyways, this goes back to the fact you should always store your crypto offline on your own device and you will never have issues with not being able to withdrawal and/or see your money disappear.

Not regulated = no insurance = lawyers not interested as there is no money to find (even creditors supposedly could not collect anything but a few office chairs from Einstein).

So that is my dumb and dumber experience.

But this begs to question – how can pension funds be investing pension money in this unregulated stuff?

It is unregulated! And licensed money managers are pursuing this?

1 million+ creditors are looking for FTX money. Good luck!

I love crypto for personal gambling, but unless regulated, institutional money should not be flowing into it.

Head of the teacher pension plan should be fired if not jailed over this.

#112 Ponzius Pilatus on 11.16.22 at 9:02 pm

Mertro and Loblaw are reporting higher earnings.
Seems like the consumers are bearing the brunt of inflation.
Think about that before you buy the overpriced head lettuce.

#113 What the Fed Wanted on 11.16.22 at 9:07 pm

How much you wanna bet the Fed lets this implode and then moves in to take over the industry. Too many funny actors side stepping sanctions.

You ever see that netflix documentary Trust No One: The Hunt for the Crypto King who lived in Vancouver, BC?

The gripping documentary follows a group of Bitcoin investors who lost their money after the strange death of Gerald “Gerry” Cotten, founder of the cryptocurrency company QuadrigaCX. His death triggered some serious conspiracy theories, the disappearance of $250 million and an unofficial investigation into the nature of virtual currency.

The money was never recovered.

#114 Sail Away on 11.16.22 at 9:15 pm

As uncle Warren said at this year’s AGM, he wouldn’t pay $25 for all the bitcoin in the world.

As Shawn says: Always assume Buffett is right.

Follow the best and the brightest to success: Warren, Charlie, Elon, Garth. We all have free choice to tie our wagons to those who have a demonstrated long-term history of success. Crypto has not done this.

#115 Ponzius Pilatus on 11.16.22 at 9:41 pm

#114 Sail Away on 11.16.22 at 9:15 pm
As uncle Warren said at this year’s AGM, he wouldn’t pay $25 for all the bitcoin in the world.

As Shawn says: Always assume Buffett is right.

Follow the best and the brightest to success: Warren, Charlie, Elon, Garth. We all have free choice to tie our wagons to those who have a demonstrated long-term history of success. Crypto has not done this.
——————————
Warren, Charlie, Elon, Garth.
Sneaky Sailo.
Tried to sneak one in.
Can you find the one that does not fit the pattern.
Tip: Starts with E.

#116 Vancouver Keith on 11.16.22 at 9:43 pm

There’s always something new under the sun. Remember cannabis, where the penny stock hypesters started a company and sold out when their license to grow was approved.

Canopy Growth (WEED) went from a penny stock to over $70 per share the week Justin legalized cannabis. It recently traded below $4. Legalization and hype are one thing, growing quarterly earnings are something entirely different. Tech stocks, cannabis, psychedelics, crypto – there’s always the next big thing. It can be a great speculation, but in the long run it needs to be a real ongoing business.

Crypto has a long way to go to fulfill the definition of money. Along the way, it will attract the outlaw and libertarian element but for now it shows the value of (gasp) the stability and regulation of sovereign currency and our fuddy duddy Canadian banking system, which lives to crank out dividends for centuries.

#117 VladTor on 11.16.22 at 9:45 pm

#50 Hyperbole on 11.16.22 at 4:51 pm

…But those entrusted to manage the retirement funds of clients must adhere to a higher standard. There is no excuse. – Garth

_______________

Garth, you seem to be talking about emotional standards.
There are no standards that prohibit an investment fund from buying crypto currency. While crypto was growing up, everything suited everyone. When the crypto exchange went bankrupt… well, it’s a market.
It makes no difference if, for example, Amazon, whose shares they would have bought, went bankrupt.

Everything else is just talk.

#118 crowdedelevatorfartz on 11.16.22 at 9:45 pm

@#109 Doug t
“Actually my gold coins have a delicious chocolate center”

+++++

Bite coin?

#119 crowdedelevatorfartz on 11.16.22 at 9:53 pm

Polls indicate Canadians are worried about housing when Canada increases immigration…..

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiB2fLcmrT7AhWHAzQIHZKhDAQQFnoECAkQAQ&url=https%3A%2F%2Fwww.cbc.ca%2Fnews%2Fcanada%2Fimmigration-housing-fears-economy-construction-labour-shortage-targets-1.6641463&usg=AOvVaw172xNhedJMrRBNHn-ozgjh

Trudeau wants it.
Trudeau gets to wear it.

