Could Bitcoin be the Public Currency of the Future? I`m new to this topic.
So I would like to know if you think the opportunities, risks, advantages, and disadvantages of Bitcoin are our future currency.
And if you think it can happen, what will
Bitcoin be for us in the next few years? What will we pay for in the next 7-10 or 15 or 20 years?
No matter how strongly I want to say yes, the answer will be a no only. The average block time and the traffic congestion on the network will not really allow it to become a currency for the general public. One cannot really wait for 5-7 minutes for just one transaction to get approved, secondly, fees which recently have come down after segwit but are still quite high if you see from a daily transaction perspective. But yes definitely some cryptocurrency can be used as an alternative to fiat, something which is very fast and cheap at the same time and still is highly secure. Even if it comes in form of CDBC you will definitely be using only cryptos in next 10 years. |
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The shot below is the current situation of Russia's stock market while the war against Ukraine is on. My honest question is, what does it profit a country to rise up in war against another country? To me, this and many other stuffs happening around confirms what the book of revelation says that during the end, brothers shall rise up in war against brothers, community against community, town against town, state against state and countries against countries. Here is the shot I wish to share All this is just temporary, Governments especially when it comes to war don't see Market outlook, they know markets work on the auto-correction mechanism, even if today they are slightly dumping once things settle it will definitely come back to normal, Governments are more concerned about economic outlook before declaring the war, the inflation in the economy, the growth rate that could be hampered, the loss of supply chains of essentials, etc. and dependency on the enemy country for trade, etc. These are the things that matter the more to the government. However, profitability, you are right is never the idea behind any war and can never be an idea behind the war. |
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On the other hand, the player who is impressing me the most is Venkatesh Iyer with his 2 wickets, I don't think Hardik Pandya is anymore an obvious choice for number 7 in the side at least until he brings back full force in his bowling. I do not remember Hardik Pandya playing for India in a very long time, he is always struggling with his fitness and there is no way he will be playing an entire series as an all rounder until he proves his fitness in domestic tournament. Is he playing for domestic teams or is he only playing in the IPL. I missed the match between India and Sri Lanka and i was waiting to place a bet after the start of the match but i missed them completely and India won the match easily. I think this IPL would be a litmus test in his career, Pandya was already released by Mumbai Indians, even Gujarat Titans have taken a pretty big bet making Pandya their captain. But if he can play really well for this team then there is a good chance that he might be given a couple of chances owing to his experience. Bangladesh vs Afghanitan
What a brilliant hundred from Liton Das.He has scored 102 runs off 108 balls. Great batting. Bangladesh's collection is now 241/2. Bangladesh will not be defeated in this match. On such a pitch in Chittagong, it became difficult to win against 280 runs. Bangladesh's bowlers are in good form now. They also bowled well in the first match. If Liton and Mushfiqur are not out, Bangladesh will collect more than 300 today. Bangladesh will still play 8 more overs.
Winning against Afghanistan is simple, you make a 270+ Target against them while batting first, there is no chance their batting would be able to chase down this target, their strength is their bowling so if you bat second and are chasing even an average target, they can take wickets on crucial moments making your win a bit skeptical. |
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It is generally known that the Russian Central Bank’s stance is to ban crypto-assets, cryptocurrencies, arguing that they creates risks, primarily for citizens, and financial institutions, banks, and create an obscure settlement market. But, Anton Siluanov (Russia’s Financial Minister) believes that banning cryptocurrencies is like banning the internet. He argued that although the risks the Central Bank is raising are understandable, but he once again reiterated that banning the sector is considerably worse than regulating it. There are still debates on this issue and President Putin have encouraged the two financial bodies to find a solution to the deadlock. https://cryptopotato.com/banning-bitcoin-is-like-banning-the-internet-says-russias-finance-minister/Very interesting that this is coming from a country that is amidst war and is about to invade a very pro-bitcoin country in terms of adoption. Yesterday price of bitcoin fell like Russia will destroy bitcoin in Ukraine but magically pumped up at night, maybe after some internal sources might have come to know about this statement that he was about to make. I think what he is saying is absolutely accurate, there is absolutely no way you can ban bitcoin without banning the internet, what most of the countries have been able to do is ban crypto exchanges operating in their country but eventually main bitcoin is on private key and there is no way you can ban it. |
