Tag Archives: Investment

EPF “Flexible” Account 3 : What We Know So Far!

What exactly is the EPF “flexible” Account 3, and how does it affect your retirement plans? Here is what we know so far…

 

EPF Account 3 To Be Implemented In April 2024

When Prime Minister Anwar Ibrahim tabled the 2024 Budget on 13 October 2023, he also announced that the government will introduce a flexible EPF account, which would allow people to withdraw their retirement savings immediately.

On 21 November 2023, the Deputy Finance Minister I, Datuk Seri Ahmad Maslan, announced that the “flexible” EPF Account 3 will be implemented in April 2024:

EPF will announce its dividend in February 2024, and the Finance Ministry will then announce a detailed plan on the flexible account. The third account will be implemented starting from April next year.

EPF Chief Executive Officer Datuk Seri Amir Hamzazh Azizan said that it is fine-tuning details of the “flexible” third account:

We are looking at all possibilities, whether it (withdrawals) is free for all or whether it should be guided.

The concept at the moment is to have a flexible account because we have learned during Covid that sometimes there would be circumstances that make it difficult to go from day to day.

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EPF “Flexible” Account 3 : What We Know So Far!

Here is what we know so far about the EPF “flexible” third account, or Account 3:

EPF Account 1 Won’t Be Affected

Currently, EPF contributions are divided into two accounts:

  • Account 1 : 70% of monthly contribution
  • Account 2 : 30% of monthly contribution

EPF chief strategy officer, Nurhisham Hussein, said in July 2023 that the percentage of contribution for the proposed “flexible” Account 3 has yet to be determined, but would be about 5% to 10% of the monthly contribution.

He also said that Account 1 would remain with its 70% contribution, and that contribution to Account 2 would be reduced instead, to fund Account 3. When implemented, the ratio would look something like this:

  • Account 1 : 70% of monthly contribution
  • Account 2 : 20% to 25% of monthly contribution
  • Account 3 : 5% to 10% of month contribution

EPF Account 3 Will Apply To All

When introduced, Account 3 will apply to all EPF contributors. This was confirmed by Deputy Finance Minister I, Datuk Seri Ahmad Maslan, on 24 October 2023.

It can be accessed by all members, be they from the B40, M40 or T20 groups.

EPF Account 3 Will Have Lower Dividend

While there was speculation that the flexible Account 3 would have no dividend, EPF chief strategy officer Nurhisham Hussein, dispelled that notion on 11 July 2023.

However, the proposed EPF Account 3 is expected to have a lower dividend rate when implemented. The lower dividend rate has not been revealed.

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You Can Transfer To Account 1/2

The lower dividend rate for Account 3 will be a real concern for contributors who want to save for their retirement, and do not plan to withdraw their savings early.

Even a small reduction in the dividend rate will make a big difference, because of the snowball effect of compound interest over time.

Fortunately, Nurhisham said that members will have the option to transfer their Account 3 savings into Account 1 or Account 2, if they prefer to avoid the lower dividend rate.

Hopefully, this can be implemented with a single opt-in registration, and would not require the money to be transferred on a monthly basis.

EPF Account 3 Will Offer Immediate Withdrawals

In the past, contributors can request to withdraw from their Account 2 to fund certain large purchases:

  • To pay for education
  • To purchase or build a house
  • To pay for a housing loan
  • To cover medical expenses

Unlike Account 2, the proposed “flexible” third account will function like a savings account, and allow contributors to withdraw, as and when they wish.

EPF Accounts To Be Renamed

When EPF introduces Account 3, it will also introduce new names for the three accounts, to better reflect their purposes:

  • Account 1 : Retirement Account
  • Account 2 : Value-Added Account
  • Account 3 : Flexible Account

The renaming will help people better understand the use and purpose of each account.

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EPF “Flexible” Third Account : Is It Useful?

Personally, I feel that the EPF “flexible” Account 3 is like swatting an elephant with a lidi stick.

EPF contribution amounts to 23% to 24% of your monthly salary. Even if Account 3 receives 10% of that contribution, that amounts of just 2.3% to 2.4% of your monthly salary.

Account 3 is targeted at the informal sector workers, many whom earn minimum wage or close to it. Let’s say you earn RM3,000 a month – TWICE the minimum wage of RM1,500.

  • Your Account 3 will only receive RM72 a month.
  • After 1 year, your Account 3 will only have RM864.

