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1301  Economy / Economics / Re: ok guys. thinking caps on please on: December 19, 2022, 12:27:42 PM
I assume that you are coming up with the suggestion that this theoretical coin will be accepted as legal tender and all the merchants would be legally forced to accept crypto coin payments. Otherwise this coin would be simply worthless.
You are proposing a model about child birth, but what about immigration? If new immigrants enter the country, will they receive such minted coins, in case of unemployment, education, illness, retirement, etc.? If yes, won't this model create high inflation?
I usually don't trust theoretical models, in which the money (both fiat and crypto) are created out of thin air. This seems like a recipe for hyperinflation and financial disaster. There's a thing called labor theory of value. The value of every product/service is determined by the amount of labor, which was invested into the creation of the product or completion of the service.
You can't create something out of nothing and give it actual value.
Anyway, to answer your request about a theoretical economical model.
My proposal is to give every person (above the legal age) a certain amount of coins(maybe 1000) and let's see what happens. The total supply of coins in circulation will be fixed and there will be no additional coins. Grin

1302  Bitcoin / Bitcoin Discussion / Re: AI answer to how can bitcoin price drop to 0$ on: December 19, 2022, 06:48:28 AM
This AI answered your question with a bunch of information gathered from the world wide web. What else were you expecting? Grin
There is an AI image generating tool on Discord(I forgot it's name) that simply gathers phots and images from the web and combines them in different ways. The results are interesting, but the AI still isn't capable of doing creative stuff and producing original thoughts(and images).
I wouldn't say that this is true Artificial Intelligence. It's more like a superfast search engine, that gathers and analyses information from the internet(all the databases that are available). I know that having intelligence is that same as gathering and analyzing information, but there must be something more to it.
1303  Economy / Gambling discussion / Re: New Solution to Address the Problem of Gambling in Australia. on: December 18, 2022, 11:58:57 AM
This seems like a decent solution to me. Preventing the gamblers from getting into bigger debts is crucial for responsible gambling.
However, it has nothing to do with the crypto gambling industry. I don't know anything about any crypto casinos offering a "play now, pay later" feature.
I can't think about other effective solutions(that won't make the gamblers complain). Perhaps verification via live video chat, in addition to the KYC verification. This would help for banning all the kids, who are trying to gamble on online casinos by using fake IDs. However, many gamblers  will be upset by having such feature. Another thing is that such verification must be done before the gambler deposits any money into the casino. Most casinos start the KYC verification process only after the player requests a withdrawal, which seems a little bit sketchy.

1304  Economy / Economics / Re: Is Deflationary Investment the Most Profitable Strategy for Our Era of Crisis on: December 18, 2022, 08:08:40 AM
Quote
Deflationary assets, in cases where reductions in supply are expected.

In practice, this might apply to the following.

Fossil fuels
Food and Agriculture
Parts and Components Restricted By Supply Chains
Guns and Ammunition
Water

How do you define the term "asset"? Some of the stuff in your list cannot be classified as assets.
1.Fossil fuels might become very scarce or completely obsolete after 30-40 years.
2.Food is NOT an asset. I guess that you mean agricultural land as an asset. Grin
3.Parts and components aren't assets. They are products...
4.Guns and ammunition aren't assets. They are products...
5.Water is still too abundant to become an asset. Maybe after 50 years, water will become scarce enough to be viewed as an asset.
The only real deflationary investments are precious metals and real estate(and Bitcoin, if the cyclic theory about BTC is true and we hit another ATH after 2 years).
1305  Economy / Exchanges / Re: Too much FUD: Why FUD against Binance doen't seem to be justified on: December 18, 2022, 07:35:17 AM
Complaining about too much FUD propaganda against Bitcoin/crypto(and the crypto companies) is like complaining about the weather being too cold or too hot. We can't do anything about it(other than complaining). Grin
Yes, maybe Binance has enough reserves to handle all liabilities, but there's always the risk of an exit scam. The risk is relatively small, but I wouldn't say that I trust a guy like CZ...
We live in a bear market and the FUD/negative news will dominate the crypto world in the next 2 years(or more). Some of the FUD/negative news might be real, most of the FUD would be just lies, gossips and rumors. Strong hands will survive the hard times. Weak hands will lose.
1306  Economy / Gambling discussion / Re: Casino Credit on: December 16, 2022, 12:38:34 PM
This sounds like an idea, that has nothing to do with the concept of responsible gambling.
Getting addicted to gambling and getting into bigger debts are basically connected. The online casinos, which implement such casino credit feature are simply incentivizing their gamblers to fall into bigger debts(and bigger addiction). All regulated casinos must be incentivized(or forced) by the authorities to reduce gambling addiction, not the opposite.
I wonder what kind of bank would allow it's customer to connect his checking account to a casino. Maybe such banks exist in the countries with a more liberal approach towards gambling. It depends of the gambling regulations in the different countries. Some countries are more strict about such practices than others.
1307  Economy / Economics / Re: A breakthrough in thermonuclear fusion technology! End of the era of hydrocarbon on: December 16, 2022, 07:42:49 AM
Quote
Your opinion ? Forecasts? Are we witnessing an unexpected end to the era of hydrocarbon fuels? Should all oil / coal / gas producing countries prepare for a "new poor life"?