#120 miketheengineer on 11.16.22 at 9:56 pm

Paul #3 – Loss of jobs at Adient.

Masco Canada was hiring hourly and salary. To those guys who need a paycheck before xmas, please check out Masco Canada, St. Thomas location. Lots of openings. Pay, bonus, full benefits, etc.

Good luck to all those people…may God watch over you during these challenging times

Michael

#121 IHCTD9 on 11.16.22 at 10:13 pm

#58 Ponzius Pilatus on 11.16.22 at 5:13 pm
#167 Ihtcd9
Indeed, born in Canada but the cheap NLD genes live on. Ms. IH has exactly zero interest in hot sandy beaches believe it or not. She’d much rather go to Europe.
————————

Same here.
Beaches and burning sunshine, boooring.
Shrivels your brain.

——-

I could do a beach, for an afternoon…

If we ended up in Germany, Cologne Cathedral would be #1 on the list. Just something about a structure that was being built before North America was even on the map. I’d likely be humbled just by the age of everything in Europe, so much history.

Undoubtedly the sausage and beer would be top notch as well.

#122 DJT on 11.16.22 at 10:23 pm

Great buying opportunity for BTC here, anywhere around $10K USD, and Doge under 10 cents.
Your welcome.

#123 Bubbles on 11.16.22 at 10:28 pm

Well done. Crypto is a joke. I warned all my meatball friends.
But your too optimistic about the stockmarket next year.
I saw the downturn and cashed up Jan.
I don’t have time to write. But I’m rarely wrong.
Thanks for your input TI. It’s a great asset to my desicion making.

#124 Faron on 11.16.22 at 10:30 pm

#107 That Guy on 11.16.22 at 8:33 pm
Okay Dogs, who here has a bitcoin mining machine for sale? When folks are crying it’s time to be buying!

Current prices don’t support mining — energy is too much and the mined Satoshis not worth enough.

#125 Historic Ponzi on 11.16.22 at 10:32 pm

The whole crypto/nft mania will go down as the biggest ponzi of all time (until now, there will be another one later).

There are 2 reasons this one is so large:

1) it is being bought into by people all over the world, a target market of 8 billion. Other Ponzis tended to be more localized.

2) it is being fed by the $20 – $30 Trillion that was pumped into the world economy over a 2 year period.

The fact that it is imploding so slowly tells you there is still a massive amount of liquidity flowing around the world. There’s $2T alone in the US banking system that’s having trouble finding a home.

Get you 2 year supply of popcorn ready, it’s going to be quite a show.

#126 AM in MN on 11.16.22 at 10:34 pm

So what? It sucks as an investment asset and scores of people have been Hoovered. Way better places to put money. – Garth

—————————————————

That’s a different argument than suggesting that it might go to zero.

Property is property, the market determines its value. In the case of BTC, one of the few truly free, non-controlled global market assets, if you like that sort of thing.

Much like why Buffet never holds gold, it doesn’t produce wealth, but many others around the world do hold gold, which does have other uses.

Again, holding physical gold is very different than owning shares in a corrupt gold trading house. It helps to understand the difference.

#127 Sail Away on 11.16.22 at 11:10 pm

#115 Ponzius Pilatus on 11.16.22 at 9:41 pm
#114 Sail Away on 11.16.22 at 9:15 pm

Follow the best and the brightest to success: Warren, Charlie, Elon, Garth. We all have free choice to tie our wagons to those who have a demonstrated long-term history of success. Crypto has not done this.

—————

Warren, Charlie, Elon, Garth.
Sneaky Sailo.
Tried to sneak one in.
Can you find the one that does not fit the pattern.
Tip: Starts with E.

—————

True, Elon could be relaxing in the type of comfort $100B can provide but is instead working 16 hours a day while sleeping on a cot at the Twitter HQ.

Even among the best of the best, there are outliers.

#128 Waystar Royco Shareholder on 11.16.22 at 11:15 pm

Interesting that crypto investors think that losing $200m or 100% of an FTX investment isn’t that big of a deal becasue its not a large weighting in the portfolio, which really means the loss is offset by traditional investments!

It’s $200,000,000! A 100% loss!

