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1241  Bitcoin / Bitcoin Discussion / Re: My easy way to teach your kids bitcoin. on: July 23, 2023, 02:43:00 PM
I must say I don't have kids, but maybe I'll have them at some point. In that case, I'd want them to know about Bitcoin, but just because it would be among the things I find important. It's good to understand how money works and how Bitcoin is different from fiat. They don't need to love or truly admire Bitcoin, but I'd want them to have the general idea.
As for the cartoons, there's a full 20-minute episode of Turtle Twins about Bitcoin which I've watched before, and I think it's a great episode for children. I didn't know about the second one, it's good that there are options. But if kids don't want to watch a cartoon, I wouldn't make them do it, and I probably wouldn't go down the incentive role here. I'd just try something else, something like a game in which they can learn about it. Or wait till they're older, there's no rush.
1242  Economy / Economics / Re: Do you think selling your property is better than taking loan? on: July 22, 2023, 10:20:29 AM
If someone is in a truly desperate need of money for covering basic needs or dealing with a serious emergency, selling things which a person can temporarily live without can be a simple solution, and a better one than taking a loan, in my opinion, because this way you don't owe anything. But it's also very important to work on a midterm if not long-term plan toward a more stable financial situation that wouldn't require selling pretty essential appliances just to get by.
If I were in that position, I would sell property instead of taking a loan.
1243  Economy / Economics / Re: What are some financial secrets that you know of? on: July 22, 2023, 10:10:49 AM
Like others here, I don't think there are any secrets. Sometimes people find exploits of some systems and thus get much more money than they were supposed to. Sometimes people are born into wealth, which makes it much easier to become even wealthier. And often it's just a lot of luck, managing to invest into something that turns out to be highly profitable. One can gradually work on improving financial situation, but a lot still depends on the person's initial social status and other circumstances that can play for or against a person. But what is important, IMO, is to not get overly obsessed with the financial side of things, ignoring that there's much more to life than money.
1244  Bitcoin / Bitcoin Discussion / Re: Crypto as Gambling: The UK government has laid to rest the controversial bill on: July 22, 2023, 09:09:41 AM
I was in the minority who believed that it was actually not such a bad idea, considering that no only is gambling legal in the UK, but there's also zero taxation on gambling winning. I'm sure paying zero taxes on crypto trading would be very attractive to many people. But I do agree it's somewhat odd and could cause issues. But it's not like treating Bitcoin as an asset it without its issues, as it might lead to each transaction having tax implications, whereas that's also unfair because people can and sometimes do use Bitcoin as a currency, as a form of payment.
1245  Economy / Speculation / Re: Indonesia National Exchange Open in the end of July 2023, Is bullish Start? on: July 22, 2023, 08:43:14 AM
I'm happy that Indonesia is embracing the crypto industry this way, but I don't like that it's not open to private competition. According to the article, upon the launch of this exchange, it will only be legal to perform crypto transactions via it. So that, I assume, means that private companies won't be allowed to compete with this governmental exchange, which means there won't be motivation for improvement, and there won't be opportunities for local entrepreneurs. I'm also alarmed it might mean that even crypto wallets will be illegal, as they allow performing crypto transactions without that official exchange, and all transactions must go through the exchange.
Is that true? Is that how it's going to be?
1246  Bitcoin / Bitcoin Discussion / Re: the adoption of Bitcoin in institution on: July 22, 2023, 08:22:11 AM
There was a time of great hope that institutional investors would not only bring Bitcoin to new highs but also help stabilize its price, making Bitcoin less volatile. As it turned out, big companies can pull out their investments and support as fast as regular investors, so they don't really change the market. There are some big companies that accept Bitcoin as payment and some that invested funds into Bitcoin, but I don't see any major improvements in the rate of that adoption either. In the end, relying on institutional investors is probably not justified.
1247  Economy / Economics / Re: Food security in the world has been shaken by Russia's actions on: July 20, 2023, 04:02:21 PM
I mean, it's just classic Russia at this point. They've committed lots of war crimes, and if they sink civilian ships with grain, it won't even make the top-10, unfortunately. I hope that Ukrainian ships will be accompanied by Turkish ships, ignoring Russia, and Russia won't dare to attack vessels accompanied by a NATO member, and vessels which are known to carry grains and nothing military-related.
As for the countries getting the grain, of course I'll all up for low-income countries getting more of it, but that's still zero excuse to destroy Ukrainian grain (which they already did) and threaten to sink civilian cargo ships (which they currently intend to do).