As you can see – that is not a lot of money, even for people who earn twice the minimum wage. Yes, it is better than borrowing money from loansharks, but the small percentage that funds Account 3 means you don’t really have much to work with.

On top of that, you are actually “losing” money even if you don’t actually withdraw any money. Parking all the money in Account 3 will garner lower dividends. It may be small, but the difference snowballs over time because of compound interest.

As it is, EPF announced in mid-November 2023, that some 48% of its contributors – 6.3 million people – have less than RM10,000 in their accounts!

If you can afford it, you should transfer all money stored in the “flexible” third account, to Account 1 or Account 2, when this scheme is implemented.

 

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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Watch Out For The Kinokuniya Free Books Scam!

Is Books Kinokuniya giving away free books on stock investing, to celebrate gaining 3 million fans?!

Find out what’s going on, and warn your family and friends!

 

Watch Out For The Kinokuniya Free Books Scam!

Scammers are running Facebook advertisements that claim Books Kinokuniya is giving away free books on stock investing, to celebrate its 50th anniversary!

Hello everyone, this is Books Kinokuniya, the largest bookstore in Malaysia.
🎉🎉🎉 Signups will soon exceed 3 million. In order to thank our fans for their continuous support, we will send a gift to our fans.
👋Books Kinokuniya store has prepared 1,000 sets of stock books. Free gift to all friends who support Books Kinokuniya.
Please add administrator WhatAPP. And send the mailing address, we will mail the book to you for free.

Hello everyone, this is Books Kinokuniya, the largest bookstore in Malaysia.
🎉🎉🎉 Signups will soon exceed 3 million. In order to thank our fans for their continuous support, we will send a gift to our fans.
Books Kinokuniya has prepared 1,000 sets of books in stock. Free gift for all friends who support Books Kinokuniya.
Please click on the conversation to add assistant Whats and register the mailing address, we will mail the book to the registered address for you free of charge.

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Kinokuniya Free Books Scam : What You Need To Know!

This Kinokuniya free book scam is being promoted heavily on Facebook in May 2023, so please alert your family and friends!

Fact #1 : Kenanga Reported These Pages / Ads As Fake

Books Kinokuniya is aware of these fake advertisements being run by scam Facebook pages, posting this scam alert on May 17, 2023:

⚠️⚠️⚠️
Dear customers,
We have been made aware of several Facebook accounts that are impersonating us about giving out free books. These accounts go by the name Books Kinokuniya Malaysia, but are NOT operated by us and we are not related to these accounts in any way. PLEASE DO NOT RESPOND TO ANY OF THESE, Books Kinokuniya Malaysia DOES NOT communicate with customers directly via Whatsapp or add our customers into Whatsapp group chat.
Follow our official social media accounts and website as follows :
Facebook : Books Kinokuniya Malaysia (https://www.facebook.com/KinokuniyaMalaysia/)
Instagram : Kinokuniyamalaysia (https://www.instagram.com/kinokuniyamalaysia/)
Corporate Site : www.kinokuniya.com.my
Webstore : https://malaysia.kinokuniya.com/
Kinokuniya Malaysia takes this matter seriously and has reported to the relevant authorities on this matter.
If you have any queries, you may email to our Customer Service at mys@kinokuniya.com or call us at 03-21648133

Fact #2 : Books Kinokuniya Is A Business, Not A Charity

Please do NOT be naive. Books Kinokuniya is an investment bank – a business, not a charity. It is not going to give away books just because it has many fans!

Even if it achieved some kind of milestone, it would make sense for Kinokuniya to offer discounts. After all, it’s a corporation whose purpose is to make money, not a charity to give you free books!

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Fact #3 : Kinokuniya Does Not Use WhatsApp To Communicate

As mentioned in their warning above, Kinokuniya has a Facebook page, an Instagram page, a corporate website as well as a website. What it does not have is a WhatsApp account!

So when scammers message you to collect your “free books” by messaging a WhatsApp number, be warned!

Please add my WhatsApp message, send me your mailing information, and I will mail you stock books for you for free! My WhatsApp: https://xxxx.xx/60113906928

Fact #4 : Kinokuniya Will Not Ask You To Join WhatsApp Groups

Kinokuniya has stated that it will never ask anyone to join a WhatsApp group for any reason, whether it’s for free books.

Kinokuniya is also a bookstore, not a stock broker or an investment firm. It will never offer you free investment advice, stock tips, or help you buy and sell stocks, etc.

