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Is Forex Trading legal in the Philippines?
Okay so i really wanted to get into Forex Trading but the problem is that I saw a SEC advisory that announced that Forex Trading is illegal. However, there are foreign brokers from outside the country that are regulated and approved by the BSP. This lead me to believe that the SEC only released this statement because a lot of people were scammed by fake brokers and companies. Furthermore, there is still a lot of Forex Traders in the Philippines and there hasnt been an incident of a day trader being arrested. I really wanted to get into Forex Trading but im scared that i might be imprisoned.
Okay so i really wanted to get into Forex Trading but the problem is that I saw a SEC advisory that announced that Forex Trading is illegal. However, there are online brokers from outside the country that are regulated and approved by the BSP. This lead me to believe that the SEC only released this statement because a lot of people are scammed by fake brokers and companies. Furthermore, there are still a lot of Forex Traders in the Philippines and there hasnt been an incident of a day trader being arrested. I really wanted to get into Forex Day Trading but im scared that i might be imprisoned.
Don't get [FOREX] scammed! (Long post but worth the warning)
I bet Im not the only one who sees ads like this on Facebook. LearnToTrade claims to be a Forex coaching company that was going to make you so rich, you'd throw your paperwork on your boss's face and buy a yacht next month. I was impressed as the venue for the free seminar was at a swanky building in BGC (sa ibabaw ng Lamborghini lol). One day, I saw one of their ads and because I had time to spare, I dragged my girlfriend along to check it out since we live around the area. During the two-hour ordeal, all the speaker did was: 1) Put Greg Secker (their founder) on a pedestal of flowers. The guy appeared on a video which served as his "speech" and appeared to be messianic as fuck. There was something about the guy and the way he was reverred that was so unsettling. (More about him later) 2) Exaggerate on how genius traders their students turned out to be. (A 13yo is now trading millions monthly and lawyers quit being lawyers because they apparently realized they started earning more from trading because of what they learned from LearnToTrade) 3) Badmouth other trading companies. I couldn't keep track with how many times she lambasted COLfinancial (not even a Forex competitor) for ripping off arms and legs with their "ridiculous commissions". She asked if anybody in the room uses COLfinancial for trading stocks. I do but I decided to keep quiet to hear what she had to say. She was saying shit like "Imagine, 40% ng kinita ng pera nyo, sakanila mapupunta." That's when I realized nangbubullshit sya because the commission is only 0.25%. It could've been an honest mistake but... 4) Practically try to force us to "not hesitate" in enrolling at THREE-SESSION COACHING WORTH 90K. And wait, discounted na yan! Promo daw eh! So she said, when you start attending the classes, don't tell your classmates because they paid 400k daw for those classes. WTF? 5) Focus on the participants' desire for wealth. No remote feel that they were there to educate. Although I was obviously not sold, I went home with a nagging feeling that I just wasted more than 2 hours of my life. BUT WAIT, THERE'S MORE! They kept calling me for daysss (sayang I switched phones so di ko na maprovide yung call logs) trying to convince me to enroll. SUPER KULIT. I got so pissed, nagsungit na ko sa caller and started doing my research. Here are what I found out: 1) Greg Secker, the self-styled "internationally acclaimed" trading genius, was never even a trader. He was only affiliated with the big financial corporations that he LOVED to name-drop - as an employee. 2) For someone who claims his company can teach anyone to be really rich, the dude is allegedly operating at a loss. 3) His companies' incomes are mostly from the "enrolment fees" the more gullible trusting people throw in - not from actual effective trading. And soooo much more sketchy stuff. Up to you to give them a chance. Here are some links to foreign articles about Greg Secker and LearnToTrade: The Guardian article BBC UK article DailyMail UK exposé article Greg Secker labeled as a "snake oil salesman" LOL Quora forum Philippine exposé vlog And on and on... It's surprising that even after getting exposed left and right, he's still able to stay in the business. Im not here to smear shit on LearnToTrade or call Greg Secker a charlatan, I just think you should at least know what you're getting into and not listen to someone sell alchemy. Total waste of time. I know somehow there are honest people in that company, but I think they can only be the naive ones. PS: Just found out they're NOT registered with the SEC and was raided by the NBI as a syndicate halos last month lang. Hohoho. Pero may ads parin sa Facebook? Help me report pag may nakita kayo. :)
