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My bank is persuading me to only use fiat and their bank system
Asia Digest: GIC buys Dutch tech park; NZ's Easy Crypto raises $11.75m
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Even 3% GIC or savings a guy could go for if your like me. Everything i have is paid for as well. So 30k a year id be fine. Or id be on a beach somewhere. Or contract when i feel like it.
If you don't already, you should at least look into some kind of index/mutual fund investment. A small investing + passing knowledge is a good idea. There is data for like... a lot of years (50+) showing growth of such funds over time and overall stability barring massive world events that are supposed to be "once in a lifetime". But they always recover relatively quickly. Index funds are generally extremely safe over a long period and perfect for retirement. Far better than any GIC/bond/general savings account that a bank will offer.
tldr; Singapore’s GIC has reportedly acquired a tech park for $1.3 billion in the Netherlands. The High Tech Campus is located in Eindhoven and houses 235 companies. GIC is one of the three investment entities in Singapore, has invested in the country before this as well. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
It works like a high yield GIC
I don't mind it, I've seen how my friends and family handle their investments (put their money in a GIC at 0.1%). I'd rather my crypto trades not be influenced by their opinions.
Yes, theoretically it would be paired to a stable rare mineral, such as gold. for example have 1 GIC (Gold International Coin, stupid name I know) be attached to the price of 1g of gold in whatever currency. This would help is stay stable, but it would be incredibly difficult keeping it in check, and actually having that money vs. just creating a coin out of thin air that is "backed by gold" when the creator owns no backing whatsoever
Consider consulting with a financial lawyer and understanding how to start a trust fund - that way it will be harder to access all your money at one go if you are limited to a certain amount per year. Not sure if you would want to keep the trust in crypto or fiat or some combination of the two though Another option would be to consider a GIC - now I know there will be hesitation because you would go to a bank to do this but consider setting an amount you think you will want or need in a year and then put just that amount in a 1yr GIC - this will force you to at least think twice if you choose to break the GIC contract (and if the bank collapses then not all your money is stuck with the bank. If - for example - you have a mortgage and you don't want to pay it off right away (say your contract will charge you the interest anyways) you could put just the minimum amount you will need to pay your bills (i.e. mortgage, estimated phone bills, estimated food costs, etc.) for that year in the GIC and continue working your regular job (or study or vacation!) and use the extra income from your job to fulfill your material desires! Also if you know of something that would be able to replace the GIC, ideally not with a bank feel free to comment - I would love to learn about a different method to do the same thing!
Banks should give higher interest in this GIC, say something high like 5%, tons of people will flock to them. Then the bank's take that money and stake with stable coins and get 8% for 3% profit. Crypto is still not for masses yet, too many hoops to jump through and learn on your own, banks can facilitate and still make money
GIC gang let’s goooo wut wut. Getting that super low interest rate woot
yes, tax laws suck in some places. I believe interest on a bank account or interest on a GIC are also taxed as income (which was the comparison I was making to staking stable coins). In this case it is comparable.
>Banks don't create money out of thin air to lend out. It comes from people that have bought GIC's or have savings in the bank. They pay back the people that let them use the money, the saving account holder or the person holding the GIC when it matures. Only the government prints money out of thin air. oh my sweet summer child
Banks don't create money out of thin air to lend out. It comes from people that have bought GIC's or have savings in the bank. They pay back the people that let them use the money, the saving account holder or the person holding the GIC when it matures. Only the government prints money out of thin air.
If you aren't saavy enough, stick to buying GIC's. Bitcoin demands a higher level of understanding.
I have a GIC that’s maturing on Tuesday. I was going to take some of it and put it into a crypto ETF (ETH & BTC) and the rest into coins (XRP, XLM, BTC, ETH). I fear prices will be higher by next Tuesday but what’s a dude to do? Any reassurance out there for me peeps?
July 24th. Not even a month ago. I always heard about it but didn't understand the logistics or how to get involved with it. In my mind I always thought it was something you needed to be technically savvy to be able to do. Then a ton of exchanges came on the scene and made it easier than ever for the 'average' guy like me. It's no different than investing on your own with stocks or GIC's. As more and more people realize the potential it has and the use with which you can become a part of this history, mass adoption is inevitable.