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Fact #5 : One Victim Lost RM480K To A Free Book Scam!

In November 2022, a 60 year-old housewife from Port Dickson fell for a similar “free book” scam, and lost almost RM480,000.

After being offered the free book on Facebook, she was asked to join a WhatsApp group called Family Discussion, where she was asked to convinced to “invest”.

The WhatsApp group administrator instructed her to download an application called Forza, and open a savings account. She was then asked to deposit money into certain bank accounts, and upload the slips using that Forza app as proof.

The lady withdrew her savings and borrowed from her children and friends to invest RM476,100. However, when she wanted to withdraw the interest paid by the company, her account was blocked. The group administrator told her that she would need to deposit an additional RM427,200 to withdraw the interest.

That was when the lady realised she had been scammed, and lodged a police report.

Please help us FIGHT SCAMMERS by sharing this fact check article out, and please SUPPORT our work!

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Bursa Malaysia Stock Investment Scam Alert!

Warning – both Datuk Muhamad Umar Swift and Bursa Malaysia are NOT giving out free stock investment advice or books!

Find out what’s going on, and warn your family and friends!

 

Bursa Malaysia Stock Investment Scam Alert!

Scammers are running Facebook advertisements that claim that Datuk Muhamad Umar Swift and/or Bursa Malaysia are giving free investment advice, or free books on stock investing!

Hi everyone, I am Datuk Muhamad Umar Swift
The Chief Executive Officer of Bursa Malaysia Bhd.
Since 2023, the Malaysian stock market has been relatively sluggish🤕🤕🤕
This may be because many stock market investors do not understand stock market trading
I have been blindly following the investment, resulting in a lot of losses
I have also received many letters from investors recently:
Ask if I have improved my trading skills?
Here I recommend a few stock books to everyone!
This can effectively improve your trading skills 💖💖💖
I also prepared 2,000 stock books for everyone📖📖📖
Free gift to Malaysian stock market investors, yes, it’s free!
Please add my assistant’s wapp, she will mail you books for free👇👇👇

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Bursa Malaysia Investment Scam : What You Need To Know!

These Datuk Muhamad Umar Swift and/or Bursa Malaysia free book / investment group scams are being promoted heavily on Facebook in 2023, so please alert your family and friends!

Fact #1 : Bursa Malaysia Reported These Ads As Fake

Bursa Malaysia is aware of these fake advertisements on Facebook, posting this scam alert on May 17, 2023:

[SCAM ALERT] Don’t be fooled by Facebook ads or pages that offer stock advice. Scammers are known to impersonate Bursa Malaysia representatives to lure you into their fake investment schemes. If you have come across ads or pages like this, be sure to report it to Bursa2U along with a screenshot and source link at bursa2u@bursamalaysia.com or call Bursa Malaysia’s Help Centre at +603-2732 0067. Remember to check the Securities Commission Investor Alert List at http://sc.com.my/investor-alert before investing. Contact the National Scam Response Centre hotline 997 if you have been a victim of scam.

[AMARAN SCAM] Jangan terpedaya dengan iklan atau halaman Facebook yang menawarkan nasihat saham. “Scammer” seringkali menyamar sebagai wakil Bursa Malaysia untuk memujuk anda ke dalam skim pelaburan palsu mereka. Jika anda menjumpai iklan atau halaman seperti ini, pastikan anda melaporkannya kepada Bursa2U berserta tangkapan skrin dan sumber pautan ke bursa2u@bursamalaysia.com atau hubungi Pusat Khidmat Bursa Malaysia di talian +603-2732 0067 . Semak Senarai Amaran Pelabur Suruhanjaya Sekuriti di http://sc.com.my/investor-alert sebelum melabur. Hubungi talian hotline Pusat Respons Scam Kebangsaan 997 jika anda menjadi mangsa penipuan.

#StayAlert #ScamAlert #TakNakScam #JanganKenaScam

Fact #2 : Bursa Malaysia Is Not A Charity

Please do NOT be naive. Bursa Malaysia is not only the stock exchange of Malaysia, it is also a public listed company, whose focus is to make money, not a charity to give you free books or advice!

Datuk Muhamad Umar Swift is not only the CEO of Bursa Malaysia Berhad, he is also the director of its subsidiary companies. He certainly has more important (and profitable) things to do than to create a WhatsApp group to answer YOUR questions or advice YOU on what stocks to buy!