In terms of food security, though, I think the market is quite diverse, but the situation is already awful, so even a small change can result in preventable deaths.
1248  Bitcoin / Bitcoin Discussion / Re: Don't expect everyone to embrace Bitcoin on: July 20, 2023, 03:30:42 PM
I agree with the general sentiment of realizing that Bitcoin isn't for everyone, but I also understand people who are very passionate about Bitcoin and very upset if someone disagrees. I think we all have some beliefs that are more important to us than other things, and these beliefs can be very different.
To some people, their religious beliefs (or their atheism) can be crucial, and they feel very strong about convincing others that they are wrong. But others are much milder when it comes to religion. Similar things can be said about political leanings, social media, movies and many other things, which includes Bitcoin. To many people, believing in Bitcoin isn't a big deal, and they can easily accept that some people don't believe in it. But of course there are other people, to whom Bitcoin is extremely important, and to whom it's very hard to accept that someone isn't convinced about Bitcoin's superiority.
I think we should try to not be aggressive even about the beliefs that matter to us, but also try to understand those who feel very strong about convincing others about Bitcoin.
1249  Bitcoin / Bitcoin Discussion / Re: To Understand the Potential of BTC, What we Must Know? on: July 20, 2023, 03:04:45 PM
I agree with the op's general idea. The potential of Bitcoin as a currency shines if one understands the issues with banks and fiat, and knows that Bitcoin is truly different. The fact that your funds can't be frozen, and you can send and hold money without anyone's approval, using a non-custodial wallet, is a big thing, but only if a person knows how much oversight banks have.
But to many people, Bitcoin's potential as an investment is much more interesting, and to estimate that, I think one needs to be familiar with the main adoption stories and the price chart.
1250  Bitcoin / Bitcoin Discussion / Re: Can I save my brother by investing in btc now? on: July 20, 2023, 02:37:39 PM
I'm sorry for your brother's situation. In my country, people usually can't afford cancer treatment, so they crowdfund it in social media and try to find help of charities as well. Sometimes it's also easier to find a different country where cancer treatment is more affordable.
I agree with others that getting from $3k to $75k with Bitcoin is unfortunately very unlikely. Perhaps that can happen over a couple of decades, but cancer treatment isn't something that can wait that long and rely on something as volatile as Bitcoin price.
1251  Bitcoin / Bitcoin Discussion / Re: Days you need to work your ass at minimum wage for a BTC, by country on: July 20, 2023, 02:21:39 PM
I think the idea of this metric, but I'd like to comment on it regarding my country, Ukraine. Considering that people don't normally work literally every day and salaries are often established per month rather than per day, I went in the following way in my calculations:
3,831 days = around 128 months (a bit less)
The price of Bitcoin (in local currency) is 1,116,000 UAH. Minimum monthly wage is 6700 UAH. So 167 months of work are required, which is around 5010 days. I don't think working with zero weekends for such a long time is realistic, so perhaps accounting for them or making a slightly different metric (how many years or months of work are required, perhaps).
If we don't count 8 days of working per months (weekly weekends), then we need to subtract 1336 days, which leaves us at a number pretty close to the one in the table.
1252  Bitcoin / Bitcoin Discussion / Re: Farmer's Bitcoin Investment on: July 19, 2023, 10:04:19 AM
It's a lovely story, op. It's great to hear that not only some rich guys from Wall Street put their money into Bitcoin to get even richer, but people who do important and often underappreciated work for society, the farmers, put some money into Bitcoin, profit from it and inspire others to try to do the same thing. It's important to understand the risks of investing in Bitcoin, but its long-term growth does seem consistent (even though that can stop at any moment in time). If it's savings that a person can survive without, taking a risk and investing in Bitcoin might pay off and be a reasonable choice.
1253  Bitcoin / Bitcoin Discussion / Re: US Presidential candidate announces plan to back the US dollar with Bitcoin on: July 19, 2023, 09:40:20 AM
I thought this guy running for president was a joke, but then I checked his rating, and apparently he's a very strong contender... Hopefully, though, the Democrats won't choose to be represented by an anti-vaccine conspiracy theorist. Also, him winning the elections will be a huge disaster for my country (Ukraine).
I think he's talking about Bitcoin because a Republican contestant, DeSantis, is building his campaign largely on being pro-Bitcoin. Making Bitcoin tax-exempt from capital gains is a great promise, but backing the USD with Bitcoin sounds a bit crazy to me, but he says he would start at 1% (and not all of that is even going to Bitcoin), with annual increases, so it's more of a wordplay than anything serious.