You are asking a bunch of non-experts for opinions and forecasts about a high tech/scientific topic.
I'm not an expert in nuclear power plants and physics. What kind of opinions do you want? Most of the people would say "Yeah, that's great, but it will be implemented after 20-30-40 years or more." I remember reading about thermonuclear technological breakthrough in Russia years ago. Does Russia have thermonuclear reactors right now? Nope and they won't have such reactors even after 10 years.
The fossil fuel lobby and the green energy lobby would be very upset by such news and they will do everything they can to prevent such thermonuclear projects from achieving massive success.
1308  Bitcoin / Bitcoin Discussion / Re: 99% of People Will Lose Crypto in Self Custody on: December 16, 2022, 07:19:13 AM
This 99% amount seems totally farfetched. It looks like CZ is butthurt, because many people are leaving his centralized custodial exchange and choosing to keep their crypto in cold wallets. Other crypto exchange CEOs might follow his example and start acting butthurt in the next few months. Grin
This is basically the same as claiming that 99% of the people will lose their paper cash, if they decide to keep their life savings inside their house. Complete nonsense.
The actual amount might be around 30% of all crypto users(assuming that the vast majority of crypto users are still quite unexperienced). It's still a big number, but it's not 99%.
1309  Economy / Gambling discussion / Re: FIFA 2022 world cup on: December 15, 2022, 12:43:11 PM
Great performance in defense by Griezmann. That was the only unexpected thing for me in this game. Morocco had no advantage across the match and France dominated the game completely. Both France and Argentina really deserved to reach the final. I'm not a fan of both teams, I'm totally indifferent about which team is going to win the cup. Messi will be declared as "God of football", if Argentina wins. He will become bigger than Pele and Maradona. This would be a glorious end of his career in the national team of Argentina. I'm not a fan of Messi, though. Grin
1310  Bitcoin / Bitcoin Discussion / Re: Bitcoin is the smart choice not the entire crypto industry on: December 15, 2022, 12:22:30 PM
Bitcoin's biggest problem aren't the altcoins. Bitcoin's biggest problem are the governments/central banks and the big army of haters/FUDsters.
There's nothing wrong with having a bunch of decentralized altcoins trying to compete against BTC(assuming that they are legit altcoin projects, not shitcoins). PoS altcoins are kinda centralized, but that's a subject for another topic.
Centralized altcoins like Ripple are basically "glorified digital money". There's no point of their existence. The people could use the digital money in their online bank accounts or Paypal accounts. What makes Ripple better than the digital fiat money? I can't find a feature that makes Ripple better than online fiat money.
1311  Economy / Economics / Re: Tesla’s stock prices dropping fast on: December 14, 2022, 11:16:42 AM
The Tesla stock price dropping has little to do with the acquisition of Twitter by Elon Musk.
Tesla is viewed as a high tech company by the investors, rather than an automobile company. The big tech companies are facing big decline in their market cap. A recession is coming and many people won't be able to afford expensive Electric Vehicles. The revenue of Tesla will go down.
I'm still perplexed by the fact that many people consider Elon Musk to be a genius. He's not a genius and he isn't even a good businessman.
Tesla and SpaceX weren't successful because of Musk. They were successful because of the engineering teams and the government support. Paypal wasn't successful because of Musk. His weird side projects, like "The Boring Company" are turning into a failure.
I still don't know why this guy has become the richest person on the planet. He is basically the biggest oligarch in the USA.
1312  Economy / Gambling discussion / Re: turned gambler after investing in BTC or investor turned gambler? on: December 14, 2022, 07:28:54 AM
Quote
So she asked how I end up gambling online. I'm not totally a gambler at all, I started investing and somehow stray as I'm trying to win some.
She began to worry since her son is on the computer all the time and might gamble upon learning the BTC can be gambled.

