TheLoneRider
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Siquijor
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Country > Philippines > Siquijor Island > Lazi
Date > 2023 > Mar
Activity > Slice of Life

Slice of Life
Motorbike Chronicles

Motorbike Chronicles




Bitcoin Blunder Mar 15, 2023

Bitcoin Blunder

Location Google Map: Lazi, Siquijor Island, Philippines

Price Watching
Since that fateful day on Feb 18 when I hesitated as Bitcoin spiked in price, giving me a chance to purchase a motorbike, I have since monitored Bitcoin, vowing to act immediately when it once again spikes back to that level. Losing that opportunity was a little heartbreaking.

And last night, it spiked up again...in fact, much higher than my price point!

Bitcoin Blunder

The Plan
Immediately, I transferred some Bitcoin from my private wallet to a bitcoin exchange center - an amount in pesos commensurate to a motorbike purchase. From there, the plan was to convert it into PHP (pesos) and then convert it again to GCash. Once in GCash, it's as good as spendable money.

Within the Safe Zone?
When I received confirmation from my private wallet that the money has been sent, I had a sigh of relief, feeling that I was already within the safety zone. I waited and waited for a confirmation from the bitcoin exchange center that it has received the money, but I knew I'll get the confirmation eventually anyway (from experience with them, it takes them a while, but the confirmation comes). I was so sleepy that I decided to go to sleep and work on the process when I wake up. The bitcoin has been successfully sent anyway and I was 'safe'. This was my blunder! Before reading on, do you see the flaw? Give it a thought before reading on.

Upon Waking Up
Upon waking up, the first thing I did was to check the confirmation receipt from the exchange center. It was there - the Bitcoin amount was there. But the peso value was a lot lower than I was expecting. What happened?

And then it hit me. Even though I successfully transferred the bitcoin when the price was high, it was still bitcoin (not yet pesos) when it was received - thus still subject to market fluctuation. The peso amount was not locked-in yet. And overnight, the value of bitcoin dropped. Thus, the peso equivalent became lower.

With Benefit of Hindsight
Swallowing hard from this harsh lesson, I should have waited for the receipt confirmation and converted into pesos before going to sleep. That way, my peso amount was locked-in and 'safe'. It was a mindless stupid blunder. This lesson is now etched in granite.

A Central Bank Incursion
A new requirement has been imposed by the Central Bank when receiving bitcoin. I just found this out with this transaction. The receiving exchange center (duly registered in the Philippines) now requires the receiver to disclose where the crypto came from - individual names, Bitcoin exchange center, etc. This is very very troubling for the following reasons:

  1. Anonymity - sources don't want to be named - that's why their payment method is crypto. It's not that they have anything to hide. It's a privacy issue. And sometimes, you don't know the source. I once received Bitcoin as a donation on my site - there were no sender details!
  2. Breaking the Law - if the receiver lies about it, he/she breaks the law. They won't want to do that either
  3. Transaction cannot go through - if you don't fill in the info, the transaction cannot go through. But the sending wallet already released the crypto - it cannot be reverted back. What now happens to the crypto...lost in transit?
  4. Drop-down list - the source of the crypto is disclosed through a drop-down list. What if my source is not listed there? The input field still needs to be filled. There is no option, "Not in list". So, the receiver is forced to choose any from the list...effectively lying

Ending Thoughts
What about the Motorbike? Bitcoin may still take a nose-dive so I was cornered into a forced-move to convert the bitcoin into pesos at the prevailing price. A loss, albeit not a catastrophic loss but a very memorable one.

--- Gigit (TheLoneRider)
YOGA by Gigit Yoga by Gigit | Learn English Learn English | Travel like a Nomad Nomad Travel Buddy | Donation Bank Donation Bank for TheLoneRider


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Finally Acquiring the Motorbike Slice of Life

Finally Acquiring the Motorbike

(Mar 18, 2023) After going through peaks and valleys from Bitcoins's price to dealership negotiations, I finally came home with a 2nd-hand feeling brand new motorbike...more »»

Next Slice of Life story:

More on Lazi:

Lazi Info
  1. Resorts - Lazi has some beach resorts on its west coast but the popular area for tourist resorts are in San Juan
  2. Transport - Lazi is the junction where the jeeps begin their clockwise route (Lazi-San Juan-Siquijor Port) or the counter clockwise route (Lazi-Maria-Larena Port). Even though Lazi has a port, it's not used for passengers. Because the jeeps are rare with about 2 to 3 trips/day, it's practical to just have a motorcycle here in Siquijor. With its affordability (a brand new Rusi motorbike is as low as P45k), people just buy motorcycles...especially those who live up in the mountains.
  3. The Boulevard - Lazi's main draw is its seaside cobblestone promenade. When the sun sets, people gather here for eats, drinks, open-air, harbor view and the sunset

More on Siquijor Island:

Siquijor Island Local Info

Jeeps - there are only 2 routes for jeeps within Siquijor Island - and they are rare. Most people have their own motorcycle transport.

  1. Siquijor Port to Lazi - last trip leaves at 3pm from station near market
  2. Lazi to Siquijor Port - jeeps depart from the Lazi Port area. 5 jeeps, the last trip at 12:30 pm. Lazi to San Juan, P50.
  3. Larena Port to Lazi - jeeps are unpredictable. As of this writing, there is only 1 jeep plying the Larena-Lazi route. This jeep leaves Larena for Lazi at 9:50am. After that, no more jeep. You'll have to take a tricycle to Siquijor Pob for jeeps going to Lazi
  4. Lazi to Larena Port - 6am (daily) and 9 am (M-Th)

Food - these were suggested by a local to me

  1. Lechon manok & liempo - roasted pork belly and chicken at Joel's in Siquijor Poblacion. I've tried this myself...yummy, even if the chicken was no longer hot
  2. Bibingka - sweetened rice cake by Fidy's Bibingka (P30) in Sawang, Maria. I've come back for this and I buy for other people as well as 'pasalubong' - they love this
  3. Siopao - at the Rosita store near Thrifty (P25) in Siquijor Poblacion
  4. Peanut butter - by Rene. Just ask around in Siquijor Poblacion. It's popular
  5. Torta - sweet cakish bread at the Thrifty story in Siquijor Poblacion
Siquijor Island Map
Siquijor
Siquijor - Dumaguete Boat Trips (as of Jan 2023)
  1. Montenegro Lines - at Siquijor Port, P234.00/pax, P169/bicycle, 7:30am/10:00am/2:00pm/4:30pm/7:30? or 9:00? pm
  2. Ocean Jet - 40 mins,at Siquijor Port, 0919.066.5964, www.oceanjet.net, marketing@ocenajet.net, 6:00am/6:00pm, P350/pax (tourist/open air), P580/pax (business class)

    Ocean Jet
  3. Atlantis Yohan Express - Siquijor Port or Larena Port?

    Atlantis Yohan Express

    Atlantis Yohan Express
  4. Aleson Shipping Lines - Siquijor Port, P200/reg, P250/a-c, 6:00 am daily, 1:30 pm & 6:30pm M-Sat

    Aleson Shipping Lines

    Aleson Shipping Lines

    Aleson Shipping Lines


Siquijor - Tagbilaran - Cebu City Boat Trips (as of Jan 2023)

En route to Cebu City, the ferries usually make a stop-over to Tagbilaran (Bohol) to pick-up more passengers or unload.

  1. Ocean Jet - 2 hours, 8:20am, at Siquijor Port
    To Tagbilaran: P800/tourist & open air, P1200/business class
    To Cebu: ?
  2. Lite Ferries - at Larena Port,
    To Tagbilaran: T-Th-Sun, P475/standard, 7pm, 3 hours, PHP?
    To Cebu: T-Th-Sun, 7pm, 7 hours, PHP 650

Siquijor - Plaridel Boat Trips (as of Jan 2023)
  1. Lite Ferries - at Larena Port, T-Th-Sun, 2:00 am, 5 hours, PHP?