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Fact #3 : Bursa Malaysia Does Not Use WhatsApp To Communicate

Bursa Malaysia offers a multitude of contact options by snail mail, online forms on their Bursa2U portal, email or telephone.

What it does not have is a WhatsApp account. So when scammers message you to collect your “free books” using WhatsApp, or ask you to join the Bursa Malaysia WhatsApp group, be warned!

Datuk Muhamad Umar Swift (fake) : I’m sorry because too many people have privately messaged me, please click to add administrator 👇whatsapp👇, send “PM” to join our company’s free communication group! https://wa.me/6019527xxxx

The real Datuk Muhamad Umar Swift, and Bursa Malaysia, will never ask you to join a WhatsApp group for any reason, whether it’s for investment advice, stock tips, or to buy and sell stocks, etc.

Fact #4 : One Victim Lost RM480K To Investment Scam!

In November 2022, a 60 year-old housewife from Port Dickson fell for a similar “free book” scam, and lost almost RM480,000.

After being offered the free book on Facebook, she was asked to join a WhatsApp group called Family Discussion, where she was asked to convinced to “invest”.

The WhatsApp group administrator instructed her to download an application called Forza, and open a savings account. She was then asked to deposit money into certain bank accounts, and upload the slips using that Forza app as proof.

The lady withdrew her savings and borrowed from her children and friends to invest RM476,100. However, when she wanted to withdraw the interest paid by the company, her account was blocked. The group administrator told her that she would need to deposit an additional RM427,200 to withdraw the interest.

That was when the lady realised she had been scammed, and lodged a police report.

Please help us FIGHT SCAMMERS by sharing this fact check article out, and please SUPPORT our work!

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

Recommended Reading

Go Back To > Fact Check | Cybersecurity | Tech ARP

 

Support Tech ARP!

Please support us by visiting our sponsors, participating in the Tech ARP Forums, or donating to our fund. Thank you!

Sunway + Jeffrey Cheah Free Books Scam Alert!

Please note – Jeffrey Cheah and the Sunway Group are not giving away free books on stock investing, to help new investors!

Find out what’s going on, and warn your family and friends!

 

Sunway + Jeffrey Cheah Free Books Scam Alert!

Scammers are running Facebook advertisements that claim that Tan Sri Dr Jeffrey Cheah and/or the Sunway Group are giving away free books on stock investing, to help new investors!

Hello everyone, I am Jeffrey Cheah, Chairman and Founder of Sunway Group
Since 2023, the Malaysian stock market has been relatively sluggish🤕🤕🤕
This may be because many stock market investors do not understand stock market trading
I have been blindly following the investment, resulting in a lot of losses
I have also received many letters from investors recently:
Ask if I have improved my trading skills?
Here I recommend a few stock books to everyone!
This can effectively improve your trading skills 💖💖💖
I also prepared 2,000 stock books for everyone📖📖📖
Free gift to Malaysian stock market investors, yes, it’s free!
Please add my assistant’s wapp, she will mail you books for free👇👇👇

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Sunway / Jeffrey Cheah Free Books Scam : What You Need To Know!

This Sunway / Jeffrey Cheah free book scam is being promoted heavily on Facebook in May and June 2023, so please alert your family and friend!

Fact #1 : Sunway Group Reported These Pages / Ads As Fake

The Sunway Group is aware of these fake advertisements being run by scam Facebook pages, posting this scam alert:

SCAM ALERT

Please be alert of several scams using fake Facebook accounts, bearing the names “Sunway Investment” and “Sunway Global Investment”, claiming to be affiliated with Sunway entities.

These Facebook accounts have NO association with Sunway Group nor that of our chairman.

We urge all to be cautious and to not fall victim to these scams, and report these fake accounts to Facebook immediately.

Fact #2 : Sunway Group Is A Business, Not A Charity

Please do NOT be naive. The Sunway Group (Sunway Berhad) is a public listed company, whose focus is to make money, not a charity to give you free books!

Fact #3 : Giveaways Were Not Posted In Official Website / FB Page

If the Sunway Group was really giving away free books, it would have posted the offer on:

These scams are being run off fake Facebook pages that are brand new, and have nothing to do with Tan Sri Dr. Jeffrey Cheah, or the real Sunway Group.