Which one has a high possibility of happening, a gamer eventually becomes a gambler or an investor turns into a gambler?
But first, answer the poll which are you. Are you a gambler that become an investor or an investor that turned into a gambler?

Her son might start gambling with fiat money. There's no guarantee that he will start gambling with BTC.
If you ask me, gaming is closer to gambling, because where are talking about playing games. Trading/investing is way more boring than playing games and I think that the experienced investors/traders know the difference between taking risks(based on an analysis of the markets) and gambling(which is based on luck 99% of the time). There's no problem for an investor/day trader to playing gambling games for fun.
I became both a gambler and an investor at the same time, but I really hate taking extreme risks and always gamble with small amounts.
1313  Bitcoin / Bitcoin Discussion / Re: We No Longer Pay People Directly on: December 14, 2022, 07:10:35 AM

The less we use cash, the more we pay people through a corporation. The last remaining use of cash and direct payments is Tipping.
Everything else we must pay through a corporation. We cannot pay another human unless there is a corporation involved. As cash disappears this becomes a final fact -- a corporation involved in every financial transaction you pursue. In each transaction, the corporation is taking their percentage but also controls and monitors your transaction.

BTC

Bitcoin


I assume that you are speaking about yourself and your experience with payments in your country.
There are a bunch of advanced countries, that have developed something like a cashless society, but the vast majority of the countries around the world are still using cash on a daily basis. I don't really think that a truly cashless financial system will be implemented around the globe in the next decades. Such cashless system would dominated by the US dollar(with the euro having the second place), but the big Asian superpowers like Russia, China and India would most likely try to protect their national currencies from the US financial dominance and create their own financial block. Unfortunately, I don't see Bitcoin as a global alternative to the concept of cashless society.
1314  Economy / Economics / Re: This could be the biggest news in 2022 on: December 13, 2022, 11:37:19 AM
1.This might be fake news.
2.Bitcoin isn't "buying" banks. A company called "Bitcoin Group" is supposedly trying to buy a bank. The company might be called "Bitcoin Group" but that doesn't mean anything(it doesn't necessarily mean that this is a crypto company). You could name your company "Bitcoin" or "Satoshi" and offer fiat financial services at the same time. Grin
3.Who cares if this is the oldest bank in the world? I couldn't care less, even if this bank was founded in 1135 or 1066.

Well, I hope more Crypto companies will start doing the same.... because we see more and more Banks pushing back and some even blocking people's Bank accounts, when they find out that they are using their Bank accounts to buy Crypto currencies.

We need to buy the Banks, if they do not want to work with us.... We need "Bitcoin friendly Banks" that will take clients away from Banks that wants to sabotage us.  Wink

No bank can be "Bitcoin friendly" without the permission of the central bank and the government. Good luck trying to run a "Bitcoin friendly" bank. Grin

