When selling BTC and opting for bank transfer, what exactly are the risks? Since localbitcoins and the like (hodlhodl, localcryptos...etc) use escrow, I can't see how I can get scammed. Could someone enlighten me please?
Not so much with LBC, but with others there is a real risk of the exchange going rogue and you not being able to withdraw your funds. Also, this is often neglected but people have to realise that there is a compliance risk as well. There is every possibility that these p2p exchanges decide to freeze your funds one day simply because they suspect dodgy behaviour from your account. Apart from that, if you follow the escrow rules and don't cut corners you are 99.9% protected. I've dealt with scammers before but the support was always prompt in resolving the case. |
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Great site. I think it would be useful for newbies to have all this info available to them at a glance.
However, I just wanted to suggest that you should perhaps include a history of your tips and how many units you would be up currently if you followed all of them.
Otherwise, there is no legitimacy to them and players will certainly not risk their bankroll, which makes the whole section a bit redundant.
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Very similar idea to Chainbet - which also has a 0 house edge.
I don't think that you're going to find a lot of players for this game. I remember Chainbet actually advertised a great deal on the forum, but to essentially no avail.
People simply prefer to play traditional casino games, whether it be dice, BJ, craps etc. Whilst this is definitely one of the better ways of ensuring a provably fair result, it's not entertaining or fast paced in any way - which is ultimately what gamblers are looking for.
Good luck with the project, but I'd definitely make a few tweaks to the base game to make it more interesting if I were you (e.g., perhaps integrate block hashes into an animated game?)
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Is there an investing option / is one expected to come soon?
The layout of the site is sick and I personally really vibe with it. But perhaps you guys would want to do something to distinguish yourselves from more established competitors such as YD.
One thing that I did notice though was the initial loading screen took a ton of time. I don't think it is because of my internet connection, but rather something that was deliberately built into the site. Whilst the dice animation is great, perhaps consider lowering the amount of time it takes?
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Warren Buffett follows a school of thought that is outdated.
Value investing should only be applied to the concept of cash flow generating businesses. Of course a currency wouldn't have any cash flow per se.
The irony is that Buffett himself actually deviated from his teacher's (Benjamin Graham) initial concepts in a similar way, which was what allowed him to profit off of a lot of companies that weren't necessarily undervalued under the very classical value investing framework.
By his logic, you could call all foreign exchange trading "rat poison" just because it doesn't necessarily generate any cash flow. But with the right models and assumptions we have seen individuals consistently beat the market with FOREX trading. Otherwise, why would IBs and wealth managers hire the brightest minds to trade these products?
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There was actually a lot of institutional money behind the past rallies as well, but it's different this time in that institutions are actually actively seeking to hold BTC in their proprietary trust as opposed to taking advantage of short term price fluctuations.
And you can see this from the fact that exchange balances are actually decreasing at a rapid rate despite the rally.
Institutions aren't as interested in speculating this time round. The likes of Ray Dalio have said that the current world order is very fragile, and BTC has now grown to be seen as a hedge against that as a long term asset.
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Bitcoin started a standard correction from $41k yesterday and has fallen 28% to bottom at $30k (so far) today, though currently back up to $34k.
Over the past 24 hours I've seen multiple articles pop up in my news feed saying Bitcoin is finally done and heading to zero, or claiming the bull run is over, even a UK watchdog said today investors in crypto should be prepared to lose most of their money! Now in some email feed I get this is the quote: "The crypto boom looks to be over. Bitcoin's biggest drop since March has shaken faith in the resurgence of the cryptocurrencies".
I can't even! haha. Bears jump on a single red daily candle like it's the last day anyone will ever want to buy bitcoin again haha. Their desperation is so overblown it is startling and pathetic. The fact that we've sen $41k and still the moment we get a down day in Bitcoin the rest of the world is expecting Bitcoin to immediately die off just shows how inevitable 6 and 7 digits are for Bitcoin's future when the rest of the world stops treating it like it's a penny stock that could disappear at any moment, despite the fact that it's the tenth most valuable asset in the world.
Any absurd doomsday articles you've seen pop up today thanks to nothing more than a standard bitcoin correction?
Just another roadblock along the way to flush out the weak hands. If you've been around BTC for a long time, this is precisely what the mainstream media perpetuates because it generates attention. But unfailingly, their predictions never pan out - because there is already demand for BTC as a store of value, both from institutional and retail sources. There seems to be strong support for BTC at the $20k level at the very least, so there is really not a whole lot of room for markets to maneuver downwards in this period. Sure, a huge correction can come after the bull run is complete, but all the macro variables tell us that it's likely just getting started. |
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Did someone of you try to do Arbitrage on sport bets in BTC gambling sites?