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Fact #4 : Sunway Group Does Not Use WhatsApp To Communicate

The Sunway Group offers a multitude of contact options by online forms, email or telephone number. What it does not have is a WhatsApp account. So when scammers message you to collect your “free books” by messaging a WhatsApp number, be warned!

Please add my WhatsApp message, send me your mailing information, and I will mail you stock books for you for free! My WhatsApp: https://xxxx.xx/60113906928

The Sunway Group will also not ask you to join a WhatsApp group for any reason, whether it’s for investment advice, stock tips, or to buy and sell stocks, etc.

Fact #5 : Scammers Will Try To Scare You

Scammers will try to scare you into contacting them, by telling you that stock is running out. Just ignore them!

There are only 3 free places left, which have been reserved for you, please add and leave a message as soon as possible Whatsapp : https://xxxx.xx/60113906928

There are many friends who have claimed it, please tell us whether you have added it successfully! If you do not add or reply, it means that you will give up the quota by default and automatically transfer it to the next friend. Thank you for your understanding!

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Fact #6 : One Victim Lost RM480K To A Free Book Scam!

In November 2022, a 60 year-old housewife from Port Dickson fell for a similar “free book” scam, and lost almost RM480,000.

After being offered the free book on Facebook, she was asked to join a WhatsApp group called Family Discussion, where she was asked to convinced to “invest”.

The WhatsApp group administrator instructed her to download an application called Forza, and open a savings account. She was then asked to deposit money into certain bank accounts, and upload the slips using that Forza app as proof.

The lady withdrew her savings and borrowed from her children and friends to invest RM476,100. However, when she wanted to withdraw the interest paid by the company, her account was blocked. The group administrator told her that she would need to deposit an additional RM427,200 to withdraw the interest.

That was when the lady realised she had been scammed, and lodged a police report.

Please help us FIGHT SCAMMERS by sharing this fact check article out, and please SUPPORT our work!

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

Recommended Reading

Go Back To > Fact Check | Cybersecurity | Tech ARP

 

Support Tech ARP!

Please support us by visiting our sponsors, participating in the Tech ARP Forums, or donating to our fund. Thank you!

Crypto Hedge Fund 3AC Filed For Chapter 15 Bankruptcy!

Cryptocurrency hedge fund, Three Arrows Capital (3AC) just filed for Chapter 15 bankruptcy! Here is what you need to know…

 

Crypto Hedge Fund 3AC Filed For Chapter 15 Bankruptcy!

The 2022 Crypto Winter continues to blow hard and cold…

On Friday, July 1, 2022, Singapore-based cryptocurrency hedge fund, Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in the Southern District of New York.

Representatives from the law firm Latham & Watkins filed the Chapter 15 bankruptcy filing to legally protect its US assets from creditors in the United States.

In the legal filing, they stated that “the Debtor’s business has collapsed in the wake of extreme fluctuations in cryptocurrency markets” and “the Debit commenced a liquidation processing before the BVI Court” on June 27, 2022.

This move came after a British Virgin Islands court ordered the liquidation of 3AC on Monday, June 27, 2022.

Voyager Digital revealed that 3AC failed to make payments on loans made up of US$350 million in USDC and 15,250 BTC (worth US$306 million), and issued them a notice of default on the same Monday, June 27.

 

3AC Founders Remain Silent On Bankruptcy, Location Unknown

Founded in 2012 by Zhu Su and Kyle Davis, 3AC managed about $10 billion in assets as recently as March 2022, but that sank to just $3 billion a month later.

3AC was dogged by persistent insolvency rumours in the last few weeks, with rumours of more than US$400 million in losses when the cryptocurrency markets collapsed between May and June 2022.

Zhu and Davis admitted in a WSJ interview that 3ACa lost their $200 million investment following the collapse of Luna and its sister coin, TerraUSD.

8 Blocks Capital chief executive Danny Yuan also alleged that 3AC had misappropriated US$1 million of its funds to pay off their margin calls.

Both co-founders have remained silent over the implosion of 3AC, and its bankruptcy. Zhu’s last Twitter post was on June 15, in which he sought to allay rumours of insolvency, while Davies has not said a word.

According to the lawyers from Latham & Watkins, their current locations are unknown, and they are “rumoured” to have left Singapore.

The foreign representatives understand and believe that while the debtor has had certain operations in Singapore, Mr. Davies and Mr. Zhu’s current location remains unknown. They are rumored to have left Singapore.

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Bitcoin Rebounds Above $20K, Ether Shoots Over $1,100!

