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  1. #21
    Sherlock's Avatar
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    I will put it short: Cash has already a limited use (you can not pay 10K+ or 1K+ in cash, while withdrawing big amounts from a bank one feels like a gangster robbing the bank) and if the big meltdown is expected, the way out will be most likely capital restrictions + hyperinflation (second scenario is capital restrictions + spiral of deflation and I believe everyone will rather choose hyperinflation).

    So that is why bitcoin was the ideal hedge of the doom scenario for the last decade and I believe it will be even for the next one. Combination of high ROI and hedge is unbeatable. I stopped to care about cash few years ago after my exgf took all cash I had in safeboxes and I do not bother with it anymore. That is something that worked in the past. To have a cash instead of having money in the bank ofc makes some limited sense for all the middle class people, who have all money in their own country and who were trapped like people in Cyprus. But that is not the case for the affiliates who are looking for the banks across the globe.

    The big meltdown will not be just shift of the balances, it will be a shift of the whole structures of economies. Internet brought many innovations, but they still more or less exist just as concepts. Nothing is really changing. We are now even seeing a huge (and I think last) backlash of the old world. What I mean with the backlash is that for example:

    • the shared economy is being regulated and taxed and swallowed by the more and more centralized system;
    • affiliate marketing, once an innovation, is now on the brink of collapse and the merchants return back to old ways of marketing
    • the young political parties (like Pirates and such) are now sh1tting in their pants and if they have influence they are not moving forward but backwards; they help using digital economy to enslave people even more in the same way as the new technology giants do it
    • all new inventions (electric cars, decentralized work, generally more effective use of sources) are simply here to destroy the old world, but the old world still has the power, so we are in the stalemate, where things change just on the surface or they go even backwards


    But once the financial crisis comes, and once it will be too big to handle, the structural changes will happen at full force. Speaking about money, because that is the topic here: it is obvious, that there will be the hard reset and it will not matter whether you have insured fiat, uninsured fiat or cash. The shifts of scarcity will be in orders of magnitude comparable to cryptos (in fact the crypto appreciation is the stage 1 of the shift). Still the ones who, can allocate sources wisely now, will be the winners and the ones who will have the influence in future.
    We are all bloodsucking ticks, hungry, devious
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  3. #22
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    Sherlock, there are few people who see the world for what it is. I'm glad to have made your acquaintance sir. I personally believe there is one more deflationary event coming. A big one. And the only way out will be massive world-wide hyperinflation to reset the debt/power structures/etc. I intend to gobble up some resources during the deflation and hold on for dear life when the Wiemar/Zimbabwe/Venezuelan level inflation kicks in.

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  5. #23
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    I have read some texts (or between rows of the texts) that suggested that inflation and deflation can occur at once.

    For example we can already feel that dollar at offshore bank is not worth of the dollar in premium bank of the 1st world. In theory it is the same money, in fact it is not, because you can not spend the offshore dollar as easily as the 1st world dollar. And the gap is just widening. There can be easily a scenario with inflation of 3rd world dirty dollars and deflation of 1st world dollars.

    Another example at least for Eurozone is the money at Southern banks vs. money in Northern banks. There can be a sudden breakup od EU to core and periphery. Then the core again might be deflationary and the periphery might be inflationary.

    Because what we see now is maybe something like that: running- and hyperinflations happen already at economies of periphery like Zimbabwe/Venezuela/Argentina. 1st world is swallowing the debtmoney incredibly well.

    One just does not have to be trapped at the periphery, or at least I think so. But what is/will be the periphery? Tired rich 1st world or fresher poor 3rd world? Stable rigid monopolized fiat or erratic free-floating decentralized hard-to-use crypto?
    We are all bloodsucking ticks, hungry, devious
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    ass-blood sucked by the first from the last is his own

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  7. #24
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    Certainly regulation and legislation continues to attack freedom of movement, freedom of ownership, and just basic free enterprise.
    It is harder to be an online affiliate - as countries ring-fence and legislate back to tax-paying monopolies.

    Even in a small pacific country like New Zealand we are seeing legislation restricting people's property rights, restricting who can own a house, who can supply to AirBnB and more focus on taxing people in new and inventive ways like wealth taxes.

    However, I do not feel quite the same negative pressure that you are mentioning Sherlock. Perhaps it is just because I am fortunate to be in an underpopulated, high food producing country where EVERYTHING seems to move more slowly.