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How is China playing this? a) Observing carefully as how the West is playing this crisis, how far they are willing to go when China invades Taiwan Russia invades Ukraine. How powerful is the response, how far is the West willing to go. b) Keeping a distance from both sides, but not "the same distance" from both sides: China criticized the Washington's response on Wednesday, saying the new US sanctions amounted to throwing "fuel on the fire" and were "irresponsible and immoral." In a joint statement, Russia and China called on NATO to "ideologized approaches of the Cold War" and "respect the diversity of civilizational and cultural-historical patterns" in other countries. As you can see, China is nothing but happy about this, as they are watching two potential enemies erode themselves and testing their strength. Lots of lessons will be learnt on the handling of this crisis and I would not say that Europe and Democracies are playing a great role in terms of intimidation, yet at least is managing to stay reasonably united. China is the ideological ally of Russia and even though it is not going to take sides in an arms conflict, internally we all know it is going to support Russia, in Global geopolitics if you want to compete against the USA, Russia, and China have to stay together at least for next 30-40 years until China becomes a superpower equivalent to the west. Secondly as you mentioned supporting Russia's cause is going to be rewarding for China as well, because if Russia can do this to Ukraine, China can also do the same to Taiwan and it's other regions and west would be just a mute spectator just like they would be in this case. |
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India vs Sri lanka
After a long time we saw a perfect T20 match from the Indian players. Basically the top order batsmen have played well so India's performance has been good. Batting first, India set a target of 200 runs. Opener Rohit Sharma scored 44 and Kishan 89 runs. Iyer also made 57 off just 28 balls. The batsmen played well and the bowlers performed well. Sri Lanka collected only 136 runs in 20 overs. India won the match by 62 runs.
Playing against underdog Sri Lanka and that also at your hometown, i don't really count it as a perfect t20 from India, even though the performance of both the facets was pretty good, finally Mumbai Indians might be happy today to see their purchase of 15 Crores playing extremely well, Iyer too is playing really well after coming back from the injury, I think he will be the next big thing in Indian Cricket, On the other hand, the player who is impressing me the most is Venkatesh Iyer with his 2 wickets, I don't think Hardik Pandya is anymore an obvious choice for number 7 in the side at least until he brings back full force in his bowling. |
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I had experienced customer support of some exchanges/wallets, such as zebpay, binomo and wazirx. From the customer support perspective it is the interface and use of bot that is making experience least desirable.
What are your experiences with the customer support of various exchanges? What part of customer support needs some serious overhaul.
Luckily never had to seek customer support from any of the Exchanges so far, but I know for sure that WazirX support is extremely good especially in their p2p segment, because once when I sold some crypto using p2p I could not enter on the interface that I have received the money in my bank account, after a few hours, a customer support executive called up to ensure whether I want to raise a dispute if I have not received the amount, and can I send my bank statement to confirm that, and even the amount was pretty small below 5k, so if they are calling and trying to resolve such petty issues chances are they have a robust customer grievance mechanism. |
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I want to ask if is there any way platform where I can get the average price of a particular cryptocurrency or pair for a given time?
Let's say, for example, I want to check the average price of Bitcoin from January 1, 2022 - February 1, 2022?
And I will get the average price of that timeframe.
Thanks!
Well you should detail your requirement a bit more because the average could be the average of daily closing prices, while it can also be the average of daily prices at a certain time, or it can be average of hourly closing price, all these values could differ a lot from each other. You can easily get daily details from this link: https://coinmarketcap.com/currencies/bitcoin/historical-data/You can just copy-paste the same in excel to find the average of closing price to get the average closing price of this time range or any time range. |
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You think you need a tool for it? Something as simple as a spreadsheet on excel can help you calculate this, but the problem is execution and Risk to Reward ratios, if you keep a Risk-Reward of more than 1:1, the probability of making 60% profitable trades go way down than you expect, chances are you won't be able to get even 40% profitable trades, but the key is to play with momentum and get at least more than 50% profitable trades. But the problem which people suffer is that they let their bad trades flow and stop their profitable trades much before it hits the target which they had planned.
