Other / money
MenzGold - Ghana's 2018 Scandal
MenzGold is a registered gold dealing company based in Ghana that offers customers a 10% monthly return on investment (ROI) on their investments. On their website, The company is affiliated to the Swiss Gold Global in Switzerland which gives customers and potential investors some confidence in them. They've been operating in Ghana quietly for a couple of years until the later part of 2018. MenzGold is Ghana's first Bullion Bank, which means you can convert your fiat currency into gold and also have a share of the country's gold. They started making headlines when the Bank of Ghana (BoG) issued a warning to the general public, stating that the company wasn't licensed with the Central Bank, and so people should be wary of their dealings with them. It's however important to state that, MenzGold isn't a financial institution and they started that clearly before and after the warning by the BoG. When issues with BoG seemed to be settling, MenzGold was asked by the Securities and Exchange Commission to suspend gold trading activities with the public because they didn't have a valid license from the commission. A lot of people were wondering why the company wasn't shut down forcefully if indeed, they were doing something illegal. MenzGold sued the SEC, challenging the suspension which they lost because the court said, MenzGold had not exhausted all dispute resolution mechanisms before rushing to court. A lot of Ghanaian's who invested money with MenGold rushed to the various branches of the company after it was forced to shutdown and demanded their monies. It took the timely intervention of security forces to protect lives and properties as the crowd grew violent at a point. Since then, a lot of demonstrations have been witnessed with aggrieved customers asking the government to step in and help them get their monies. The Government has however advised the aggrieved customers to take legal action against the company if the wish to get their monies back. On Thursday, Minister for Information issued a statement saying the government will employ the powers of the State to ensure he law takes it;s course, but they won't use taxpayers' monies to refund aggrieved customers. One aggrieved customer said she had deposited over GHc 700,000 ($142,857) with the company, and all she wants is her money back. Owner of MenzGold has also stated that, there isn't enough money to payback all the customers. Time will tell how this issue is resolved.
#CollapseDiary - Christmas Day, 2018
Diary & Manifesto December 25, 2018 Merry Christmas, everyone! https://scorum.com/en-us/other/@swapbit/merry-xmas-to-all-financial-collapse-spells-doom-for-capitalism https://serey.io/money/@swapbit/merry-xmas-to-us-all-financial-collapse-spells-doom-for-capitalism https://deals.weku.io/community-deals/@swapbit/merry-xmas-to-all-financial-collapse-spells-doom-for-capitalism https://whaleshares.io/money/@swapbit/merry-xmas-to-us-all-financial-collapse-spells-doom-for-capitalism https://smoke.io/news/@tradeitforweed/merry-xmas-to-me-christmas-2018-marks-the-end-of-capitalism https://steemit.com/money/@hodlorbust/christmas-2018-financial-collapse-spells-doom-for-capitalism-merry-xmas-to-me Look at me earning crypto for the financial collapse of the Western world! It’s truly a beautiful thing. The DOW is down 3% today, and so I’ve decided to keep a diary of this End of Days and Financial Ruin of America and her Allies, Capitalism Currency and Nationalism. The dual purpose of this guide to the apocalypse is as a manifesto for the way we should conduct ourselves and carry forward, through the dismal days ahead, and reinvent the economical and social constructs everyone’s taken for granted for generations. Welcome to my little world. Christmas Morning, I had few gifts but the bigger joy came from watching my four year old niece open the majority of the spoils and become more overjoyed about her hand-crafted clothes that match her mom’s than she was her underwater digital camera or digital kid’s smartwatch. This is the epitome of the point I’d like to make: kids are innocent, and until we impress upon them ‘these coins buy you food’ they have no sense of what barter or financial transactions are. They understand cause, effect, and linear time - cry and get attention right up to Pavlovian conditioning to salivate at the sound of a bell. Cause and effect, linear progression of time… The DOW is down 19% since the start of this collapse, nearly 3% today. On Great Tuesday, the oncoming of the entire Great Depression, the DOW dropped 12% in one day.. While our current situation doesn’t seem that dire, if it continues accelerating at the rate it has been then we’ll be looking at equalling or surpassing the total downward trend of The Great Depression @ DOW $340 or so to $200. When all business shuts down and factories have materials literally on premises but there is no work, there are no strikes, there are no opportunities.. Other, supporting industries shut down. We won’t have running water, electricity, or food delivered to supermarkets - how will you survive? Who will you depend on? How will you make yourself useful? When the government collapses because there’s no money to pay anyone to do anything and inflation skyrockets just prior, what will you offer for barter to get enough food for your family to eat? Cryptocurrencies could be the answer. In local areas where there’s enough cooperation and community to create self-sustaining energy, networks could be created to (hopefully - as in our case) replay the entirety of Wikipedia and local Stackoverflows and other Stack sites (like Stack Survival… hint, hint) as well as keep an open ledger of barter transactions that you could even peg to a virtual currency. What of Bitcoin, Ether, Steem, or etc? Without a massive global network and the dozen or so DNS servers organizing the internet, these hugely distributed networks will fail themselves, and people will fork them to create their own local- regional- networks. Weed, as funny as it sounds, could be the answer. Marijuana can be grown in even harsher climates to some effect, and as it’s a popular choice for recreation, industrial applications and medicine, it could be a society’s staple currency. It’s bulky, stinky and is measured in increasingly large volumes - but a few grams of gold bullion is worth a bit for nearly being useless, maybe we will see people barter then barter then barter to come ahead? Without law, order, punishment.. What would the world look like? Will we see a rise in vigilantes? Without transportation, work, education, will we see a return to the traditional family unit? Without the ability to sustain metropolitan areas, will we see ghost cities as people ‘fan out’ and repopulate the countryside? What does that look like in China, where their population per acre is worrisome.. Genocide to preserve the race? Nearly 3% today, Tuesday, Christmas 2018. Why publish a diary to a Blockchain (or a few?) - there is an immutable nature of Blockchains and DPoS and all my info are recorded on nodes, and I’ll have my own witness node for each of these chains in the near future. I will have the record of this global event written promptly, deftly, and accurately… with a vengeance. What will the DOW look like tomorrow? What lays at the end of this rabbit hole? Will this document rival Pepys and The Great Fire London? Frank and Nazi occupation? Pilkington and sheer nonsense? Follow the tag ‘collapsediary’ or see this Google doc for the full story: https://docs.google.com/document/d/1SUyjBXADnXmyREHcY1ojee7gUur_dlPdpa9Napdcm54/edit?usp=sharing