If it's just crypto keep it on the same platform I suppose. To really diversify you'd also have stocks/etfs, real estate, GIC's etc. Then you'd be better off creating yourself a spreadsheet.
My dad's 1.25% GIC came due and he asked if he could invest in crypto with me. So far up 35%.
If they know nothing then just tell them it's locked in like a GIC for a year. That should get them off your back for a bit. Keep putting money in. If they are asking because they want to know more send them to the same places you do your research so they can learn too.
Has anyone heard of GIC Future? Or used GIC Future before? As I think one of my friends been scammed by this company and now she's panicking and not sure what to do. I had a look at the website it doesn't seem legit. I did advise her to use a reputable business such as [crypto.com/](https://crpyto.com/) biance/ coinbase/ etoro etc but she didn't listen. Thanks in Advance..
Amen!!! I had a $10,000 GIC come due recently... the interest I made actually made me laugh out loud.
Dont matter what experts think. Its value is perceived, if people deem it worthy then its worthy if people didnt then its not. Same shit different coin. The same could be said about all non functional coins. People need to chill and enjoy the ride. Dont invest money you are not willing to lose. High interest saving accounts and GIC/CDs exist for those who want a guaranteed growth. Vintage wines (as long as long as you dont drink it), certain collectible toys, sneakers, and similar are good alternative way to “invest”.
Depends on what you're using it for. First ask yourself, is it supposed to function as a currency or as a stock/share in a project? If it's a currency then you would be better served having some way of controlling it that isn't open to a nefarious actor. This is one reason why BTC will never be a global currency. No way of affecting supply, no way of replenishing lost coins, or adding new ones when people hoard the existing ones, etc. Money needs to circulate to be useful as money. Likewise, of supply is limited AND it's completely open to the market, someone could buy up majority share and hijack your network. If it's as a share or stock in a project, say as a ledger or as an index, decentralization could be useful assuming people want to use it for its intended purpose. It allows other projects to scaffold on yours. By contrast, a centralized project would allow it's creators or stakeholders to maintain their control of the total stock/share structure. The idea of current crypto projects one day replacing modern currencies is a pipedream. BTC, which is the biggest winner in the speculation realm, fails in 3/4 properties of money. You'll notice that the general theme of crypto subs is people trying to get rich, while also pretending they're long term believers in whatever the story is for any given coin. No one in their right mind would look at doge and think "yeah, that will one say be the next global reserve currency" or look at cumrocket and think "this is a logical longterm investment to secure my financial future." The real utility of crypto is as a ledger or for tracking a moving index. People have created all sorts of other use cases, and some have some very interesting potential, but crypto as some miracle global currency is very short sighted. This of course runs counterintuitive to the consensus of this community, so I don't think you will agree with me nor do I think this will be a popular sentiment with anyone else here, but ask yourself how valuable will any one crypto be when anyone can replicate it and create an alternative/substitute any time they want? BTC is the one with the brand name appeal that everyone knows right now so it's got a lot of eyes on it, but every day thousands of coins are created that do the exact same thing or a variation of it. Nothing intrinsic or special about any given project, and when the mania dies the technology will survive through existing financial markets adapting crypto as bond issuances or GIC certificates. Most fiat already exists in banks as binary in their depository systems, what's the difference between issuing fiat as 1s and 0s or issuing fiat as hashes through the overnight market?
Think of it as a GIC, or guaranteed investment certificate. You stake ETH. It generates interest of said ETH over the course of the certificate.