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Reading over coin telegraph news of the latest statistics of the current US debt profile which have risen over 4,000% bigger than Bitcoin total market cap, which mean the dollar will continue to fall behind other currency on the stock exchange market such as Bitcoins but the present state the total Bitcoin capitalization can only pay for 2.45% of US debt this is to show how deep inflation have eatendeep into the global economy. The graph below show the chart movement of US debts profile  Source: https://cointelegraph.com/news/all-the-world-s-bitcoin-can-only-pay-2-43-of-30t-us-national-debtThis is a huge number and it's interesting to see how this number has gone sharply up after COVID, as correctly mentioned by Theymos, Deficit is what matters the most what we call the Federal Deficit. The problem is overcommitment of Politicians, corruption to some extent and not to forget reckless spending in unuseful sectors like Defense etc. Talking from the point of view of the US, the last time the US had a federal surplus was way back in the 2000s after that the deficit has only increased and as mentioned by Theymos has gone up to 3 Trillion this time. Not to mention even the Revenues of the US government are just around $3.8 trillion, which means around 40% of our outlays of $6.8 trillion are financed by nothing but debt. In future eventually when interest repayments come due, money printing will happen recklessly, god forbids if we see another black swan event, we are going in a big problem for sure. |
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Here I am also favoring Afghanistan in twenty/20 and for ODI series I have feeling that both teams will fight hard because one is having some experience and second is full of talent with this we are going to have some very exciting matches from these both sides, but Bangladesh is going to have some advantage as they are playing at home and their performance is very good against few teams here even few days back they lost against Pakistan but against Afghanistan they can do some better performance and most chances they will have some important points from this series as well.
ICC need to do some work for more cricket for these countries because this is very helpful and players will have some good experience from these matches instead of allowing them for leagues.
Don't rely on ICC for introducing cricket to new countries or improving level of associate teams, don't know what job ICC is doing other then serving Big 3. Afghanistan has made progress on its own and biggest thing which contributed in promoting cricket in Afghanistan is the fact that afghan players are trained in Pakistan domestic setup. Bangladesh on the other hand is just an average team who hasn't achieved much in there 2 decades of cricketing career. Not being favorable to ICC but I think introducing or popularising any sport around the world is difficult in the 21st Century. See after all every sport is all about money and viewership. If ICC has to introduce cricket in any country it has to ensure the people there watch cricket which is a real difficult task. You see cricket is a different sport and not that easy to understand, one would love to watch it only if one understands it which is possible if you have played the sport yourself or people around you play it. And people wil play it only if they have seen this sport somewhere. So this vicious circle is the reason which takes generations to inculcate a sport in some country. And here we are talking about the whole world. Tell me any other Federation which has been able to popularize a sport around the world on it's own. |
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Isn't this obvious? Everyone knows that CEX is not safe for holding your assets as whenever the authorities would want they can screw up your holdings by freezing the assets. Even though it won't be for a very long term at least for major exchanges. But anyways it still is a great risk. Not your keys, not your cryptos is the saying that is used by a lot of people on forums these days and this is the reason behind that saying. If the CEO of such a major exchange is agreeing with this I don't know what else people want to listen before they stop using CEX for storing their currency for a longer term.
We've long time know about this very basic risks on dealing with centralized platforms and its not a new thing aside from those newbies or who doesnt mind about the risk then this advise does really suit them.These platforms could anytime be following government rules and regulations which means that sudden changes could really be experienced. If your funds gets locked then thats the time you do only mind off about this problem or trying to avoid it but it should really be done earlier then you might have able to avoid problems and hassle. Yes agreed but if CEO of a centralized exchange is himself reiterating the statement in Public, it really is a big thing, so far it's just speculation but if he is saying governments might already be coming for your assets and I think exchanges where you haven't done your KYC are even more prone to such a thing as governments would want to catch the money that is anonymous. I think unless you donated funds or received funds for the truckers convoy then you shouldn’t worry. There was some Bitcoin addresses where they were accepting donations. I think one guy donated like 5BTC and the address was public and everything. They got tainted and now flagged.
So if it’s sent to an exchange like Kraken they can freeze the person who received it. In Canada they are not treating this as a protest but instead terrorism. It’s gotten pretty bad lately. Even news crews don’t feel safe.