    I do feel that the best times for internet and e-commerce are in the past now - from 1995-2015 perhaps.

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  9. #25
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    Quote Originally Posted by Sherlock View Post
    I have read some texts (or between rows of the texts) that suggested that inflation and deflation can occur at once.

    Well, they definitely can. And do. The price of food is skyrocketing for example in the USA. As is college education and medical care. The price of marijuana however is deflating thanks to state regulation/adoption.

  10. #26
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    Quote Originally Posted by PROFRBcom View Post
    Well, they definitely can. And do. The price of food is skyrocketing for example in the USA. As is college education and medical care. The price of marijuana however is deflating thanks to state regulation/adoption.
    Yes, that is another example, where richer part of society can be at much lower inflation or deflation and poorer part, spending a lot of budget for food, is having a high inflation.
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  11. #27
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    Quote Originally Posted by TheGooner View Post

    However, I do not feel quite the same negative pressure that you are mentioning Sherlock. Perhaps it is just because I am fortunate to be in an underpopulated, high food producing country where EVERYTHING seems to move more slowly.
    Yes, I am moving soon quite close to NZ, in a way to similar country (no one knows actually how it is until is locked in there) for those reasons. Also I may be just a lunatic, so I will just spend the few more decades as digital prepper. But the frozen bank account recently that I was just 99.99% sure that it will be the last account standing + few other things like that just do not let me sleep.

    It is really hard to imagine that in long term people will just give up approaches like airbnb only because it destroys the past society. It never worked like that and it was always a war with Luddites. Society can not simply develop and not destroy the old orders.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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  13. #28
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    Btw did anyone tried Revolut business account for affiliate purposes (maybe it is not possble)?
    https://www.revolut.com/pl/business/pricing?lang=en (click on company or freelancer).

    I am recently testing their free personal account and so far I am impressed.

    • free VISA
    • almost immediate verification
    • they really do automatic fx transfers without any commission (unless it is a weekend, when it is 1% or so); so you can have as many currencies on the account as you want and you can pay in whichever currencies you want and it will primarily pay from your balance of that currency and if it is not possible, it will just convert it at fair rate
    • free card (and wire) instant top ups
    • free sending of money
    • free wire payouts
    • really good interface (personal acct is just on mobile, business seems to be for desktop as well), additional security like GPS tracking
    • in EUR currency you even have your own IBAN
    • in other currencies than EUR you have no unique bank account, but with a reference money can be sent to you as well
    • I had a problem with card topping up in the middle of the night, problem was resolved when operator was not an idiot; I just had to wait like 10 minutes and upload picture via the chat (AI of the robot at the chat is just stupid)
    • UK based


    Overall this is the service where Skrill had to be atm at least. There will be some pitfalls, maybe someone knows more?
    We are all bloodsucking ticks, hungry, devious
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  14. #29
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    RESTRICTIONS ON THE USE OF THE REVOLUT SERVICES
    19.1. It is not permitted to:


    use the Revolut Services for any illegal purposes, including, but not limited to fraud and money laundering, unlawful sexually oriented materials or services, counterfeit products, unlawful gambling activities, fraud, money laundering, the funding of terrorist organizations, the unlawful purchase or sale of tobacco, firearms, prescription drugs, other controlled substances or other products prohibited by law. Revolut will report any suspicious activity and cooperate with any relevant law enforcement agency or regulator;


    -----

    They'll probably be worried if large amounts are coming in from offshore sportsbooks. But, should be good enough for EU.

    I wanted to open an account there few months ago, just for the sake of it being a cool new way to bank. Never went ahead.

  15. #30
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    for business accounts there is also this:
    use the Revolut Services to conduct activities pertaining to adult entertainment/pornography, armaments, art dealers, auction houses, charities, chemicals and allied products, cryptocurrency trading, dating and escort services, binary options, gambling, nuclear, political or religious organisations, quasi-cash merchants, second hand car dealers, precious metals or stones, video game arcades or establishments, weapons and defense manufacturers and business claiming to trade in prime bank guarantees, debentures, letters of credit or medium term notes;
    at least I know that after the affiliate business is gone, I should stay away of second hand car dealing
    We are all bloodsucking ticks, hungry, devious
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    when the last and the first latch on it can be shown
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  17. #31
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    Quote Originally Posted by Sherlock View Post
    for business accounts there is also this:

    at least I know that after the affiliate business is gone, I should stay away of second hand car dealing
    And video game arcades. Supposedly kids nowadays are laundering billions of dollars through them.

