Make we no forget say plenty successful gamblers dey for Naija, example is Mayor of EkitiYou do not have to refer to successful gamblers, it is just a way to encourage people to gamble more and more people will lose money to gambling. If you are not offering gambling service but depending on playing gambling to earn more, that is a fast way someone is driving himself to a remorseful life of depression. I don't know if you see gambling as entirely bad, if that be the case, I do not share that notion with you because gambling is not an entirely bad business... it is just the approach of some people that make it look as if it is bad. Come to think of it, gambling have been there right from time, from pools to papa Ijebu, and now betting and casinos, it has always been there. People have made successes in it. I still maintain that if proper strategy is applied, gambling can be a very profitable venture. I just gave one example of successful gambler, the list is long.... I even know those who are not ready to work for anybody because they are making it big from gambling. It is all about strategy. I know it is in human nature to criticise what they don't understand so I will not be surprised if many people condemn gambling.... but for the records, gambling is business that you can win with the right strategy. One good thing you should know about gambling is that it gives people hope which is very good for our health as depression is sometimes the absence of hope |
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Na lack of strategy dey cause the kind failure wey people dey fail for gambling. Make we no forget say plenty successful gamblers dey for Naija, example is Mayor of Ekiti. He is a successful gambler that have dealt with several bookies on various occasions. I know say grace follow but person gat apply strategy because na lack of strategy go make person take all him money play gamble when you know say na game of probability. E dey pain me when I see the kind attitude some people dey form untop gambling... your family never chop you carry the small money you get go dey play gamble. Naija no too dey play gamble self... visit US and see how gambling and casino centres plenty and many people dey play am... but e come be say our people no add sense untop am. For Naija now, if them know say you dey play gamble, the first thing them go say you be useless and irresponsible man. E no suppose be like that. Make people dey add brain sha. |
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It really depends for me how I feel about a particular bet and how much I am willing to lose on my conviction. In some cases the odds of winning are so high that it just doesn't make any sense to bet small.
I was using this approach before and it is good because you will commit more funds to the games you have more confidence in and less funds on games the probability is lower. The only challenge with this method is the tendency to over-leverage which might result in pains. In the past I used to bet large amounts on the favorites on football match, even on leagues that I didn't even follow I bet on games with 1.05 and lower payouts. The problem was that in several bets the underdog won and I lost all my money.
Despite this looking reliable on the surface, in terms of business continuity and sustainability, I don't think this is good. One single loss can wipe out one week of consistent winning. You already confirmed that you lost all your money to a single loss... that means you need to modify your strategy if you want to remain in business. |
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I like to think about the non-steady income in a couple of parts.
The first part is just figuring out what is your worst-case scenarios, what are your best case scenarios and what is your average... So then with that information you can try to project ahead, and most likely mostly using some combination of the worst-case scenarios and the average in order to figure out how much money you need to keep in your emergency fund in order to cover those situations in which the worst-case scenarios ended up playing out rather than the average case scenarios.
So, even though not necessarily likely worst-case scenarios could end up playing out for 6-12 months or more, and so the emergency cash fund should be able to cover the gap between what you need to live and what kind of income is coming in. Hopefully, you are already spending (your monthly expenses) somewhere less than your average case scenario which should then cause for an ability to invest (or DCA) with part of the amount that you are living below your average case scenario. and sure if the worse case scenario persists for a long time, you may well end up needing to either reduce or eliminate your DCA purchases of bitcoin, but if you have planned in advance you should not necessarily need to stop your DCA, and for sure, you do not want to end up putting yourself in a position in which you end up having to sell any of your BTC during periods in which worse case scenarios are playing out.. which likely would mean that you had not sufficiently prepared in terms of your emergency fund and/or the ways that you had been choosing to live in order to make sure that you are generally living below the amount of your average case scenarios rather than spending more than that.
Thank you for adding further clarification to this; I consider this information very helpful and I know other people do too. A lot of people in this forum might actually fall into this category of unsteady cashflow and this information will be very helpful for those who will be able to digest and implement it. From your explanation, it is obvious that a simple averaging of upper and lower limits might not be as efficient as keeping in mind the worst-case situation. As student, it is easy getting $10 per week for low income country oike mine but sometimes it gets as high as $50. For a student in this situation that want to start investing in Bitcoin, a DCA of $10 per week will be more feasible |
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This one na old format na... any person wey fall for this one dey greedy and uninformed. No be today I dey see when they hack account of prominent people come dey post things wey too good to be true. I don't know whether na grace but anytime I see all this ojoro them, I dey know immediately.