Bitcoin rebounded above $20,000 while Ether shot over $1,100, after experiencing record lows! Here is what you need to know…

 

Bitcoin Rebounds Above $20K, Ether Shoots Over $1,100!

After a terrible week, cryptocurrencies are getting a big respite with Bitcoin rebounding above $20,000. and ether shooting over $1,100!

Last Saturday, Bitcoin crashed through the $20,000 line, and smashed right through the $19,000 and $18,000 support lines. It hit a record low of $17,663.80, wiping out 12% of value in less than a day.

The $20,000 mark was psychologically-important because Bitcoin first hit it in December 2020. It was also the peak of its last bull run, when it hit a high of $19,834 in December 2017. Bitcoin had, for the first time, fallen below the peak of its prior bull run.

But it gradually recovered over Sunday, and actually rose above the $20,000 mark at 7 PM. After a short sell-off early Monday morning, it recovered to above $20,000.

Ether had a terrible Saturday too, falling from $1,069.70 to just $903.23 – wiping out 15.6% of its value in less than 24 hours!

But it recovered quickly, breaching $1,000 by Sunday morning, and then the $1,100 mark by Sunday evening.

Like Bitcoin, Ether saw a sell-off on Monday morning, but it recovered again and stayed above $1,100

 

Bitcoin + Ether Rally May Be Shortlived

Cryptocurrency investors and traders are sure to be relieved by the rally, which kept both Bitcoin and Ether above those psychologically critical $20,000 and $1,000 price levels, even though they had already breached them two days ago.

The rally seems to be fuelled by investors and traders looking to buy cheap coins. Both Bitcoin and Ether were over 70% and over 80% below their all-time highs of $68,990.90 and $4,865.57 respectively.

However, the Bitcoin rally seemed rather weak – it was vacillating around the $20,000 mark, unable to push above $21,000. Ether did better, staying above $1,000 and rising above $1,100 on Sunday and Monday.

It seems likely that this rally will be short-lived, and could be a short respite before a larger sell-off.

As inflation remains red hot, with rapidly rising interest rates amidst recession fears, there is significant pressure to sell risky cryptocurrencies.

Even though both cryptocurrencies are holding steady right now, be prepared for more sell-offs that could trigger a vicious cycle of forced selling and falling prices.

The 2022 Crypto Winter may have been delayed, and spring isn’t coming soon.

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

Recommended Reading

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Support Tech ARP!

Please support us by visiting our sponsors, participating in the Tech ARP Forums, or donating to our fund. Thank you!

Bill Gates Mocks Crypto + NFTs As Assets For Fools!

Bill Gates is no fan of crypto – labelling crypto assets including NFTs as 100% based on greater fool theory!

Here is what you need to know…

 

Bill Gates Mocks Crypto + NFTs As Assets For Fools!

Speaking at a TechCrunch conference on Tuesday, 14 June 2022, Bill Gates described digital assets like cryptocurrencies and non-fungible tokens (NFTs) as something that’s “100% based on greater fool theory“.

The greater fool theory refers to the idea that investors can make money on worthless or overvalued assets, as long as they can fool other people into paying more for them.

In other words, the value of these digital assets are not inherent in their worth, but entirely dependent on whether you can hype them up so “greater fools” will buy them.

Read more : Crypto Boom Scam Alert : Fake Celebrity Endorsements!
Read more : Did Bill Gates Call For Withdrawal Of COVID-19 Vaccines?

 

What Bill Gates Invests In, Instead Of Crypto / NFTs

Bill Gates said that he was not interested in crypto at all – “I’m not involved in that. I’m not long or short any of those things“.

He shared that was only interested in asset classes that actually produce something, “like a farm where they have output, or like a company where they make products“.

He mocked the Bored Apes Yacht Club non-fungible token collection, calling them “expensive digital images of monkeys” that will “improve the world immensely“.

His comments come as bitcoin and other cryptocurrencies tumbled sharply. Bitcoin – the leading cryptocurrency – crashed from a high of $69,000 in November 2021, to less than $23,000 that day.

It didn’t help that Celsius, a crypto lending firm, paused all account withdrawals, feeling fears of its insolvency and the crypto world as a whole.

The crypto exchange, Coinbase, also announced that it was laying off 18% of its employees as the cryptocurrency market continue to crater.

 

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He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Crypto Boom Scam Alert : Fake Celebrity Endorsements!