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  19. #32
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    Quote Originally Posted by Sherlock View Post
    for business accounts there is also this:

    at least I know that after the affiliate business is gone, I should stay away of second hand car dealing
    I've actually heard before about money laundering via this method. I was surprised it was a thing. I think maybe it was a "back in the day" type thing that people did when one could still buy cars with cash easily (like the 70s, maybe 80s too).

    Quote Originally Posted by Malikbhai View Post
    And video game arcades. Supposedly kids nowadays are laundering billions of dollars through them.
    How idiotic. It's just a war on cash is all it is. If it all goes electronic then it can ALL be tracked, traced, cataloged, data-mined, and used against you if you **** off "the state". The erasure of privacy

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  21. #33
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    Quote Originally Posted by Sherlock View Post
    Btw did anyone tried Revolut business account for affiliate purposes (maybe it is not possble)?
    https://www.revolut.com/pl/business/pricing?lang=en (click on company or freelancer).



    Overall this is the service where Skrill had to be atm at least. There will be some pitfalls, maybe someone knows more?
    Revolut can be fine for the business account if your country is supported.
    For business accounts many countries (including first world ones) aren't supported.

    Also some currencies are restricted (e.g. TRY, SGD, AED, HUF) - you'll see them in your account but for example you cannot topup with a card in that currency (due to credit card bonus hunters) or in some cases you cannot send that currency to/from anywhere else than to/from one specific country.

    It's not a "real" bank account, so no deposit insurance etc. They plan to become a real bank soon.

    You get your own account not only for EUR but also for GBP.

    They have a weird system for card topups - there is some dynamic limit based on your history, card history, the card type you use, your location etc. It will determine how much it will allow you to top up. If you ask them for details, they'll refuse to tell you more "for security reasons".

    For support you MUST use their chat, there isn't any good way to contact them via ticketing system, email etc. Also for personal accounts there is no web access whatsoever.

    After some amount deposited, they will ask for source of funds. This must be job, asset investment or similar; they will reject "investment into Bitcoin" as source of funds.

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  23. #34
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    Quote Originally Posted by Azureus View Post
    ....they will reject "investment into Bitcoin" as source of funds.
    What happens to the money? Is it frozen or is there a way to take it out; if they reject source of funds for whatever reason.

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    When you top up your banking account from skrill/NETELLER where the transfer is coming from?

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  26. #36
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    There's definitely a war on cash and that has been well documented in several sources.

    They 'advertise' it as beneficial to everyone, i.e. convenience/security. But it comes at a price - loss of privacy and also loss of control of your money and your basic freedom to spend what is yours where you want, when you want and without Big Brother watching you and either wanting to stop you or tax you to the maximum.

    An example of this erosion of control/freedom from having your money all in the bank, I currently have a daily online spend limit of 20,000. If I want to do a bigger transaction I have to go to the bank and do a CHAPS transfer and have a mile long queue behind me while everyone in the bank gets in a flap just cos I have to pay my tax bill or I actually want to transfer some of MY money out of my business. I tried to apply for a higher limit account and they've put up a ton of roadblocks, it's all very restrictive.

    The backlash is clearly new, unregulated currencies and systems e.g. Bitcoin but they come at high risk of huge rises and crashes much more risky than any major country's currency.

  27. #37
    Sherlock's Avatar
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    Quote Originally Posted by Soplica View Post
    When you top up your banking account from skrill/NETELLER where the transfer is coming from?
    There will be probably something like Paysafe / Paysafe financial or Skrill (it used to be). That is what I get with uploading a card.
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  28. #38
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    Quote Originally Posted by Sherlock View Post
    There will be probably something like Paysafe / Paysafe financial or Skrill (it used to be). That is what I get with uploading a card.
    But comes from a certain country? Never knew...

  29. #39
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    Quote Originally Posted by Soplica View Post
    When you top up your banking account from skrill/NETELLER where the transfer is coming from?

    To me its coming with my DOB and from SEB, a scandinavian bank

  30. #40
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    I see. They used to use the central accounts in UK and Germany, now maybe just UK. Then also local bank accounts (I guess just for non EUR currencies). That is if you mean bank wire top ups.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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