Par for the course with crypto I guess when losing 100% somehow isn’t that bad

#129 SoggyShorts on 11.16.22 at 11:29 pm

#88 AM in MN on 11.16.22 at 7:00 pm
“If you bought some and haven’t sold, you haven’t lost anything”
***************
Are we ignoring opportunity cost?

#130 Ponzius Pilatus on 11.16.22 at 11:40 pm

123 SoggyShorts on 11.16.22 at 11:29 pm
#88 AM in MN on 11.16.22 at 7:00 pm
“If you bought some and haven’t sold, you haven’t lost anything”
***************
Are we ignoring opportunity cost?
—————————-
Yep.
The old opportunity cost.
Always neglected and ignored.
Never asked for a dance.

#131 Faron on 11.16.22 at 11:56 pm

#115 Ponzius Pilatus on 11.16.22 at 9:41 pm
#114 Sail Away on 11.16.22 at 9:15 pm

Follow the best and the brightest to success: Warren, Charlie, Elon, Garth. We all have free choice to tie our wagons to those who have a demonstrated long-term history of success. Crypto has not done this.

—————

Warren, Charlie, Elon, Garth.
Sneaky Sailo.
Tried to sneak one in.
Can you find the one that does not fit the pattern.
Tip: Starts with E.

Woops, looks like we induced a lemming to scamper cliffward. Ploy # one is often situating Elon among known luminaries. Steve Jobs is frequently a posthumous comparison.

———–

#123 Sail Away on 11.16.22 at 11:10 pm

Working 16 hours a day while sleeping on a cot at the Twitter HQ.

This sounds kinda fakshual. I’m wondering, can you send us a link that has a reliable source of this info? I know facts and logic and stuff is important for you, so should be easy?

Doubtful tho ’cause we have this:

https://twitter.com/ElonJet

Showing that he has been anywhere but Twitter HQ. Head tweep, who demands his workers return to office, can’t stand being in an office. Hard to when he has to defend himself in yet another misdealing case.

This is how delusional the Muskateers are. Kinda makes it hard to trust their judgement.

Oh, Artemis launched successfully. Embarrassed lemmings silent. Their lil fingers in their ears. Whistling toward the cliff.

#132 Ponzius Pilatus on 11.16.22 at 11:59 pm

121 IHCTD9 on 11.16.22 at 10:13 pm
#58 Ponzius Pilatus on 11.16.22 at 5:13 pm
#167 Ihtcd9
Indeed, born in Canada but the cheap NLD genes live on. Ms. IH has exactly zero interest in hot sandy beaches believe it or not. She’d much rather go to Europe.
————————
Same here.
Beaches and burning sunshine, boooring.
Shrivels your brain.
——-
I could do a beach, for an afternoon…
If we ended up in Germany, Cologne Cathedral would be #1 on the list. Just something about a structure that was being built before North America was even on the map. I’d likely be humbled just by the age of everything in Europe, so much history.
Undoubtedly the sausage and beer would be top notch as well.
———————————-
Cologne Cathedral, right at the river Rhine, the largest river in Germany.
This summer it almost dried out. Not the same vista without the magnificent river.
Also very close to the Cologne Main Station.
Many magnificent Cathedrals in Europe.
Probably would take a year to see them all.
Cologne is very close to the Dutch border.
A few hours away from Amsterdam, a must see IMO.
Don’t worry about language issues.
The Dutch speak by far the best English in Europe.
(Incl. Britain, haha).

#133 DON on 11.17.22 at 12:07 am

#129 SoggyShorts on 11.16.22 at 11:29 pm
#88 AM in MN on 11.16.22 at 7:00 pm
“If you bought some and haven’t sold, you haven’t lost anything”
***************
Are we ignoring opportunity cost?

*************
Not only that…I bought during the dot.com and held till it went to ZERO thinking it would regain lost ground. If you buy an investment that goes from rags to riches overnight it can easily reverse unless backed by value.

Every generation gets their own bubble lessons.

#134 Diamond Dog on 11.17.22 at 12:28 am

#19 Not a crypto guy on 11.16.22 at 3:18 pm

Not a hard leap, just watch Pollievre’s Crypto video’s. Pierre is a populist man of the people, talking up Crypto as an inflation hedge while sucking on a Hookah looking wise and cool (7 months ago, this look hasn’t aged well):

https://www.youtube.com/watch?v=1ZyIjPFOFis

#135 Janice Bergen on 11.17.22 at 2:52 am

Xi’s blunt condemnation of what he perceived as a sleazy move by Trudeau leaking confidential dialogue is now on ” heavy rotation” in Asia’s prominent English media, CNA Singapore.