Some years ago i checked some sites and it wasn't possible (house edge was too big, bigger than the house edge in traditional sportbook sites).
Maybe something is changed in the last years?
Nope, it's still the same old. There are very rarely any worthwhile opportunities, and if there are, they are generally caused by some sort of inefficiency in the markets that you cannot actually take advantage of safely and profitably. For instance, if a sportsbook has low limits, high withdrawal requirements etc., you wouldn't be able to take advantage of arbs even if the odds at this particular sportsbook are great. I wouldn't waste time on it honestly. But if you want to try, you can sign up to BitEdge for free. I signed up a while back and basically you would receive free updates on arb opportunities whenever they come up. |
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Excellent analysis and compilation of evidence. Well done. What I mean is that: is it possible that the last leg in this rally hasn't been fueled entirely by the institutional, as the main narrative tends to convince us, but also there is a consistent inflow from retailers, which, without FOMOing, have definitely contributed to the rise in price in the last, say 70% leg up from 25K to 42K.
Certainly. I do think that institutional forces cannot be overstated - they are still the main driver of demand for BTC in this rally, especially since they are not just trading BTC in this rally but actually committing to holding it for the long term. But retail investors, especially those trading on leverage, can have a great impact on the market as well. What they offer is consistent, bite-sized demand - which arguably is just as important in the long run to BTC adoption. |
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I don't think that there's going to be a problem now that certification from the electoral colleges is complete. As to sportsbooks that did not pay out the Biden win beforehand, I always thought that it was a bit of a gimmick to keep player funds. Most large sportsbooks were able to pay out early, and those who didn't essentially leveraged their ToS to delay and perhaps even void bets. If a certain sportsbook still doesn't pay out after the certification, then they should be avoided at all costs in the future. But I think this will be rare as bookkeepers know this as well. |
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The MIT Blackjack team shouldn't be considered cheating at all.
Casinos are private properties so pit bosses can tell APs/card counters to back off, but nowhere does it say that it is illegal to use your intelligence and knowledge to gain an advantage at a casino game.
In fact, they shouldn't even be considered gamblers. They play a very carefully calculated strategy to maximise EV and minimise the risk of ruin. It's more of an investment rather than anything else.
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Unbiased opinion here.
I think that it doesn't matter. Bitcointalk reps are not mandated to represent the reputation of the whole company. They simply reflect whether or not the account itself is reputable/trustworthy or not.
Trying to moderate the trust system like this will create a slippery slope whereby the whole system may become centralised - which is precisely against the reason why the trust system is there in the first place and not forum bans for scammers.
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That's a great observation. Probably has something to do with the current bull run too.
Generally, a reduction in the coins on exchanges implies that people are getting out of BTC for speculative motives while moving their holdings to a long term portfolio. That reduces market supply and essentially creates shortage, increasing price in the short run.
Economics 101, essentially. But over the long run price action will still be determined by fundamentals, which is also strengthening right now.
Besides, as you said, people should move away from custodial wallets period, and that includes exchange balances. Use the bitcoin network as it's designed to, dammit.
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LBC has been a shell of its former self ever since it stopped offering KYC-free accounts. Further flows were dealt when they got rid of all cash and gift card transactions. As for cash deposit, it depends on your country. For my country, as long as the funds clear into your account, it is pretty much guaranteed that the funds are unrecoverable. However, if you want to be sure, you can ask for a picture of an annotated receipt with something like "LBC purchase, unrefundable" or the like with the buyer holding it up. What is the most common form of payment on localbitcoins? Is it cash when meeting? Wouldn't the best method be meeting at the bank and they giving you the cash... you go and deposit it... and once you do that and its confirmed... then you release the coins?
Because of the risk of counterfeit if they give you cash... but once its deposited into bank teller or atm by yourself... then its safe?
Without the escrow system, you'd be as safe dealing in cash on LBC as you would just dealing with a stranger off craigslist. Would you risk it? |
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There is a saying that whatever goes up most come down. Some traders predicted a pullback @30K but got smashed. Can we see a pullback @40k?
Let have you thought on this...