Siquijor - Cebu (Liloan) - Cebu City BUS Trip (as of Jan 2023)

There is only one bus plying this route - Sugbo Urban. Tourist class coach, a/c, comfortable, Sun-Fri (these dates keep changing). P420 for bus, P275 for ferry to Liloan. Larena Port around 5 am, makes a clockwise roundtrip around Siquijor Island - Larena, Enrique Villanueva, Maria, Lazi (stops at Lazi market for breakfast and leaves 6:50 am), San Juan, Siquijor (arrives 8am, P50 from Lazi to Siquijor Poblacion) and catches the 1pm ferry at Larena Port (Sundays at 3 pm) for Liloan, Cebu and resumes its land route. Arrives Cebu City (South Bus Terminal) 10 pm.

Sugbo Urban is the cheapest and most convenient way because it goes around the island (clockwise) along the circumferential road, passing through - Enrique Villanueva, Maria, Lazi, San Juan, Siquijor...and back to Larena where it takes the ferry at 1 pm. This saves you the hassle and high transport cost of a tricycle. Besides, it's a long trip from the other side of the island to be taking by tricycle.


Sugbo Urban

Sugbo Urban

Suggested Destinations After Siquijor Island

These are the nearest popular destinations from Siquijor by boat

  1. Bohol - Bohol is an island northeast Siquijor. Tourist attractions are Chocolate Hills, Tarsier Monkey, Loboc River Cruise, Beaches of Panglao, whale sharks (recent offering), freediving (recent offering)
  2. Cebu - Cebu City is the usual gateway into the Visayas. But in Cebu Island itself, there are many offerings - Whale Sharks of Oslob, sardine run at Moalboal,Thresher Shark of Malapascua
  3. Dapitan (Zamboanga del Norte) - I haven't been there but a lot of island ferries ply this port. There must be something here.
  4. Dumaguete - Dumaguete is a small charming progressive coastal town in Negros Oriental. Cafe and restaurants line the famous Boulevard Boardwalk. Tourist attractions include Japanese Shrine, Casaroro Falls, snorkeling along the southern coastline (Dauin, Masaplod Norte, etc), Balinsasayao Twin Lakes
  5. Plaridel (Misamis Occidental, Mindanao) - I haven't been there but a lot of island ferries ply this port. There must be something here.

Blogs

Siquijor Blogs
Siquijor Island
  1. Mar Snapshots Mar 28, 2023
  2. My Mar Yoga Practice: a Journal Mar 21-28, 2023
  3. The Thief, the Shaman, the Elves and the Police Mar 20-, 2023
  4. Finally Acquiring the Motorbike Mar 18, 2023
  5. Bitcoin Blunder Mar 15, 2023
  6. Maria's Unsung Beaches Mar 11, 2023
  7. Lagaan Falls Mar 9, 2023
  8. Tibhong Spring Water Source Mar 8, 2023
  9. Bolo-Bolo Natural Spring Mar 2, 2023
  10. Feb Snapshots Feb 28, 2023
  11. My Feb Yoga Practice: a Journal Feb 21-28, 2023
  12. Camagung-Ong Natural Spring Feb 28, 2023
  13. Heeeere's Johnnie! Feb 26, 2023
  14. Manifesting a Motorbike from Thin Air? Feb 18, 2023
  15. The 'Bad Guy' of Siquijor Feb 15, 2023
  16. Amazement from Drivers License Renewal in Siquijor Feb 15, 2023
  17. Locong Falls Feb 9, 2023
  18. A Case of Inguinal Hernia? Feb 4, 2023
  19. Jan Snapshots Dec 31, 2022
  20. In Search of Tubod Cold Spring Jan 27, 2023
  21. 1:4:2:3 Nadi Shodana Jan 26, 2023
  22. Lazi's Boulevard Jan 22, 2023
  23. Lazi: A Monthly Stay Jan 21, 2023
  24. 7 Days in Maria, Siquijor Jan 14-21, 2023
  25. Capilay Spring Jan 17, 2023
  26. Siquijor: In Search of Resonance Jan 9-14, 2023
  27. Riding Around Siquijor's 86km Coastal Road Apr 3, 2012
  28. Exploring the Cantabon Cave of Siquijor Feb 23, 2012
  29. Jovee and Missy's Excellent Adventure Nov 6-7, 2010
  30. Freediving in Siquijor's Marine Sancturaries Apr 23-24, 2010
  31. Island Tour of Siquijor Apr 22, 2010
  32. Kram's Siquijor Wedding Apr 21, 2010

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