The petty leaking was one thing but the news feed shows a petulant Trudeau rudely interrupting time and time again. XI is a powerful leader , Justin has made a huge error in judgement.

This follows a pattern. You’ll remember of how angry Trump was when Justin insulted the American delegation behind Thier back when Justin imagined them being “out of Canada’s airspace”. This is ten times worse than that.

Canada has taken another “own goal” loss here on the world stage this time. That’s what seperates this incident from the previous American gaffe. The footage being shown is of XI turn his back abruptlty and a lost look on Trudeaus face before storming off through a stage exit . C’mon Liberal Party. What’s going to be the state of affairs for your future leader!

#136 Charity on 11.17.22 at 3:49 am

Did you take the urine test? – Garth

Yes?!? And the blue pill offered by Morpheus also. I think I might have failed. Lol

#137 Charity on 11.17.22 at 4:06 am

#65 Soren Angst aka Dolce
#39 Charity

Did you take the urine test? – Garth

——————

You know Garth, it amazes me that people Commenting here didn’t know that.

Newbies.

————
Oh Dolce I’ve been here since 2008 pre smokey I just choose not to comment and blow hot air like Faron et al and make it look like I know everything all the time on every subject. (I have my questions as to whether he is the old Sean from back in 2014ish that everyone used to banter/slam with the same way)
For the record I asked what’s the diff… crypto, etf preferreds all down. The GIC crowd seem to have some advantage especially over the last year even if you include taxes.
I submitted it twice hence my question. However the almighty Dog asked a legit question so I find it amusing. Btw been a while since you did an expose on living in Italy for the blog dogs maybe you can convince Garth to allow for another post?

#138 Bitcoin is on sale! on 11.17.22 at 4:33 am

#72 Faron on 11.16.22 at 5:59 pm

#49 Bitcoin is on sale! on 11.16.22 at 4:48 pm
This oddly comes just as the central banks are launching their own “trusted” CBDCs…

They will have military might and massive economies behind them. Bitcoin has… well… a bunch of feisty computer nerds with Twitter alacrity and laser-eyed profile pictures. Oh, and a Central American dicttator.

Also, love the use of “CBDC” to virtue signal to your fellow QAnoners

——————-

“Military might” is irrelevant. Bitcoin is decentralized and they are powerless to shut it down.

I will never use a central bank digital currency. There are millions of us. What are you going to do, send us all to the gulags? Pfft, you can’t even enforce mask mandates.

#139 Ramalamadingdong on 11.17.22 at 5:38 am

I’m thinking of buying physical Crypto & BTC coins and NTFs with monkey faces to laminate into table tops in my favorite bar as conversation starters. I’m thinking a penny per kilo, depending on current market conditions and the location of SBF, you pick up the shipping. Let me know. What ever happened to all those tulip bulbs and giant south sea pearls anyway? Same with crypto coins?

What should freak the pension funds is that SBF was financing a personal brothel in the Bahamas. Have you seen this guy? A normal person might vomit at the thought.

Do you think the pensioners are happy to hear that? Boy, that’s what they call “getting screwed”. How many countries don’t have an extradition treaty with the USA and allow personalized prostitution?

#140 crowdedelevatorfartz on 11.17.22 at 8:13 am

@#131 faron
“Oh, Artemis launched successfully. Embarrassed lemmings silent. Their lil fingers in their ears. Whistling toward the cliff.”

+++
Finally Launched would be a better summation.
4 YEARS behinds schedule.
$8 BILLION over budget.
Proving once again that what ever the govt does.
The private sector can do cheaper and faster.

SpaceX and Starship have been held up by NASA and FAA inspections until Artemis launched ( something about stealing NASA’s political thunder I suspect. A huge yawn in the media.).
Now that the Artemis 50 year old tech has lifted off.
Let’s see what Starship does over the next few weeks and months shall we?

#141 Sail Away on 11.17.22 at 8:35 am

#131 Faron on 11.16.22 at 11:56 pm
#115 Ponzius Pilatus on 11.16.22 at 9:41 pm
#114 Sail Away on 11.16.22 at 9:15 pm

Follow the best and the brightest to success: Warren, Charlie, Elon, Garth. We all have free choice to tie our wagons to those who have a demonstrated long-term history of success. Crypto has not done this.

—————

Woops, looks like we induced a lemming to scamper cliffward. Ploy # one is often situating Elon among known luminaries. Steve Jobs is frequently a posthumous comparison.

