It's hard to tell if crypto is in a bear or bull market now. Dubai is a low tax jurisdiction where fixed setup fees are not that low. The crypto regulation is a bit ambiguous, but there are some creative solutions floating around to make it work, i.e. Fred, though these are not without risks. I understand that many here are interested in finding solutions that allow for crypto trading, investing and perhaps cashout. Dubaicryptobus is a telegram group aimed at organizing a local meetup with all interested folks, and also to discuss face-to-face what works and doesn't work in Dubai, and what are the risks, while sipping a cup of coffee at the marina bay or elsewhere. This is strictly non-commercial.
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Local Dubai crypto meetup
- Thread starter spacenomad
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Not exactly hard to tell. The price dropped 50% in the last 2-3 months. That is not bull cycle by any definition unless people are trying to delude themselves
There's no such thing as no risk. You just have to intelligently figure out what the best existing option is, decide, and hope for the best.
RE: crypto market. If it's an obvious bear market you might want to short with leverage then?
RE: telegram group. You might want to consider running this by Fred. It'd be interesting to hear different perspectives about the crypto market. I think talking about anything else might be inviting trouble as anyone would be able to join. Besides, Fred has every angle covered and adapts on the fly.
RE: crypto market. If it's an obvious bear market you might want to short with leverage then?
RE: telegram group. You might want to consider running this by Fred. It'd be interesting to hear different perspectives about the crypto market. I think talking about anything else might be inviting trouble as anyone would be able to join. Besides, Fred has every angle covered and adapts on the fly.
Time, money, & opportunity cost of failing to have your bank account approved. There's the risk of bank increasing their standards. Risk of new laws. Risk of not being able to keep your account after acquiring it. A professional would bring most of these risks close to 0 but external risks are out of their control.
My estimate is that all of the above are negligible risks compared to the only one Fred wasn't explicit about - the actual business activity performed at the crucial step where crypto is exchanged to fiat. I hoped that the OP knows something more about that.
Hi all, I think these are good points. In case you're in Dubai, let's grab a drink together. Once we have enough people, we will organise a networking event, hopefully in next few days or weeks. Note, the focus here is on information sharing in a non-committed interpersonal way, and creating a local community. There's some other crypto related events in JLT/Marina and Business Bay too that we will reach out to. We will send out a notification with date and time, so you can meet other likeminded people and brainstorm together. In the mean time, feel free to join.
Some people think crypto is the future of finance and the beginning of web 3.0. So let us make sure that is the case, by finding ways to make that a reality together. It's a pity that sometimes crypto is relegated to underground activity, even completely legitimate use-cases, so everybody needs to be equipped with the knowhow to navigate this emerging industry properly, in case they have exposure to it. Some places are friendlier, some not so much, some undecided, so make sure you know what you're doing and don't become an accidental casualty! There are many crypto millionaires, even billionaires around that had their fortune changed the next day because they dismissed the current regulatory landscape. As the cliche goes, knowledge is power.
@JosephLL I understand your concerns. You can search the forum, some of the risks were mentioned by others as well. Regarding market sentiment, you can turn any bear market into bull market instantly by shorting with leverage.
Some people think crypto is the future of finance and the beginning of web 3.0. So let us make sure that is the case, by finding ways to make that a reality together. It's a pity that sometimes crypto is relegated to underground activity, even completely legitimate use-cases, so everybody needs to be equipped with the knowhow to navigate this emerging industry properly, in case they have exposure to it. Some places are friendlier, some not so much, some undecided, so make sure you know what you're doing and don't become an accidental casualty! There are many crypto millionaires, even billionaires around that had their fortune changed the next day because they dismissed the current regulatory landscape. As the cliche goes, knowledge is power.
@JosephLL I understand your concerns. You can search the forum, some of the risks were mentioned by others as well. Regarding market sentiment, you can turn any bear market into bull market instantly by shorting with leverage.
Welcomed the initiative here… fyi I met a few people in Dubai already doing cryptorelated activities either as hobby or fulltime job.
2013
bull > bear > bull
In no market is a 50% price drop with months long consolidation bullish.
Ask people who bought in at 60k, experienced 50% drawdown if it's a bullish market. Doesn't mean price won't recover obviously, but we are not in a bullish market right now. We just aren't. Unless you're a YT moonbooy shill and need more marks to believe it so you can profit off their liquidations via your bybit and phemex aff links of course ;-)
2013bull > bear > bull
In no market is a 50% price drop with months long consolidation bullish.
Ask people who bought in at 60k, experienced 50% drawdown if it's a bullish market. Doesn't mean price won't recover obviously, but we are not in a bullish market right now. We just aren't. Unless you're a YT moonbooy shill and need more marks to believe it so you can profit off their liquidations via your bybit and phemex aff links of course ;-)
today bear, tomorrow bull, the next week bear again. This is how it is in the tiktok / money printing age.
Today, it's crypto bull market again, in case you missed, yesterday it was bear.
The first meetup of Dubai Crypto Bus was a success, and we had a lively discussion. If you fancy joining us, we will have another one 4pm 27th July, RAW Coffee company. Check out our telegram channel for more info (dubaicryptobus)
The first meetup of Dubai Crypto Bus was a success, and we had a lively discussion. If you fancy joining us, we will have another one 4pm 27th July, RAW Coffee company. Check out our telegram channel for more info (dubaicryptobus)
Crypto is on the bull run, and our local meetup had its 2nd successful event, this time even more people showing up. This shows that Dubai is a hotspot, even during the scorching summer months. Come again 3rd Aug, same place, same time.
Also don't forget EIP1559 is coming so ETH is about to go up, if you can trust the pundits.
Also don't forget EIP1559 is coming so ETH is about to go up, if you can trust the pundits.
eth having the best risk/reward outlook for the next 18month or so with what is coming up being sort of a "triple halving effect" IF(!) they can pull their program thru and it goes all well.
Also possible eth income thru staking being promising to yield starved investors.
https://www.wisdomtree.com/blog/2021-05-14/ethereum-the-triple-halvingFaites vos jeux!
We keep on having lovely meetups in the nice Dubai summer. Just make sure not to go outside, else you accidentally evaporate or become fried chicken. As far as EIP 1559 is concerned, it didn't really decrease transaction costs, but it did seemingly push ETH price back up, having a halving effect. You can still join our meetups, check for the telegram group in the first post.
Many people are travelling now, so the population has gone down a bit. But this is just the silence before the storm, as September is the beginning of high season in Dubai. Also, if you're looking to rent or buy property, the prices are actually affordable compared to Europe. Crypto on the other hand seems to have hit a reversal right now. Some new people joining our meetup next week, so welcome. You can get info on telegram group dubaicryptobus. Note, we prefer face to face interactions.
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