Hey that’s good for you, unlike you, my parents were not good financial role models and I had to adapt myself to get financially ahead while ignoring what I was taught at a young age. I’m simply sharing what works for me. My parents still think putting money into a 5 year locked GIC at 2% interest is “good investing” and they’ll never touch the stock market. I had to learn a lot on my own and my brain works differently because of that
Mines a GIC. Can do 12 months or 18 months on it
I had a $1000 gic at a bank, cashed it in January, bought bitcoin then alts, notably XRP. In 7 years that GIC made 121.00 in interest, now worth ~2500 after 4 months in crypto
Lol think most were celebrating a week ago tbh. When the stock market crashed in 2008, people were selling at a 40% loss, only for the markets rebound the following year. This isn't a get rich quick scheme, do your DD, invest with what you can afford , and hold. If people don't have the stomach for this, invest in a GIC at a paltry 1%gain and lose to inflation lol GLTA
I don’t think 10k is going to cripple someone who has been in stocks and GIC’s for 50 years 😆
It does not. You are correct. And some of the riskier gambles come with a HIGH yield. For example I threw about a quarter of a paycheque into PancakeBunny on the native network tokens (Cake and Bunny) and played as safely as I could almost 2 months ago. Keeping numbers to myself and just rolling with the punches... Compounding the bonus rewards. I’m about 800% up right now in the Defi sector alone because of the combining factors of Cake’s growth, Bunny’s growth, and the 308% APY. While I’m gambling with much more risk, the rewards are completely out of reach for institutionalized traditional banking yield. While I know this is possible with penny stocks, I work the hours of the exchange... so that left me with evenings and weekends to- what? After hours trade? The thing is, Traditional banking and investments WERE on my radar. I reached that point in my life. I’m at the age where it is smarter to save for retirement than it is to buy shit that I don’t need. The entire time I took the best advice that I could and decided to diversify, and also to only invest in things I TRULY believe in. Cryptocurrency isn’t just about the money to all of us. Or a brighter financial future. I buy into blockchain with all of my heart and soul. The rapid gains are being slowly used to distribute wealth into some safer investments for my future family to enjoy... such as GIC’s and Bank ETF’s, bonds, etc.... But my onramp in was Crypto. And the gains are used to fund my retirement. The goal is to use investments to feed other investments, and only use my wage to survive and sometimes DCA other projects that I truly believe in. It doesn’t matter how you solve the equation. It only matters that you get to the right solution that works for you. For me- It took Crypto to get there. Because it peaked my interest enough to learn. And I think that’s just as good as anything else. OP doesn’t believe in people finding crypto to learn how investments work... But for some of us, we never really had much of an opportunity to. Maybe skeptical financial upbringing... unstable banking in their country... unstable government and uncontrollable inflation... To which I say: It doesn’t matter HOW you learned to invest... just that you do.
I mean kind of reminds me of a GIC to be honest
The problem I see is that we already have a banking system and if the crypto market collapsed we would be just fine, the average person will just keep on doing what they are doing. You need to give them something new they never had before and gives them an obvious direct benefit. So some token that let's you bet anyone on a video game like people do in poker (I'm talking about setting up a game not online casino) could take off more than a decentralized bank. But if your defi bank gives you far better returns on putting your few bucks in a pool rather than a GIC. But really for your average user defi bank is really just another bank competing with other banks.
I got a call from RBC the other day... Had a GIC maturing. They told me that they can make me a better offer now, a really great offer. "Instead of 1% we can now offer you 1.5%" ... Needless to say that I redeemed it and put it in crypto.
If your parents don't have equity you are fucked. They could work for 5 years and pay off their new house, now I have to work 5 years to save up for a down payment on a house I won't be approved for anyways. How are we supposed to build wealth? A 5 year GIC in 1980 paid out 12.3%, now the highest is 1.8%...tell me how we aren't screwed
Well ya, short term you stick your money in some bonds or GIC’s or a nice steady savings account giving you 1% a year return you won’t see red, you’ll see just nice deposits of tiny amounts. Easy, no risk involved. Anyone who got into crypto thinking they’d only ever see green and climbing prices clearly didn’t do a lick of research or even looked at the graph. There’s just so many people who maybe read a story of some guy who became a millionaire odd crypto and though “hey! I’ll buy some too and be a millionaire!” Without realizing that that guy probably bought in 2011 and sat on that money through some crazy times and years of seeing red and money disappearing before the spike happened in 2017.
Having a mortgage isnt bad, if you can get a fixed rate. If your mortgage rate is say 5%, and you couldve paid the house off for say 500k cash... now you got 500k you can invest. If you play it absolutely safe and lock it into a GIC or something at 8%, then youre still making 3% on 500k because you have a mortgage. Paying off your mortgage asap is something the banks drilled into peoples heads because then they remortgage.