———–

#123 Sail Away on 11.16.22 at 11:10 pm

Working 16 hours a day while sleeping on a cot at the Twitter HQ.

—————

This sounds kinda fakshual. I’m wondering, can you send us a link that has a reliable source of this info? I know facts and logic and stuff is important for you, so should be easy?

Doubtful tho ’cause we have this:

https://twitter.com/ElonJet

Showing that he has been anywhere but Twitter HQ. Head tweep, who demands his workers return to office, can’t stand being in an office. Hard to when he has to defend himself in yet another misdealing case.

This is how delusional the Muskateers are. Kinda makes it hard to trust their judgement.

Oh, Artemis launched successfully. Embarrassed lemmings silent. Their lil fingers in their ears. Whistling toward the cliff.

—————

Fine, you hate Elon. Your opinion is abundantly clear. You are entitled to your opinion.

I, and millions of others, view his accomplishments with amazement and wonder. Our opinion is that we are privileged to live in the same era with a person of such drive and ingenuity.

Opinions, eh? Ridiculing others’ ideas may not be the win you think.

#142 Bill zufelt on 11.17.22 at 8:47 am

I bought $5000 worth of Bitcoin(risk capital) in November 2018 when it was $8200. It’s now $22,000 so I’m okay. Banks and everything are still getting into the technology so it just isn’t going away—get used to it.

#143 the Jaguar on 11.17.22 at 8:48 am

NP Snippet: ( What will it take for governments to acknowledge that homelessness is not simply a housing issue, but primarily a mental health and addiction issue? )

“‘You’ve been spending billions of dollars to fight homelessness and you don’t even have the data to know if it works or not . … Why are you not more apologetic?”

The reporter grilling Housing Minister Ahmed Hussen was voicing a frustration that will be felt by any taxpayer who takes the time to read the auditor general’s latest report into chronic homelessness. Between 2019 and 2021, the program spent $1.36 billion. Yet the departments told the auditor general they did not have up-to-date information to determine whether the program was working. “

#144 Quintilian on 11.17.22 at 9:42 am

#138 Bitcoin is on sale! on 11.17.22 at 4:33 am

Bitcoin has been on sale since November 08, 2022, and no end in sight.

And the only greater fools seem to have bought the ridiculous notion such as:

https://solberginvest.com/blog/can-bitcoin-reach-one-million/

It is worth nothing, it is not an investment, it is a gambling chip.

#145 Kiril Peev on 11.17.22 at 9:44 am

Ottawa Real Estate List Prices vs Sold Prices

Most list prices are currently starting high and deals are closing well below the original list price. Buyers can and should be negotiating aggressively. I see about 50-100 price decreases per day in the greater Ottawa area.

Properties are selling for about 80-90% of their original list price.

Link to chart below:
https://www.kirilpeev.ca/negotiate-list-prices-aggressively/

#146 crowdedelevatorfartz on 11.17.22 at 10:06 am

@#143 the jaguar
“Why are you not more apologetic?”

The reporter grilling Housing Minister Ahmed Hussen”

+++
A Wokester Liberal apologize?
That would involve them admitting their policies are a disaster…
Won’t… ever… happen…

Just let them keep digging themselves deeper.

#147 Dr V on 11.17.22 at 10:10 am

I had a nice response to garth but my PC wasn’t completing the submissions. Now blogging from my tablet.

#148 Generation Why on 11.17.22 at 10:13 am

I was honestly wondering if Mr. GT was going to do a blog entry on what’s shaping up to be one of the biggest financial scandals of all time.

I think it’s very far sighted to just dismiss this story as “Crypto is a Ponzi” and keep it at the surface level the MSM is explaining the story.

Between the DNC Campaign donations, Connections to the WEF, Crypto Regulators in DC, Family ties, Nepotism, Corporate incest, Billions disappearing off the books, Possible money Laundering from the Ukraine, and outright fraud it’s shocking SFB hasn’t been arrested yet.

This story goes so much deeper than some of the headlines making the news. As time goes on more chicks in the chain are going to unravel as this story gets crazier, and crazier.

An at a glance compilation of videos to watch. Any of them are enough to see there’s much more to this story.