Wibson combines the most promising online opportunities that make each of the platform user to benefit maximally. Some of these opportunities are as followings: MarketPlace: You can buy and sell data in the Wibson Marketplace and earn/using WIB tokens. Mobile App: The Wibson App is very simple to use and user friendly. Also, you can buy and sell data on the App and earn more WIB tokens. WHAT'S NEW? In just one month since the release of Wibson app and launched the Wibson data marketplace, this project already surpassed 5,000 data sellers. This is a very important milestone for Wibson and shows the tremendous interest individuals have in a secure and easy way to monetize their personal data. As its user base continues to grow, Wibson will attract more Data Buyers, providing Wibson users more opportunities to profit from their data. Wibson has successfully launched in Uruguay. This is the fourth country where the Wibson marketplace is live, and the community there is fast growing. The team of Wibson is pleased to announce that the Wibson token (WIB) is now listed for trading on the BitForex exchange. Want to know more about the BitForex exchange? Then read more below. Bitforex is a resource trading platform headquartered in Singapore with offices in Germany, Estonia, Hong Kong, Malaysia, and the Philippines, as well as other countries, and is dedicated to providing users with safe, professional and convenient digital currency trading services. Bitforex provides two-factor authentication (2FA) and IP detection on login to make sure that only the intended users can access the account balances. CONCLUSION Wibson is saying thank you to all of the Wibson data sellers who have supported this project and shared valuable feedback to help improve Wibson. I can tell you that Wibson is a nice Project that you would like to key into. Join its community Today and become WIB Token holder! Useful Links to the Wibson project are given below: WEBSITE: https://wibson.org/ TWITTER: https://twitter.com/WibsonOrg REDDIT: https://www.reddit.com/wibson FACEBOOK: https://www.facebook.com/WibsonOrg/ LINKEDIN: https://www.linkedin.com/company/wibson/ Bounty0x Username: hiboat
https://preview.redd.it/wnsa006llpd21.jpg?width=800&format=pjpg&auto=webp&s=aff134b2f6eb9343d69815d31de3ab67a95fdea3 Goal Wibson to be a blockchain-based, decentralized data marketplace that provides individuals a way to securely and anonymously sell information in a trusted environment. The combination of the Wibson token and blockchain-enabled smart contracts hopes to allow Data Sellers and Data Buyers to transact with each other directly while providing individuals the ability to maintain anonymity as desired. Wibson intends that its data marketplace once finalized and operational will provide infrastructure and financial incentives for individuals to securely sell personal information without sacrificing personal privacy. Data Buyers receive information from willing and actively participating individuals with the benefit of knowing that the personal information should be accurate and current
We propose a new market-based approach that leverages the latest developments in blockchain, cryptography and market design to level the playing field between data consumers (companies, organizations) and data owners (essentially, individuals). Wibson is seeking to create a blockchain-based, decentralized data marketplace that provides the infrastructure for individuals to securely and anonymously sell personal information that is validated for accuracy. Wibson is built up on a set of core principles: transparency, anonymity, fairness, censorship resistant, and the individual’s ultimate control over the use of their personal information. In the Wibson marketplace, citizens, for the first time, will be able to participate in an efficiently functioning, decentralized data marketplace that provides both financial incentives and control over their personal information, all without sacrificing privacy. Wibson will aim to provide a marketplace inspired by the dPDM definitions, while allowing for tradeoffs that are practical and necessary to ensure a market adapted to today’s industry structure. Part of the protocol is executed on-chain, and part off-chain https://preview.redd.it/eg3j5mjnlpd21.png?width=673&format=png&auto=webp&s=0cdeb43990bb5b005bd2f817bbb32410a91871ea