This isn't necessary. If you have not done KYC, the government can easily flag your account by saying you are a truckers convoy supporter, how will you be able to differentiate yourself without KYC, later even if you do this, how long the process would last moreover if you are in some other country and US/ Canada holds your money, process becomes even more lengthy. |
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We often hear about regulations and restrictions of cryptocurrencies but we don't know exactly the legal grounds of its restrictions,May it be unconstitutional? Property right is our constitutional right and noone can restrict it without legitimate reason,By this right people can make profit-oriented actions,which are not prohibited.We may agree that its necessary to implement general norms about this but why goverments need to ban it? Is their legitimate reason criminal? but this 'problem' can be easily solved,because they can prevent anonymous trading.
So why did I open this topic? I just want to know will lawyers can do something against this? or Are their actions against cryptocurrencies justified legally?
Firstly, Constitutionally, the parliament can bring in any law and if they can't they can easily amend the constitution to bring in that law. Secondly, the "My Property" reason actually is not valid because you would keep meth/ coke in your locker saying it is my property and I can keep it for legitimate reason, I'll hoard it and then sell it later when prices rise. Obviously drugs and crypto are quite different but in eyes of the government, both are just a product that they don't want in the system so they bring a law to ban the use of it in simple words. Lawyers can go against the government's decision, but even lawyers can't go against the parliament's decision in a lot of cases. Rest it can depend upon case to case. |
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Bitcoin was solely built for the purpose to eliminate the third party and yet we let the third party[i.e. exchanges] decide the price of Bitcoin today.
Bitcoin & Cryptos come with a downside of manipulation as for example:
Consider an anonymous whale "A" created an order for Bitcoin big enough to be completed exactly at that moment and this data is taken into account with the Institutions, Investors, and especially the EXCHANGEs which in turn creates a fake situation in the market about the demand of Bitcoin which then taken into account by charts, gives us the prediction of the price rising and in turn the order by the whale is not yet completed.
This, in turn, raises the price of Bitcoin, and meanwhile, the order is still not completed, the Whale "A" gets a good position to sell some bitcoins which again dumps the price. Now again the Whale has a good position to Buy the same bitcoin he/she sold at a very lower price.
This is what happens when you have big Bitcoins in your hands.
Aside from this many exchanges also manipulate the price of Bitcoin by creating fake Buy/Sell orders.
Is there a way to actually predict the price of Bitcoin?
consider using Data from the Blockchain itself, for eg. the Timestamp of the block, mining revenue, cost of the electricity consumed to mine the blocks, Difficulty in the hash rate, etc.
A good question, something different from technical analysis these days many traders are focusing on blockchain data to find answers for the price movement. I think one key many of them have found is the Inflow/Outflow data on the blockchain. Traders try to study the flow of bitcoin on exchanges assuming that if the bitcoin is coming on the exchanges it is coming for selling and if the bitcoin is going back from exchanges to wallets it might have been brought and now no more dumps would come. Similarly if stablecoins reserve on exchnages increase it's a sign that either we might see bitcoin pump or alts pump. |
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India playing with a young team in the third T20 against West Indies and still winning the match by a good margin. I was watching the first 8 overs of the match and i did not expect them to score above 180 runs but Suryakumar Yadav played a really great innings along with Venkatesh Iyer and the young talents are showing up every now and then and hopefully they will get matches consistently rather than once in a full moon.
It was the same decision from West Indies as the previous match to bowl first after winning the toss. In the previous match it had the highest chance of winning, because they've lost only three wickets. This time the wicket loss has taken place continuously. Same as the previous match Pooran and Powell kept the match alive for some time. Should've been a winning match for West Indies. Anyhow this series looks like a practice session for West Indies to face England by the upcoming month. Yes pooran start of fast but he slowed down alot in the middle of the innings which took the asking rate very high and later when he started to increase the run rate he got out and left westindies tailainders which finish the match which was always very diffucult and in the end india won this match very comfortably by 17 runs. I would blame the loss more on Pollard, Holder & Chase. This is the lower order that West Indies trusts and expects them to take away the game. But no one really gave strength to Pooran in the death overs. The game-changing moment was obviously the wicket of Pooran for India. He was playing with a slow strike rate so had to improve it but really fell in the very first time when he tried to do it. Even though India knew in their mind that these series are going to be a clean sweep for them but it would be so easy no one really thought of it. Next is the Sri Lanka tour and I am sure even that also is not being seen as a great challenge by BCCI, they have rested some big players for the series. |
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Russia, one of the global bodies who practice and engage the use of crypto currency has proposed a ban on it, stating fears as it(crypto) being a threat to digital currencies and also poses a threat to financial stability.