This post was edited. Links were deleted for reasons of libel and slander. Why FTX blew up is interesting, but irrelevant to this blog’s message of balanced investing and shunning assets that kids invent on their iPhones. – Garth

#149 crowdedelevatorfartz on 11.17.22 at 10:17 am

Quite a scathing statement on FTX.

https://www.cnbc.com/2022/11/17/ftx-ceo-shreds-bankman-fried-never-seen-such-a-failure-of-controls-.html

One wonders how the ex billionaire crypto boy wonder will look in an orange T-shirt. and jammies.

#150 Penny Henny on 11.17.22 at 10:32 am

#137 Charity on 11.17.22 at 4:06 am
————
Oh Dolce I’ve been here since 2008 pre smokey I just choose not to comment and blow hot air like Faron et al and make it look like I know everything all the time on every subject. (I have my questions as to whether he is the old Sean from back in 2014ish that everyone used to banter/slam with the same way)

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

Faron can’t be the old Sean (aka Mark and The Real Mark).

Although both think they know everything about everything, but they differ in that Faron is an emotional wreck while Sean was kind of void of all emotion.
Who was it that used to pester Sean? Leo Trollstoy?

#151 J. Herbert Steel on 11.17.22 at 10:34 am

A FOOTNOTE TO YESTERDAYS BLOG. THE ONT. TEACHERS PENSION PLAN LOSS MILLIONS IN 1996 BY INVESTING IN BREXEE MINING SCAM. IS THIS A PENSION FUND OR A HEDGE FUND.

#152 bcPaul on 11.17.22 at 10:43 am

Wow lots of bitcoin bots in here. Bitcoin still need exchanges for withdraws/deposits otherwise it is completely worthless, hence a major trust problem with it.

Who controls the program code for bitcoin?

#153 DON on 11.17.22 at 10:56 am

#149 crowdedelevatorfartz on 11.17.22 at 10:17 am
Quite a scathing statement on FTX.

https://www.cnbc.com/2022/11/17/ftx-ceo-shreds-bankman-fried-never-seen-such-a-failure-of-controls-.html

One wonders how the ex billionaire crypto boy wonder will look in an orange T-shirt. and jammies.

*********
I wonder if he will make it to jail. Lots of good and Bad people lost a lot on moola.

#154 Ponzius Pilatus on 11.17.22 at 10:56 am

147 Dr V on 11.17.22 at 10:10 am
I had a nice response to garth but my PC wasn’t completing the submissions. Now blogging from my tablet.
—————————-
Garth accepts tablet submissions just fine.

#155 Dr V on 11.17.22 at 11:01 am

Comment did not submit again. Argh!

Try this one using chrome.

#156 PeterfromCalgary on 11.17.22 at 11:14 am

The Gentleman who took over as CEO of FTX (John Ray III) also over saw the bankruptcy of Enron. So to say he has seen a lot of shenanigans is an understatement. However, he seems to be saying that FTX is worse. Here is the quote:

“unprecedented and complete failure of corporate controls.”

I am no expert but that sounds really bad!

#157 under the radar on 11.17.22 at 11:17 am

Foolish people, all digital tokens are fundamentally worthless. Like Warren Buffet said, Rat Poison Squared.

#158 Old Boot on 11.17.22 at 11:22 am

#149 crowdedelevatorfartz on 11.17.22 at 10:17 am

Quite a scathing statement on FTX.

https://www.cnbc.com/2022/11/17/ftx-ceo-shreds-bankman-fried-never-seen-such-a-failure-of-controls-.html

One wonders how the ex billionaire crypto boy wonder will look in an orange T-shirt. and jammies.

‐—————-

His mother is a law prof who preaches “distributive justice” and wishes to remove ‘blame’ from the legal lexicon, and his father is a tax lawyer and psychologist.

Fairly predictable that they would have produced a sociopathic child who justified his thievery by claiming to be a philanthropic capitalist.

#159 Tony on 11.17.22 at 11:28 am

The teachers pension union always shunned gold but got into crypto. I could never figure that one out. I did tell my sister to hedge her teachers pension. My brother and sister both were teachers at one point in time. I always stated on other blogs if they kill the crypto market it will bring a lot of teenagers back into the job market. I figured at some point in time they’d kill the crypto market because it wouldn’t takedown the stock market which is apriority with the bankers. The bankers must have been behind it.

#160 Shawn on 11.17.22 at 11:29 am

Canada Pension, wrinklies to get 6.3% inflation bump in January

I was a month off on my CPP inflation calculation. It’s a 6.3% increase not the 6.5% I mentioned. The 12 month period is the October through September average inflation print.