1254  Economy / Economics / Re: Can CBDC users lose control of their money? on: July 19, 2023, 09:14:33 AM
I agree that a CBDC is largely another step away from financial freedom, and not only in comparison with cryptos like Bitcoin, but compared to fiat as well. When it comes to fiat, people can use cash and remain largely untraceable. If they use bank accounts, it's worth noting that there are usually a lot of banks to choose from, and many of them are private. With CBDC, everything is perfectly traceable and under direct Central Bank control, if I understand correctly.
But I should also note that it's just an experiment, and using this CBDC is a choice people can make (they aren't forced to switch to it, right?). Some people don't care about privacy and financial freedom, and it's also a choice. To them, CBDC can be an interesting thing to try.
1255  Economy / Economics / Re: Inflation is making a mess of my savings. on: July 19, 2023, 08:41:12 AM
The inflation wasn't a problem in 2022-2023 to many countries, and among those countries that had issues with it, there were very different situations of how bad it really was. In any case, it seems that it's getting better, much more stable. Of course, I don't know what country the op is from, and some countries regularly struggle very hard with inflation, but it's getting better with each month in the EU and is totally fine in the US.
Judging from op's other posts and that the op is occasionally posting in Nigeria's local board, I assume that might be the country in question. I checked Nigeria's inflation rate, and it's been growing, sitting currently at around 23%, so it's quite bad. But it's not a global matter, and it's not due to global matters like the aftermath of the pandemic or the ongoing Russia's war against Ukraine.
1256  Economy / Gambling discussion / Re: Why is Gamble gain more fans than Bitcoin? on: July 19, 2023, 08:22:19 AM
I believe it's very hard to compare gambling (an activity) to Bitcoin (a currency/an asset) because these are two very different things. Gambling is something people have been doing literally for thousands of years. It's a form of entertainment that many find very engaging because of the anticipation, hope, and fast results. Bitcoin is a cryptocurrency that only exists for less than a couple of decades, and people can trade it, but the volatility of the price is not the same as fast bets and rewards/losses. Also, many people use Bitcoin differently, holding or spending it.
And then, of course, there's a big overlap between gambling and Bitcoin because there are crypto casinos where one can use Bitcoin for gambling.
1257  Bitcoin / Bitcoin Discussion / Re: A idea from my home boy on: July 18, 2023, 04:09:53 PM
I believe that when it comes to storing coins, people should not merely rely on public opinion, but also on what they know about themselves. I know that my memory is average, but not reliable enough that I'd trust it to not forget a passphrase. I know that I never take my laptop outside my flat, and that a chance of my particular flat being robbed is pretty small. I also know that I'm way more likely to forget where I put that second piece of paper with the two remaining words than be compromised because of downloading malware or something like that. So based on that, I wouldn't separate the passphrase storage into two places, but that doesn't mean it's the right decision for everyone.
1258  Economy / Games and rounds / Re: Sportsbet.io ⚽ São Paulo FC ⚽ Prediction Contest ⚽ (Saturday, July 22) on: July 18, 2023, 03:58:56 PM
a.  Draw
b.  1-1
c.  Cuiabá
d.  Over
e.  No
f.  17'
1259  Bitcoin / Bitcoin Discussion / Re: Why local currencies when there is bitcoin ? on: July 18, 2023, 02:57:34 PM
What I like about this forum is that it regularly provides opportunities to learn new things. I assumed that France only uses EUR, and I've never heard of locally used currencies before. The reason for them seems to be an attempt to overcome the global financial crisis, and they kind of stuck around. A video I watched said the goal of local currencies is to support the local economy. I think that explains why it's not Bitcoin instead: using it doesn't really help any local economies, the impact on Bitcoin's price is unlikely to be significant from some local usage.
1260  Bitcoin / Bitcoin Discussion / Re: People Are Not Nerdy Enough on: July 18, 2023, 02:44:32 PM
People generally don't have a good understanding of economics and of how economies function. However, I'm not sure if that's a big reason why people aren't more excited about Bitcoin and its potential. I think most people have narrow goals and interests, and even if they want to change the world (which is already a small minority), they focus on specific areas. That's good and natural, we can't dedicate enough time and effort to everything. So looking for alternatives to fiat just isn't on a to-do list of the vast majority of people. If Bitcoin gets widely accepted, perhaps many people will try it and try to learn more about it. But since you can't use Bitcoin for a lot of things for which you use fiat, there is little motivation to use it as money and consider how viable or not it could be as an alternative to fiat.
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