Please watch out for the Crypto Boom scam involving fake celebrity endorsements, and warn your family and friends!

 

Crypto Boom Scam Alert : Fake Celebrity Endorsements!

You may have seen advertisements and posts on Facebook and Twitter, claiming that certain celebrities are sharing the secrets of their success.

Here is a recent example involving Jono Armstrong and Tony Fernandes. It’s an extremely long post, so feel free to skip to the next section for the facts!

NEWS THAT SENT SHOCKWAVES: Jono Armstrong And Tony Fernandes Partnership Is Shaking The Financial World And Big Banks Are Terrified

Big banks are loosing their chokehold of the financial markets. Malaysian citizens are from what private investment banks want off the market. Is it a real deal?

 

Crypto Boom : Yet Another Cryptocurrency Scam

Crypto Boom appears to be yet another “automated trading app”, claiming to use a trading robot to generate “daily ROI of up to 60%”.

Cryptocurrency is unregulated, and these cryptocurrency trading apps are of unknown provenance and ownership.

So unless proven otherwise, you should consider such cryptocurrency apps as SCAMS, including Crypto Boom for these reasons…

Fact #1 : That Malaysiakini Article Is Fake

There is no such Malaysiakini article. It’s completely FABRICATED. You can search Malaysiakini’s website if you don’t believe me.

The website it made to look like Malaysiakini, but does not have a Malaysiakini link, but an AWS cloud server link.

https://malaysia2022.s3.ap-south-1.amazonaws.com/MalaysiaJono.html

The Malaysia2022 website does not even exist. The only page on that server slice appears to be that MalaysiaJono.html page.

Fact #2 : Tony Fernandes Never Partnered With Jono Armstrong

As far as we can tell – Tony Fernandes has never met Jono Armstrong, much less partnered with him to bring Crypto Boom to Malaysia.

There was no such interview of Tony Fernandes and Jono Armstrong on Selamat Page Malaysia. Neither was there ever a threatening call by Farid Alias – the Group President and CEO of Maybank.

Fact #2 : Crypto Boom Is A Technology, Marketing + Advertising Service

While Crypto Boom claims to be an automated trading software that can give you “an average daily ROI of up to 60%“, their fine print states otherwise.

If you scroll down to the bottom of their official website, they clarified that they are merely a “technology, marketing and advertising service“.

They also clarified that they are “only used as a marketing tool by third party advertisers and brokers to receive more customers“.

Crypto Boom also warned, in their fine print, that when you sign up – “a broker is automatically assigned to you“, but that “it is your obligation to check if the Broker applies to all local rules and regulations“.

Crypto Boom is a software created by a development company and does not provide investment or brokerage services.

Crypto Boom does not gain or lose profits based on your trading results and operates as a technology, marketing and advertising service.

Crypto Boom does not operate as a financial services firm and is only used as a marketing tool by third party advertisers and brokers to receive more customers. When you signup to Crypto Boom a broker is automatically assigned to you.

It is your obligation to check if the Broker applies to all local rules and regulations and is regulated in your jurisdiction and is allowed to receive customers from your location. If you find out the Broker that was assigned to you is not duly regulated in your jurisdiction please contact us using the support menu in the software.

Fact #3 : No Celebrity Has Endorsed Crypto Boom

You may see other variants of this fake news, localised to the media in your country, with different celebrities endorsing Crypto Boom.

The truth is – no celebrity or business person of any note has ever publicly endorsed Crypto Boom.

If you do a quick online search, you will note that those celebrities have never mentioned Crypto Boom, much less endorsed it.

The fake story claims that Crypto Boom is backed by Richard Branson, Elon Musk and Bill Gates among others, but Crypto Boom themselves admitted that all those “rumours” are false.

The picture of Richard Branson and Bill Gates that was used in the fake Crypto Boom article was not taken at CES 2022. It was taken at the Grand Challenges Annual Meeting, in London on 26 October 2016.

This is the same kind of fake celebrity endorsements that drive the marketing campaigns of other cryptocurrency scams like Bitcoin Revolution.

Read more : Bitcoin Revolution Fake Celebrity Endorsements Exposed!

Fact #4 : SEC Warned About Such Scams

Many financial regulatory agencies like the SEC are warning investors and the public about fraudulent digital asset and “crypto” trading websites.

There have been many cases of people getting defrauded by such “get rich quick” schemes, including pump-and-dump and rug pull scams.