#161 Dr V on 11.17.22 at 11:53 am

Dr V now smashing keyboard on PC (sent from tablet)

#162 Dharma Bum on 11.17.22 at 11:59 am

Black Friday is coming!

Yayyyyy!

Gonna cash out my Bitcoin and buy a coffee maker on sale from Wal Mart.

#163 joe on 11.17.22 at 12:05 pm

@ #135 Janice Bergen

Xi’s blunt condemnation of what he perceived as a sleazy move by Trudeau leaking confidential dialogue is now on ” heavy rotation” in Asia’s prominent English media, CNA Singapore.

***********

Janice are you really that naive?
Do you actually think that any dialogue at these meetings is actually ever confidential?
It’s pure theatre on Xi’s part.

#164 Tony on 11.17.22 at 12:07 pm

Re: #113 What the Fed Wanted on 11.16.22 at 9:07 pm

I assumed it was the bankers and Fed who killed Bitcoin to bring workers back into the workforce to drive down the inflation rate and wage inflation. This is what I posted on all the blogs about a year ago.

#165 Don on 11.17.22 at 12:21 pm

DELETED (Conspiracy doodle)

#166 A01 on 11.17.22 at 12:30 pm

So does Crypto even qualify for capital gains losses?

#167 Dr V on 11.17.22 at 12:30 pm

Taxing PRs potentially brings a level of complexity to the average homeowner. Mortgage interest? property Taxes? Depreciation? There would probably bee simplifications negating the intended effect.

Many renters rent out of neccessity, not to allow an
alternative investment. They simply would not have the funds to invest to allow for a gain comparable to the historical gains of RE. A “Tax free renters investment account” would favour wealthier renters.

The more likely scenario is a tax credit for all renters (is there one or an equivalent?), a subsidy or benefit. These simply add to the income available to cover rent and would be absorbed in the rental market price.

#168 IHCTD9 on 11.17.22 at 12:30 pm

#149 crowdedelevatorfartz on 11.17.22 at 10:17 am
Quite a scathing statement on FTX.

https://www.cnbc.com/2022/11/17/ftx-ceo-shreds-bankman-fried-never-seen-such-a-failure-of-controls-.html

One wonders how the ex billionaire crypto boy wonder will look in an orange T-shirt. and jammies.
________

From the link:

“The concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals” was unprecedented, the former Enron recovery boss said.

Ray said a “substantial portion” of assets held with FTX may be “missing or stolen,” following widespread reports on social media of the theft of hundreds of millions in cryptocurrencies.”

Sounds like a crooked $hit-show from top to bottom. I wonder how long before Fried suddenly disappears?

#169 Shawn on 11.17.22 at 12:48 pm

Teachers Pension Plan and Crypto?

#159 Tony on 11.17.22 at 11:28 am

The teachers pension union always shunned gold but got into crypto. I could never figure that one out. I did tell my sister to hedge her teachers pension.

**************************
I hope your sister did not listen. The Teachers Pension Plan of Ontario is incredibly strong and reliable.

Retired teachers have NOTHING to worry about. They will get their pensions as promised.

#170 Ronaldo on 11.17.22 at 12:50 pm

#150 Penny Henny on 11.17.22 at 10:32 am
#137 Charity on 11.17.22 at 4:06 am
————
Oh Dolce I’ve been here since 2008 pre smokey I just choose not to comment and blow hot air like Faron et al and make it look like I know everything all the time on every subject. (I have my questions as to whether he is the old Sean from back in 2014ish that everyone used to banter/slam with the same way)

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

Faron can’t be the old Sean (aka Mark and The Real Mark).

Although both think they know everything about everything, but they differ in that Faron is an emotional wreck while Sean was kind of void of all emotion.
Who was it that used to pester Sean? Leo Trollstoy?
—————————————————————-
And let’s nor forget “Devils Advocate”. Another know it all realtor from Kelowna. He took a lot of thrashing too.

#171 Dr V on 11.17.22 at 12:56 pm

Some new 2023 tax brackets.

Looks like $53000 is the new secret number for each of a senior couple. Going over wont kill you, and there is a lot of headroom before the next jump.

https://www.taxtips.ca/taxrates/bc.htm#:~:text=4.1%2C%204.3%2C%204.52%2C%204.69,1.063%20(6.3%25%20increase).

I’m waiting for the ey.com update, as it is more detailed.