If you no dey greedy for Internet, e go hard make them obtain you... "free food dey purge"
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The only challenge that someone using DCA method is when the source of income is not steady
This was my thinking too and I even made a comment referencing an entrepreneur. Thankfully, JJG explained convincingly, how this can be achieved. From that explanation, you can actually know your financial inflow within a certain period like a year, from that you can know what to set aside and plan your DCA accordingly. You must not be earning fixed income monthly or werkly before you can perform DCA, even when your inflow is not regular, you can take average with a time period and as soon as you have any bulk funds, you can start off with the part that fits into the average you have worked out already and before it is exhausted, you would have receieved another inflow base on your calculations. i was DCA with almost 100% of my monthly income before, because have hard free supplied of almost everything and leaved in my parent house,
This reminds me of the good old days when my parents were providing practically everything I needed. Imagine I knew about Bitcoin then, most of the monies I spent on things I can't even remember would have been properly preserved in Bitcoin. |
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Plans for how to mitigate risk and manage problems can be a good thing. But too much planning is not necessary for everyone to manage things. The reason why people don't follow difficult things is because they don't want to come out of their comfort zones.
I am struggling to understand when a plan is said to be too much because the last time I checked, planning is actually the absence of irrational decision and action. I think what you might be mistaken for planning might actually be fear. I know a lot of people who are too afraid of making mistakes, hence, they end up developing fear at any slightest opportunity. I have worked with few of them and they always fail their medical test due to high blood pressure. I am yet to see what can beat planning because every great success depends on it. Even the popular DCA that I have recently starting using in buying Bitcoin is a clear case of planning. Planning can never be too much.... |
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It baffles me how the op deviate from the topic of discussion as the heading implies to telling us why people should not join Forum with the mindset of making money. Although, making money is the reason behind why people are rushing into Forum recently and it's not bad either because you work for it. I am not justifying that fact but the truth is that even if you join the forum with the mindset of making money, you must work hard for it first to attain the stage where you can be able to make money..
I don't actually see any contradictions in the post and the topic. For clarity, the essence of the post is to for stress the need to set priorities right to be able to make judicious use of the forum. Having wrong mindset such as get rich quick syndrome is the reason for several bad attitudes here.... if this is addressed and proper mindset achieved, even money will come naturally. I will suggest you take the post for what it said and not what you presuming. Everyone joining this forum is not because they wanted to make money
I already explain that in the post and as you can see from the humbling submission of many of the experienced guys, a lot of the people join because they believe in Bitcoin and therefore saw the need to belong to a community that have Bitcoin as denominator. It's funny, I joined this forum in March of 2020 when the Bitcoin price crashed from $10k to $4k. It was panic mode everywhere as people really thought its going to die lol. That was my initial reaction to this community, and that was the same time when Covid hit. So I was stuck at home, I decided to learn trading and do more in Crypto and I am glad I did. It paid off well for me.  Such a humbling submission! It shows that we all joined in unique was and for various reasons. Personally, I have been using Bitcoin long before I joined this forum. So when I finally knew there is a community like this,I was supper excited to join and at first, it was difficult finding my way around until I did little reading within the forum under the guardian of a some older people. |
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I am glad you sought suggestion from this forum; that is a wise decision. A lot of great suggestions have already been offered here so I will just add few.
First, ensure you come clean and clear the air on the issue of KYC from the beginning. Some casinos have this habit of asking for KYC when customers have huge winning even when they never did that during registration. This does not show transparency and integrity.
In addition, a great casino should be free from internal manipulations. There have been few reports of this happening.
Finally, you have to make resources available to do proper marketing of your product. This forum should be one of the best platform for such marketing on the form of signature campaign and reviews.
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There is a popular saying that "when the purpose of a thing is not known, then abuse is inevitable". This statement is true even in this forum as understanding your purpose and motivation for join this forum will, to a great extent, determine your approach, commitment, contribution and how long you will stay here (a lot of people disappear after few weeks... I don't mean to scare you though ). Different people joined this forum for different reasons: some to learn about Bitcoin, some already know about Bitcoin but felt the need to join a community where Bitcoin is like a home( to see some of them, go to WO thread) and there are those who joined because they heard that people here make money... so their only motivation is to make money even very quickly. These are the people that spam, lie and do all manner of despicable things because they want to beat the natural process of learning and growing. I want to announce to you that if you are only here because you want to make quick money, then you may mostly likely not make the money and here will be so boring to you because you will reveal that tendency and the OGs will notice you. Some of the older people can share their experience as regards to how they started, maybe we all can learn somethings too. |
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Gambling sites is just like exchange, it will be so risky to save money on gambling site because anything can happen which know one can predict the future of any gambling site. I every gambling site is just like every centralised exchange that money are not totally safe for people to make savings in it. I can't still figure out why one would prefer to make gambling site a place for savings. Let gambling site serve for it purpose and let the bank serve for the purpose of savings.
This is nothing but the truth. Gambling sites are centralized and hold your funds. It is not supposed to be used for saving your funds. Even though we have not heard much of hacks in gambling sites, I don't think it is safe to save funds there. Personally, I don't keep funds, I don't intend to use in gambling, on the website and whenever I have winnings, I quickly withdrawal all and leave only the funds I want to use in playing more games there. Besides, if you have too much funds in the site, there is the tendency to over-stake or just take irrational decision. |
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Man invested for the first time and took the same screenshot with all his details just to prove that he had Bitcoin Knowledge.
