Bali popular with crypto investors

[balinews]

"With its ocean views and beach resorts, Bali has long attracted surfers and holiday goers. Today, it is also a premier destination for the world’s crypto enthusiasts."

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[AuroraB]

This recent FT article attempts to make a story about the Crypto bros descending on ‘Silicon Bali’ going on to point out “It’s very heavy on males. White males, people in their early twenties”. That is probably accurate.

But then FT goes on to highlight one failed crypto scheme in Bali:
“Those in the crypto community are not blind to the local businesses struggling around them. Last year, an anonymous group launched Bali Token, a crypto token. According to its website, it can be used as a “discount voucher” at “any tourism spot in Bali”, helping “million of Balinese . . . to stay strong during Covid-19”. The token’s value has plunged nearly 100 per cent since its peak in January”

The team behind the failed “Bali Token” is far from anonymous as claimed in the article – nor do seem to be part of the recent influx of crypto bros: See link from 2021:

https://twitter.com/i/web/status/1452773468093644804

 

[Markit]

I'm beginning to think this mob (cryptoidiots) are so stupid they'd buy into the PonziCoin.

 

[JackStraw]

I'm beginning to think this mob (cryptoidiots) are so stupid they'd buy into the PonziCoin.

While I do agree with you that hundreds, if not thousands of crypto projects are ponzi schemes, rug pulls or out right scams, I think Bitcoin and a few other notable blockchains are 100% legit and offer real benefits for society. I think we might have even discussed this in the past Markit.

 

[Markit]

While I do agree with you that hundreds, if not thousands of crypto projects are ponzi schemes, rug pulls or out right scams, I think Bitcoin and a few other notable blockchains are 100% legit and offer real benefits for society. I think we might have even discussed this in the past Markit.

Have you ever considered a career as parrot salesman?

 

[PERtoDPS]

I'm beginning to think this mob (cryptoidiots) are so stupid they'd buy into the PonziCoin.

A lot of projects are just that but there are also legit ones. Last year when I was in a Bali I was doing alright off crypto and I knew a few people who travelled from other countries to live in Bali and trade crypto. There is a few crypto communities in Bali as crypto exists in a quasi legal sort of status there now are exchanges and stuff with real life offices. Many of these also elaborate rug pulls and worthless tokens though so buyer beware. I once had an exchange freeze a withdrawal transaction for a week with no real reason.

Crypto has taken a battering now though, look at stuff like Terra/LUNA and that seemed solid as.

Also is a great tool for money laundering and other shady syndicates, they're starting to go after them hand over fist here in Australia though I think Indonesia is obviously totally different dynamics.