#172 Old Boot on 11.17.22 at 12:59 pm

#135 Janice Bergen on 11.17.22 at 2:52 am

Xi’s blunt condemnation of what he perceived as a sleazy move by Trudeau leaking confidential dialogue is now on ” heavy rotation” in Asia’s prominent English media, CNA Singapore.

The petty leaking was one thing but the news feed shows a petulant Trudeau rudely interrupting time and time again. XI is a powerful leader , Justin has made a huge error in judgement.

This follows a pattern. You’ll remember of how angry Trump was when Justin insulted the American delegation behind Thier back when Justin imagined them being “out of Canada’s airspace”. This is ten times worse than that.

Canada has taken another “own goal” loss here on the world stage this time. That’s what seperates this incident from the previous American gaffe. The footage being shown is of XI turn his back abruptlty and a lost look on Trudeaus face before storming off through a stage exit . C’mon Liberal Party. What’s going to be the state of affairs for your future leader!

————

Trudeau has courted CCP interference in the Canadian political process since his election in 2015. He has known of China’s interference in several races during the last election for at least 10 months.

His little stunt at the G7 was a transparent attempt to signal to the US that he recognizes their displeasure with him and his toadying to the CCP, toadying that Trudeau has openly displayed despite the Americans being our largest and most important trading partner.

Expect more highly visible repudiation of economic ties between the government of Canada and the CCP as the panicky Libs desperately try to wrest the ship of state away from the CCP rocks.

You should also review Jean Charest’s contribution to the Huawei/Meng Wan Zhou defence while employed by McCarthy-Tetrault, the Montreal law firm of choice of ex-Liberal prime ministers.

The Liberal party is a willing accessory to China’s political interference. Look up Dominic Barton and McKinsey, Canada’s former ambassador to China and the consulting firm he works for. The Trudeau Foundation is also a beneficiary of the Liberal Party’s China policies.

Trudeau’s pursuit of economic ties with the CCP are an order of magnitude worse than anything Trump was accused of in his dealings with Russia, but Canada’s bought and paid for media are good little trained seals and won’t broach the subject until it’s too big to ignore.

#173 Charity on 11.17.22 at 1:02 pm

#150 Penny Henny on 11.17.22 at 10:32 am

Yes you are correct Mark was the ONE (just like Anakin) but I have to say I just love your synopsis. Yes I do think Leo gave a few rounds to Sean as well.

I just can’t shake the feeling though Faron is a reincarnate.

#174 Charity on 11.17.22 at 1:04 pm

#160 Shawn on 11.17.22 at 11:29 am

Is there a link? I was trying to find this info and don’t see it anywhere.

#175 Pbrasseur on 11.17.22 at 1:32 pm

Sorry for small investors and pension funds losing but not sorry for money launderers and criminals losing their shirts, at least that’s that!

#176 Pbrasseur on 11.17.22 at 1:34 pm

And not sorry for DNC losing a major contributor…

#177 crowdedelevatorfartz on 11.17.22 at 1:47 pm

@#158 Old Boot
“His mother is a law prof who preaches “distributive justice” and wishes to remove ‘blame’ from the legal lexicon, and his father is a tax lawyer and psychologist.

Fairly predictable that they would have produced a sociopathic child who justified his thievery by claiming to be a philanthropic capitalist.”

+++
I read something to that effect a week ago.

One wonders how quickly they’ll rat on “junior” when the Feds and 10’s of thousands of bilked investors are braying for his blood….

#178 Don on 11.17.22 at 1:52 pm

DELETED (Conspiracy doodle)

#179 Faron on 11.17.22 at 2:38 pm

#147 Dr V on 11.17.22 at 10:10 am

I had a nice response to garth but my PC wasn’t completing the submissions. Now blogging from my tablet.

#155 Dr V on 11.17.22 at 11:01 am
Comment did not submit again. Argh!

Try this one using chrome.

#161 Dr V on 11.17.22 at 11:53 am

Dr V now smashing keyboard on PC (sent from tablet)

Killin’ it bro. Garth’s blog BTW.

Snark aside: when comments disappear, it’s worth going through your comment with a fine-tooth comb for “hot” words. He’a got a filter against them.

#180 Don on 11.17.22 at 7:47 pm

DELETED

#181 Gene Sullivan on 11.17.22 at 10:20 pm

Pierre Poilievre never encouraged you to invest in crypto. All he proposed was to allow businesses to use it as a form of payment should they decide to do so to avoid massive transaction costs. At the time our Bank of Canada was doing massive Quantitative Easing with no end in sight. Pierre never suggested to “invest” in crypto..