the Wibson token (WIB) is now listed for trading on the BitForex exchange. Bitforex is a resource trading platform headquartered in Singapore with offices in Germany, Estonia, Hong Kong, Malaysia, and the Philippines, as well as other countries, and is dedicated to providing users with safe, professional and convenient digital currency trading services. Bitforex provides two-factor authentication (2FA) and IP detection on login to make sure that only the intended users can access the account balances. This is second listing for the Wibson token since the Coinsuper debut last week and provides users with an additional pathway into the Wibson consumer data marketplace. https://wibson.org/https://t.me/wibsoncommunity Bounty0x username: @bandit
02-22 16:52 - 'NEW Crypto Company about to Launch and Dominate the Industry!!!' (self.Bitcoin) by /u/ShaRey2016 removed from /r/Bitcoin within 59-69min
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(Reboot) ELI5 on how China fucked their own economy, chapter 6
OK Yesterday's HCFTHE was a big let down. I read on the next few chapters and I feel like there's no more point in translating anymore because the author's coherence is slipping. This is a reboot. From here on, it's all cruise speed. No translating, it's all me! (Translated) Chapter 1 (Translated) Chapter 2 (Translated) Chapter 3 (Translated) Chapter 4 (Translated) Chapter 5 Chapter 6: RMB internationalization, a dream? a future? RMB internationalization. You've heard of RMB. We all have, the legend, the curses. Some foolishness about a currency that never devalues. A closed currency. Buried beneath an opaque monetary policy... a bald, aging portrait of Mao luring investors to their dreams. An illusion that you can begin again, change your fortunes. Issuing them, though, that's not the hard part. It's internationalization. (Sorry been playing A LOT of fallout. Production is down 50% because half my office are gone and the other half...are playing with me. Seriously, fuck Chinese New year.) Except for the face culture, RMB internationalization is pretty much a national goal of China. To have their currency achieve global status will make it a rival currency for the USDollar, much like the Euros...except it's Asian. An Asian euro is crucial for China to establish its asiaphere influence zone. Having China enter IMF's basket of currencies is just a first step. Before we talk about "how", let's talk "why". Why is it important for RMB to go global. For this we will need a deep understanding of world economics, but to dumb it down to ELI5 levels, we'll simplify it down as following: World domination. Wow wow wow holy fuck upadswhat the fuck!? This escalated quickly! Sorry, but this is a fact. The British Pound, once served as the world's premier reserve currency, shaped the British Empire where the sun never. In fact, UK still hold [14 overseas territories[(https://archive.org/stream/09LONDON1039/09LONDON1039_djvu.txt), and the sun never sets on all fourteen British territories at once. Glory to the queen! OK let's double time, here's a short list of goals that RMB internationalization can help achieve:
Debt. Chinese companies have a lot of debt in USD. As of right now China don't want RMB to devalue because it would make debts harder to pay.
Getting rid of forex risk. Self explained.
Exports. With all China's debts in RMB there will be no consequence in devaluing the RMB. Will you pay $400 for a Huawei smartphone? No? How about $100? Cheaper price, it helps boosts sales volume. A lot.
Getting rid of language barrier. If you look up most common language on harmony it lists Chinese with the most number of speaker s in the world, followed by Spanish, then English. Guess what language is most common in the business world? English. Guess what language does world reserve currency countries speak? English.
Getting rid of autistic monkeys ESL teachers. Having RMB as a global currency will help China demand their business partners to start speaking Chinese, giving China home field advantage. The reason ESL teachers are needed is because China needs to do business in English. Seriously why the fuck do I need to learn English if I'm not gonna do business?
Better politics. With foreign languages kicked out of their curriculum, the Chinese population can spend more time learning useful things, such as how to worship the communist party Seriously, learning how to think politically is a mandatory subject in high school curriculum, as well as gaokao.
Now on the spot light. Everyone who are asking me to talk about silk road start reading here. Right now, China is in a tough spot with their overproduction problem. Here's a flow chart, from the start to now:
Steel industries fighting to get into the market
Too many steel suppliers leads to overproduction
One steel suppliers try to eliminate competitions by driving prices down.
Every steel supplier does the same.
Prices eventually go so low, sales price is lower than production price.
Every steel suppliers are now religions, praying their competitions will go bankrupt first so they can one day dominate the market.
CCP cracks down on religion, prayers not answered. Steel suppliers now in the negative, have to borrow money from banks.