The SEC’s Office of Investor Education and Advocacy (OIEA) and the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (CFTC) warn investors to scrutinize investment opportunities through websites purporting to operate advisory and trading businesses related to digital assets. These websites often contain “red flags” of fraud including claims of high guaranteed returns and promises that the investments carry little or even no risk.

SEC and CFTC staff have recently observed investment scams where fraudsters tout digital asset or “cryptocurrency” advisory and trading businesses. In some cases, the fraudsters claim to invest customers’ funds in proprietary crypto trading systems or in “mining” farms. The fraudsters promise high guaranteed returns (for example, 20-50%) with little or no risk.

After the investors make an investment, typically using a digital asset such as Bitcoin, the fraudsters in some cases stop communicating with the investors altogether. These fraudsters can quickly send your money overseas, with little chance of you being able to get it back. Sometimes the fraudsters direct investors to pay additional costs (such as purported taxes) to withdraw fake “profits” earned from the investment. This is an example of an advance fee fraud scam, where investors are asked to pay a bogus fee in advance of receiving proceeds, money, stock, or warrants.

If anyone tells you that their software or trading service will automatically generate you high ROI, without effort or risk, that’s a scam.

Anyone who develops such a magical system does not need you to invest – they would be keeping it to themselves, and making BILLIONS with no effort or risk.

Please help us fight against such scams – SHARE THIS FACT CHECK with your family and friends!

 

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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Malaysia Admits Losing Undersea Cable Due To Cabotage!

Malaysia finally admits losing the Apricot undersea cable due to its cabotage policy, in a stunning reply from the Communications and Multimedia Minister.

 

Malaysia Admits Losing Undersea Cable Due To Cabotage!

Malaysia Transport Minister Wee Ka Siong has stridently rejected claims that Malaysia was excluded from the Apricot undersea cable project due to the cabotage policy.

On 30 September 2021, he denied that his decision to revoke the exemption of cabotage on undersea cable repairs was the reason Malaysia was excluded from the Apricot undersea cable project.

However, Bukit Mertajam MP Steven Sim revealed that he received a Parliamentary reply from the Communications and Multimedia Minister that basically admits that the loss was due to the cabotage policy.

Here is the Bahasa Malaysia quote from the Communications and Multimedia Minister, followed by our English translation :

Pemilihan negara bagi menyertai rancangan pemasangan kabel Internet Apricot dasar laut (subsea cables) adalah keputusan syarikat Facebook dan Google. Malaysia tidak tersenarai (bypass) sebagai salah satu negara yang terlibat dalam pendaratan stesen kabel dasar laut tersebut memandangkan isu pengecualian Dasar Kabotaj yang masih belum selesai.”

The choice of country to participate in the Apricot undersea Internet cable (subsea cable) installation plan is decided by Facebook and Google. Malaysia was not listed (bypassed) as one of the countries involved in the landing of the submarine cable station due to the unresolved Cabotage Policy exemption issue.”

This reply by the Communications and Multimedia Minister directly contradicts the Transport Minister’s strident denials, and confirms what most people already know – Malaysia was bypassed in the Apricot undersea cable project because this government refused to exempt undersea cable repairs from the cabotage policy.

 

What Does Loss Of Apricot Undersea Cable Mean For Malaysia?

Backed by Google and Facebook, the Apricot undersea optic cable will connect South East Asia and North Asia and the US, with a whopping bandwidth of 190 terabits per second (Tbps) and very low latency.

Being bypassed means Malaysia has lost investments and high-speed connectivity worth US$300-400 billion (RM1.26 to RM1.68 billion), according to MIDF Research.

And to add salt to the wound, it comes after Malaysia already lost two earlier undersea cable investments by Google and Facebook called Bifrost and Echo.

This continued loss of subsea cable landings runs contrary to Malaysia’s MyDIGITAL Initiative, which aims to achieve the HIGHEST number of subsea cable landings in South East Asia by 2025.

Malaysia currently only has 23 subsea cables, including those under construction. This leaves it behind Indonesia and Singapore, which have 55 and 31 cables respectively. Even the Philippines is catching up with 19 cables so far.

Is the continued refusal to exempt subsea cable repairs from the cabotage policy worth the loss of billions of dollars of investments?

This government seems to think so, but many would strongly disagree with them.

 

Please Support My Work!

Support my work through a bank transfer /  PayPal / credit card!

Name : Adrian Wong
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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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