There is this joy that comes with first experience, I guess that excitement is what lead him to create this post. I also see him going extreme in this, maybe to avoid being accused of lies... unfortunately, he just demonstrated that he still need more knowledge to be able to protect himself and his investment. Is anyone wondering what's wrong here? Never post your transaction details on any social media platform. Whoever knows social phishing can try to get access to his account.
I never saw anything wrong with the post in terms of privacy and security until I read this comment. Now it is obvious I also have some learning to do especially on this aspect of social phishing. |
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When most people are cheering about institutional investors being on board, I am sensing a potential danger in it.
One of the core principles of bitcoin is decentralization, and this can be significantly reduced by those institutional entities. One or a few of them can control a large chunk of the circulating supply and influence the market.
Even though I agree with you that institional adoption of Bitcoin comes with some dangers, I still want to emphasize that institutional involvement will do more good to Bitcoin than harm. As retails, we are small fries in the scheme of things and we barely have the capital to drive a sustained high price of Bitcoin. Instructional adoption of Bitcoin will not eliminate the decentralization feature of Bitcoin and I don't think the notion that institutions after quick profit is right. On the other hand, institutional adoption will create huge liquidity thereby making it difficult for few individuals to manipulate the price. I see institutional adoption as key to the future of Bitcoin, so the fear of harming Bitcoin in that direction is totally unnecessary. |
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Australia is always fond of conditioning their citizens on how to spend their funds and I don't know why they do that. I remembered when they placed limitation on their citizens on how much they can fund their trading accounts with siting that their citizens were not making good returns from trading.
Even though this might look like them watching the back of their citizens, a closer look at it will unmask their actions as sensorship in disguise.
I just hope the citizens will see the handwriting on the wall and resist some of these actions as their disadvantages, on the long run, far outweigh their advantages.
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Brand ambassadors do not really need to know everything about what they advertise or use same. Companies and businesses pay them because of their audience... people that will know about the business or product through their platform.
Lionel Messi advertising a particular drink does not mean he must be a consumer of the drink... he is just paid to tell you that such drink exists and how fine the drink is. You are only required to check if you like and need what they advertised or not. No one will force you to buy what you don't have need of.
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On paper the country is practicing democracy but in reality the government are just deceiving the innocent citizens.
This is the summary of the whole thing; thank you for lending your voice. Nigeria photocopied America's system of government which is federal system but have failed to follow it as it should be. In the US, each of the states are independent and manage their security and resources. But here in Nigeria, the states have no power or authority to do anything as the federal controls everything. Just ordinary road, states are not allowed to build without approval beccauae they are federal roads. Plenty things dey wrong with our system of government abeg. |
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Just saw an article on Cointelegraph that Mt. GOX will be refunding victims of the hack that happened to them years ago, next month. While this is good news for the victims and will restore some level of confidence in the entire Bitcoin community, there are concerns regarding the impact of such move on the price of Bitcoin. The exchange lost 850,000 BTC to the hack in 2014. The concerns is that this proposed refund might lead to a huge dump in the price of Bitcoin. If Mt. Gox actually refund their victims, how do you think this might impact on the price and future of Bitcoin. |
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Hacks of centralized exchanges is no longer a new thing. Anyone who did not know what happened to MtGox would have known what happened to FTX. Anyone who is opportune to be in this forum but still store funds in centralized exchanges deserve whatever happens to those funds.
A lot of experienced guys have done justice to this topic; suggesting different wallets that are safe and easy to use. Those suggestions are not jokes because the pain of loosing one's fund to hack excruciating.
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This is a great demonstration of the beauty of Bitcoin. Imagine how many Bitcoin was worth IPhone in 2011! This is truly humbling.
Just like the OP said, history will always repeate itself; Bitcoin will always grow in value while austentatious commodities will always depreciate in value. I just hope this post can inspire us to put our money "where neither moth nor rust can destroys them"
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I don’t see what you’re saying as a different perspective, maybe you can help me understand this. My perspective is trying to understand if it’s a dip and should I buy into it. I think for your perspective what is important is who caused the dip and why did it dip. My perspective doesn’t need to consider any of these points because the impact(if any) is baked into the dca avg price trend month on month.
I was simply pointing out to you that the events of next year such as halving, Grayscale ETF and other ETFs that have the chances of being approved are major events that will make 2022/2024 price profile different from 2023/2024 price profile. As to what’s going to happen in the future if you have some way to show you know what’s going to happen I’m all ears. Tell me when it’s going to go up to an a new ATH please.  No one can tell for a certain when price will rise and to what extent it will but we use historic data to predict the future. Any time Bitcoin halving happens, there was always a new ATH as price shifts aggressively. So, I expect the same outcome from next year's halving. This is just the basis of my assertion. If this is not cogent to you, I wonder if you actually believe that Bitcoin price will ever rise and what you think will make it to rise. |
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