ECOBANK Q3 2022 Update
I have been really happy to be back in Colombia, we have been getting a lot of work done and its a fun lifestyle to build and manage projects instead of being an employee of someone else. It can be stressful though, and sometimes I get backed up on important posts as I have for the ECOBANK project for the last month basically.
Today we are going to give some great and important updates on the project, which continues strong, built on HIVE.
Our wonderful Casa Lago has completed building its second private suite on the other end of the lake, we stopped up there for a great view just recently.
There are a few more upgrades we want to do on this property, but it is being rented most weekends, and some of our planned modifications are to streamline this process. The local demand is increasing for this type of venue, and we are getting the hang of it.
Cash on hand
We continue to have the majority of the cash on hand, we plan to make another payment on the property very soon, taking advantage of the strong dollar. Much of the cash has been earning interest in the mean time, but over 13k is still in pure BUSD, ready to make a nice payment in the upcoming days.
We continue to use the SWAP.HBD:SWAP.BUSD pool to earn interest as well as fees, plus some stable-arbitrage (which has been quite calm recently) - combined with the strengthening of the US dollar has done a lot to make our books look better.
We currently represent almost 41.4% of this swap pool and have recently started powering up the BXT rewards.
When BXT was higher priced, we were selling them and buying INCOME token underpriced. We have managed to accumulate 179 INCOME tokens in the meantime. These are paying out HIVE everyday, just like the BXT.
ECOBANK tokens from the presale have been distributed, but 250,000 were minted. We have approval to sell the remaining tokens at $1.65, but we are not pushing anything specifically right now - we are really just biding our time. The Lake House and the Land continue to valuate as land tends to do, there is really no rush. But to assist the market, we have added 5000 tokens selling for HIVE at approximately this price.
Selling for HIVE can be problematic with its additional layers of complexity; HIVE price changes with respect to the US dollar, and ECOBANK is more indexed to USD terms. But we can add some depth to the market if anyone is interested in getting in.
Additionally, I have three members of the ECOBANK fund using a custody service, the account is @ecobank. Here you can see the initial transactions:
J.C. is a major partner, he has the second most tokens after me. He came to me today about possibly selling 1000 of his tokens for some medical costs that have come up in his life and in his family. He decided with me that he would sell them very close to the original price of the presale, so that they would hopefully move fast.
500 have been listed for 2.2 HIVE, and I personally purchased 500 with him directly. 2.2 HIVE is approximately $1.12 at current prices. For someone this may be an opportunity to get in at very close to the presale price, all the money will go to J.C. through me (@ecoinstant) as broker.
Managing real estate, or land, is a little bit slower perhaps that the average crypto project generally runs. In our case, part of our trade depends on the shifting to 'long emerging markets'. Sure the dollar is squeezing stronger right now, but its exactly at this time that we want to be SELLING DOLLARS (sell high) and buying into emerging markets (buy low).
Overtime we expect this tokenized REIT with benefits similar to membership club plus commissions will become a great way to diversify into the real world with real services and real cashflow. For now we are moving slowly and out fitting our lake house with a few more rooms and some add-on amenities.
The major road that is being built/improved through Libano, and that passes by both of our properties, continues to be improved and constructed with bridges, retaining walls and improved paving. They are now 25 kilometers past the Santa Barbara school, well above Murillo, and heading to Manizales; and in the future this connection to the other side of the mountain will open us up, for the first time in our hidden valley's history, to the outside world of 'through-traffic'.
We will see what the future holds, and in the mean time we can all buy and sell on the market and communicate to each other in this way. The way of the token.
Freedom and Friendship
Questions, comments, concerns? Leave them below - I might be slow to get back to you but I definitely will!