It's almost a guarantee that IF bitcoin does breach $40k that there is going to be a major correction occurring around that level. The market is bullish and FOMOing hard, but all bull markets transpire this way. There are going to be rallies and adjustments at every step of the way to wash out the weak hands and the overleveraged positions. In fact, I'd even go as far as saying that it is likely $20k will get tested as support at some stage of this bull market, let alone a pullback at $40k. But I do expect it to hold up given that the fundamentals have strengthened in terms of a) greater institutional adoption and b) the prospect of an ETF approval very soon. |
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I have read a number of questions such as 'when to enter?', 'what is the best price to buy?', 'should I wait?', etc. And statements such as 'I am waiting for a dip to buy', 'I should've bought at this and that price', 'Bitcoin is now very expensive', etc.
In the past 24 hours as per CMC, Bitcoin has reached $34,346.59 USD and fell down $28,722.76 USD. There was around $6,000 USD in difference or should I say discount.
To you who waited for a dip, did you buy at $28,722.76 or did your hand shake? Did you act on it or did you wait for more? The train slowed down for you. The price fell down for you. Did you buy?
It's certainly an opportunity to stock up on positions if you haven't already. But I would only advise to do so if: a) You are comfortable holding coins long term. This is the most important and probably the most deceiving - you must be absolutely brutally honest with yourself whether you are in BTC for the long term fundamentals or just for the short term gains. b) You are not buying on credit. Taking loans out etc. just to buy into the FOMO is probably one of the worst decisions that you can make financially. Also, make sure you dollar cost average - it is entirely plausible that BTC prices drop further in this correction. It had been a crazy pump. |
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Nothing out of the ordinary.
You're going to see a few waves of corrections occurring, there is no doubt about that. There was no way that this sort of price action where you see gains in the high 'teens every single day was going to sustain for more than a couple of weeks.
As I've mentioned before, with the current FOMO people are levered all the way up which means that if there were any market corrections it would occur in dramatic fashion as we see right now. Overall though, the trend is still bullish. And given the once per 4-year cycle, I'm very confident that the rallies will continue after the market takes a breather - whether that's rational or not.
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For example, I have made resolution that I am going to contribute few % of my salary directly into the bitcoin purchases and will continue this for next year no matter what the condition is. Probably not the best idea. If bitcoin hits 6 figures, would you continue with your dollar-cost-averaging plan? What if it hits 7 figures? IMHO, DCA is only a valid strategy when the market conditions you are buying in at is subdued. You want to ensure that you snap up an investment for cheap, but you also don't want to expose yourself to further downside risk that could materialise in a bear market. I actually suggest that you read Benjamin Graham's The Intelligent Investor, that could be a financial resolution in and of itself and it will cover the guiding principles of value investing from bottom up (even if some elements have become outdated). |
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The Old money system is done people who are informed and educated can confirm that.
There is no way to go back to normal until the Old debt Fiat system remaining with us.
But my question is:
Are the World rulers just keep the old fiat system on and economy down to prevent fatal collapse. Until they Come Up with new system
They have Solution? The solution new money system wich system they will use it?
Isit bitcoin? Ethereum? Or defi? Or usdt or usdc Pax? Or they own cbdc Central bank digital currency
And how they are going to Control supply of the New currency?
Can we prepare us for this to get airdrops so if new currency comes?
How Long they keep locked down Everything?
How they tell us Now we have new currency?
Central bank cryptos are going to be the new norm once China and the US jump on the ship, I am quite confident about that. But note that even though these are nominally "cryptocurrencies", they are NOT decentralised in any way. The blockchain in this sense is simply providing a framework for settling transactions and nothing more. There is going to be arguably even greater control by the central banks over the monetary system as negative retail interest rates will become feasible. So no, I don't think that the 'old system' of trust-based fiat currencies are going to be replaced any time soon. As Hydrogen said, we shouldn't be dealing in absolute terms here. As we are seeing now, bitcoin serves its own niche quite well even with fiat operating alongside it. What purpose decentralised cryptos serve will ultimately depend on political and economic climates, as it is very hard to envision the government pushing them as a solution to the existing system. |
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Tough losses, but it should be exactly what you expect. You are playing a -ve EV game for the purpose of entertaining yourself - not to make money. Don't try to make 100 with 1, try to make the 1 into 1.1 Actually, this is one of the most common fallacies that I see on a daily basis. Your EV is actually the same whether you choose to place a bet on 1000x odds or 1.01x odds. You'd still be subject to the same exact house edge and therefore have the same RTP figure. What matters is gaming volume, not the odds. Having low odds doesn't mean you will win more consistently in the long run at all. |
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