Banking regulations stats they can only lend money to suppliers who are in business, i.e. have production and sales. Nobody can sack their workers and nobody can let their workers sit idle because it is also against the law to have idle workers.
Death spiral: Lending leads to production, production leads to loss, loss leads to lending.
China is not as stupid as you think. They know how supply and demand works. They did not foresee the death spiral because there is no precedent. In normal cases supply-demand imbalance even out naturally by supply side shutting down due to lack of profit. But this is China. Steel makers are not investing their own money in the business, they are getting their source of funds from the government are. They do not care if their factories do not turn a profit. Afterall, it's not their own business. "China is different." Damn right you are. China is the only country in the WTO whose majority of the population lacks independent thinking. The Chinese hierarchy system...it's a convenience. It tells you where to go, what to do, dulls your brain. The party wants us to make steel, I make steel, you make steel, everyone make steel! Everyone apply for a job for the steel making industry and everyone get subsidy from the government! Everyone drive down prices and everyone borrow money! Because the party says we need to make steel. To fix this death spiral, China needs a larger demand, and if they cannot create demand among themselves, they have to create demand among foreign countries...and there is no way in hell the Americans and Europeans will accept Chinese quality steel. So, turning their eye to Iran, Pakistan and other developing countries. Cue the one belt, one road protocol. Here's their pitch, dumbed down: China: Do you want GDP? Do you want groooowth? Learn from us! Build bridges! We can sell you steel at half price! Not like greedy Europeans. Really, that's it. Building infrastructure is one of the fastest way to bump your GDP, even if they end up useless later on. If China can sell their steel to those countries, they can effectively get rid of a lot of overproduction, maybe even evening out the supply-demand imbalances with the increase in demand! Two obstacles here. These developing countries have their own currency, and their other currency is in the form of foreign exchange, in USD. Foreign exchange risk still applies here. Secondly, because they are developing countries...often they don't have the money. The solution: lend them money. With RMB. Through the Asia Infrastructure Investment Bank. This is going to kill 3 birds with one stone.
Provide capital...provide a means to demand for things. The steel makers can now make a sale, easing oversupply problem finally.
Weaken USD status, strengthen RMB status. Take loan out in RMB, repay with RMB...except you don't have RMB in your reserves. You take your USD from your foreign reserves, and exchange for RMB, because with closer ties with China supplying your every needs, there is no reason to be keeping those USDollars. Although AIIB says it's going to offer USD, Euro and RMB, you bet your ass that they are going to offer some very good conditions on taking loans out in RMB...the potential of further devaluation of RMB is already very attractive, I wonder what else they can add.
Debt settlement. China can now use your USD to repay your debt (fun fact: AIIB lending terms are on a 3 year basis, so they will be collecting their USD in 2019----Guess when the majority of China's foreign debts are due? 2020. Their timing is just perfect).
Positive cycle: Initial lending leads to sales of steel, sales of steel leads to infrastructure building, infrastructure building leads to more sales of other materials, which leads to more lending...the whole cycle leads to weaker USD status in these countries and strong RMB status.
Whew! That's a lot of research! Now that we got the AIIB out of the way, one belt is partially explained but to those who don't get it, high speed rail uses a lot of steel, and is considered infrastructure. Now that we've got AIIB and one belt under the belt, the last that remains: one road. This is when I'm going into /conspiracy level shit talking and I'm sure I'll be generating a lot of downvotes, so I'll keep it skippy. Here's a list of problems are facing that can be solved with one road(sea silk road):
Economy focused along shorelines
Dependency on natural resources from hostile foreign forces.
Here's how one road will help them solve these problems:
Trade to solve overproduction, already mentioned above.
Give China an excuse to exercise more controls on the sea, such as the entire South China Sea.
This is the most important. Control of sea routes will allow China to prioritize their freight routes over other countries. While SCS is going to be free, it will be "free with Chinese characteristics". Freights from China are going to flood the SCS and take up a lot of queue space in sea routes shared with other countries, namely Brunei, India, Indonesia, Japan, Korea, Malaysia, Philippines, Taiwan, Phili, Indonesia, Taiwa, Vietnam, etc. If you have ever tried queuing with the Chinese, you know how this will end.
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