Vladimir Putin, president of Russia has decided that the proposed ban will be necessary as it will be able to curb financial insecurities. Mean while, Anton Siluanov, Finance Minister, is hoping there can be ways to iron out disagreements and that a bill be passed into law regulating cryptocurrency.
He is also of the opinion that should arguments ensue over the proposed bill, arrangements for it will be prolonged but is still hopeful that the President will agree to a consensus.
I am slightly confused with this Russia thing now, Last month I heard that Putin was positive on cryptocurrencies but the central bank of Russia was a bit skeptical about it so they were thinking of banning it, but last week I heard that Russia now has decided to legalize cryptocurrencies and regulate it as normal currencies. After this now I am hearing from you that Russia is thinking of banning cryptocurrencies. I am a bit confused about what actually is going on, why don't we just wait for any official announcement instead of spreading any rumor based on news articles. Because the news I read too was based on so-called "Reports" |
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Isn't this obvious? Everyone knows that CEX is not safe for holding your assets as whenever the authorities would want they can screw up your holdings by freezing the assets. Even though it won't be for a very long term at least for major exchanges. But anyways it still is a great risk. Not your keys, not your cryptos is the saying that is used by a lot of people on forums these days and this is the reason behind that saying. If the CEO of such a major exchange is agreeing with this I don't know what else people want to listen before they stop using CEX for storing their currency for a longer term.
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Recently i have been trying to get into arbitrage trading mostly for the knowledge i will gain by doing it and if possible make some profit. But i can't fine a site which does this comparisms for free. i need just the display just like a normal exchange will display market charts for coin pairs for free.
Thanks for the help in advance
No website would give you the data you need. Websites like Coinmarketcap or tradingview would just give you the price comparison between two exchanges but the real game-changer in these cases isn't price it's about the volume and the order book too, let's say there is a difference in the LTP but the order book doesn't even have the highest buy/sell order near to the LTP, so practically there is no arbitrage to play, all of it just temporary and this you will find with 95% of the coins or basically all the coins beside top 50 across exchanges. So what will you do in such a situation? I think you better find some proper software which gives you order book detail as well and only then can this arbitrage trading be profitable. |
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Good point, I have to agree, but if you keep it in a simple manner, the logic is to go into alts when we are having bullish action and either stay in Stablecoin or stay in BTC when there is a bearish market going around. I have seen so many people focusing just on increasing their dollar count which is a pretty wrong strategy because if you are just gaining dollars and losing bitcoin while trading, why are you even moving your money from bitcoin? Just let it stay in bitcoin only, if you are moving it from there, make sure you make the best use of it. and in bearish market, it's normal to go down in dollars but make sure you don't lose your BTC count because it's difficult to regain it in bearish market.
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Already did my bit when it came out early, not expecting much but might build our narrative on this 30% tax drama. our government didn't hear pleas of farmers for more than 15 months even when they were sitting on the roads blocking tolls and dying every day. After that much time also laws were repealed primarily only because of upcoming elections. These sort of petitions they wouldn't even give heed about which is pretty sad. They make laws based on what suits their overall agenda and thats it.
How dare this fascist government tried to open up farming sector in India, which was completely left out during the economic liberalisation. Crypto community should also block the highways and make the local resident's life hell for year or so but gov still won't hear us because majority of our community belongs to a category who happily pay taxes for their own exploitations. 30% Tax isn't going to go I am very sure about this at least for a couple of years until government ensures traceability of crypto transactions. I am more concerned about the 1% TDS on sale proceeds which is utter foolishness and secondly no set off for losses in trade which too is stupidity. Even if these two things go away 30% tax is still bearable to some extent. Talking about farms laws, pros and cons of any law go hand in hand but obviously if the community which will be effected the most by it isn't inviting the law why do you want to impose it on them? Talking about blocking, the best IT community of India could do is block a few government webpages  Highways are a tough task man. Even that might help |
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