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!
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:
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!
Breaking the Law - if the receiver lies about it, he/she breaks the law. They won't want to do that either
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?
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.
(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 »»
(Mar 20, 2023) It was a caricaturish movie-worthy turn of events that underscored Siquijor's moniker of being The Mystic Island. It all began with the missing PHP 7000...more »»
More on Lazi:
Lazi Local Info
Resorts - Lazi has some beach/dive resorts on its west coast - Gabayan Riviera, Lazi Beach Club, Bahura Dive Resort. However, the popular area for tourist resorts are in San Juan
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). Because the jeeps are rare with about 2 to 3 trips/day only in the morning, 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.
The Boulevard - Lazi's main draw is its seaside cobblestone promenade. When the sun goes down, people gather here for eats, drinks, open-air, harbor view and the sunset
Lazi Port - Lazi just recently opened up its port with Kho Shipping plying the Iligan, Tagbilaran and Cebu routes.
Lazi >> Iligan City by boat
Lazi to Iligan City route by Kho Shipping was just opened up in early April 2023. Before, going to Iligan City meant going to Siquijor Port, 30 km away. This also meant that on the way back, you have to be in Siquijor before 2pm to catch the last jeep to Lazi. With this direct route, there is no 'last trip' to catch.
Lazi Port - take Kho Shipping to Iligan City, Tu-Th-Sat, 6 hours, Lazi departure 5 am, arrival in Iligan City Port 11 am, economy P800, tourist P1100, tickets available at Lazi office 2pm-10pm M-Sat
Lazi >> Cagayan de Oro by boat
Lazi to Cagayan de Oro route by Kho Shipping was just opened up in early September 2023. Before, going to Davao meant going to Iligan first, then bus to CDO and then bus to Davao City. Now, Iligan can be completely bypassed saving about 3 hours on the trip.
Lazi Port - take Kho Shipping to Cagayan de Oro, Tu-F-Sun, 6 hours, Lazi departure 6 am, arrival in Cagayan de Oro Port 12 noon, economy P1,100.00, tourist P1,400.00, tickets available at Lazi office 2pm-10pm M-Sat
Lazi >> Dumaguete by boat
Lazi to Dumaguete route by Kho Shipping was just opened up in early September 2023. Before, going to Dumaguete meant going to Siquijor Port, 30 km away. This also meant that on the way back, you have to be in Siquijor before 2pm to catch the last jeep to Lazi. With this direct route, there is no 'last trip' to catch.
Lazi Port - take Kho Shipping to Dumaguete, M-Th-Sat, 3 hours, Lazi departure 1 am, arrival in Dumaguete Port 4 am, economy P300, tourist P500, tickets available at Lazi office 2pm-10pm M-Sat
Lazi >> CDO >> Davao City by boat/bus
Lazi to Cagayan de Oro route by Kho Shipping was just opened up in early September 2023. Before, going to Davao meant going to Iligan first, then bus to CDO and then bus to Davao City. Now, Iligan can be completely bypassed saving about 3 hours on the trip.
Lazi Port - take Kho Shipping to Cagayan de Oro, Tu-F-Sun, 6 hours, Lazi departure 6 am, arrival in Cagayan de Oro Port 12 noon, economy P1,100.00, tourist P1,400.00, tickets available at Lazi office 2pm-10pm M-Sat
Cagayan de Oro Port - arrival 12 noon. Take a jeep to East Terminal (Agora) to catch the Davao-bound bus
CDO East Terminal (Agora) - take bus going to Davao City, 8 hours, PHP 875. This terminal is open 24 hours and there is always a bus going to Davao - no need to pre-purchase tickets
Davao Bus Terminal - you'll arrive at the Davao Bus Terminal, close to SM City. From there you can take a cab ride to your hotel. There are many jeeps that will also take you to the Poblacion town center, 15 mins, PHP 12
Lazi >> Tagbilaran >> Cebu by boat
Lazi to Cebu entails a stopover at Tagbilaran - you only pay for one ticket (I've broken down the individual trips in case you're boarding from Tagbilaran). From the 5pm boat departure from Lazi, it would cost PHP 1000 (it's odd that it's cheaper to pay for the individual trips rather than paying for both...PHP 845 vs 1000) and take about 10 hours.
Lazi Port - take Kho Shipping to Tagbilaran, W-F-Sun, 4 hours, Lazi departure 1 am, arrival in Tagbilaran Port 5 am, economy P475, tourist P750, tickets available at Lazi office 2pm-10pm M-Sat
Tagbilaran Port - arrival 5 am, layover 1 hour, departure for Cebu 6am (5 hours), economy P370, tourist P520
Cebu Port - arrival 11 am
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.
Siquijor Port to Lazi - last trip leaves at 3pm from station near market
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.
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
Lazi to Larena Port - 6am (daily) and 9 am (M-Th)
Food - these were suggested by a local to me
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
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
Siopao - at the Rosita store near Thrifty (P25) in Siquijor Poblacion
Peanut butter - by Rene. Just ask around in Siquijor Poblacion. It's popular
Torta - sweet cakish bread at the Thrifty story in Siquijor Poblacion
Siquijor Island Map Siquijor - Dumaguete Boat Trips(as of Jan 2023)
Montenegro Lines - at Siquijor Port, P234.00/pax, P169/bicycle, 7:30am/10:00am/2:00pm/4:30pm
Aleson Shipping - at Siquijor Port, 6 am and 6 pm daily, 1:30 pm M-Sat, Regular P200.00/pax, Aircon P250.00/pax
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.
Ocean Jet - 2 hours, 8:20am, at Siquijor Port
To Tagbilaran: P800/tourist & open air, P1200/business class
To Cebu: ?
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)
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.
Suggested Destinations After Siquijor Island
These are the nearest popular destinations from Siquijor by boat
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)
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
Dapitan (Zamboanga del Norte) - I haven't been there but a lot of island ferries ply this port. There must be something here.
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