1315  Economy / Gambling / Re: A way to attract new users or a misunderstanding? on: December 13, 2022, 07:54:08 AM
The casinos are required by the law to ask for KYC verification. It doesn't matter how "decentralized" they claim to be.
Of course, they can decide to stay on the dark side and never comply to any rules and regulations. This might hurt their business in the long term. I'm not an expert in the field or web3 and smart contracts, but I think that truly decentralized gambling games must be really slow and they usually don't provide a good experience for the player/gambler. The way online casinos operate will remain centralized in the next few years. Web3 is more like a buzzword, similar to ICOs back in 2017, DeFi, NFTs and all the other "shiny objects" and "innovations" surrounding the crypto world.
1316  Bitcoin / Bitcoin Discussion / Re: Digital Platforms should accept Bitcoin - Makes more sense on: December 13, 2022, 07:26:01 AM
Why would those big tech corporations accept Bitcoin? Is there any benefit for them, by accepting BTC payments?
Are there millions of people, who are using Bitcoin(instead of fiat) on a daily basis? Even the most fanatic Bitcoiners use fiat money on a daily basis. Adopting BTC would bring more problems rather than benefits for the big tech corporations. More regulations for example....
I don't know why do you think that such thing makes sense? It doesn't make sense at all. Facebook even tried to create their own crypto(instead of adopting BTC) and they have failed miserably.
1317  Economy / Gambling discussion / Re: Is Gambing Halal or Haram According to Jewish Or Christian Faith? on: December 12, 2022, 11:57:07 AM
Scamming other people is Haram according to Islam, but I've seen many muslims scamming other people. I've seen muslims stealing and drinking alcohol.
Giving loans is also Haram, but there's the Islamic banking system called Mudarabah, where the act of giving a loan is bypassed in different ways.
When it comes to the Christian world, the religious rules have very little influence. The laws imposed by the government are more important than the teachings of the Bible or the rules set by the Christian church.
It's more important that gambling is considered legal(and regulated) in many countries around the world(many of them are Christian).
Gambling will always be viewed as something negative and dangerous by the religious people. That's their opinion. They have the right to express their opinions.
1318  Economy / Economics / Re: Bitcoin Investors to Get Richer When Fed Pivots, Prints Trillions of Dollars on: December 12, 2022, 07:24:40 AM
Everybody with a brain knows that the biggest ponzi scheme in the world in the pension/retirement system.
The belief that the pension funds will keep making high ROI out of the financial markets forever is simply dumb.
Bismarck's pension model is also doomed to fail, because of the demographic decline in the western world(more old people, few young people).
Kiyosaki said that Bitcoin is a "shiny thing for the dumb investors" years ago, and know he's a Bitcoiner. This is hilarious.
Gold, silver and Bitcoin won't make you rich, they will simply preserve your wealth when fiat money turns into toilet paper.
1319  Bitcoin / Bitcoin Discussion / Re: Bitcoin Bloody Year 2022 coming to End on: December 12, 2022, 06:42:27 AM
Quote
Bitcoin is about to go through a bloody year.  A number of unexpected events have prevented the Bitcoin market from ever moving upward this year.  Dozens of unexpected events have struck fear into the minds of investors.  Starting with investors, governments and central banks have taken a cautious stance on Bitcoin.  So we are almost at the end of this unexpected year.

The Bitcoin price crashing after an ATH? Is this unexpected? What about 2014 and 2018? Bitcoin is cyclic and witnessing a price crash/bear market after an ATH/bull run should NOT be considered as unexpected.
A bunch of crypto scams going bankrupt is unexpected? Well, nobody knows when such crypto scams are going to implode, but the smart people know that it's going to happen sooner or later. I would consider this to be partially unexpected.
Nobody knows when a crypto exchange will be hacked, but it's not rocket science to predict that most centralized services will be facing a big security breach sooner or later.
1320  Economy / Gambling discussion / Re: FIFA World Cup 2022 Discussion Thread on: December 11, 2022, 11:58:51 AM
I can't see how Morocco would win against France. Giroud is having a great performance, Mbape and Dembele didn't impress me against England, but Morocco isn't England. The English team played surprisingly well against France, but the referee didn't give them more penalties. Grin
The match between Croatia and Argentina seems unpredictable. Perhaps Croatia could achieve a draw in 120 minutes and win in the penalty shootout. The Balkan team became well known for it's ability to eliminate it's opponents via penalties. Just look at what they did in the last World Cup in Russia. I'm not impressed by Argentina, they were the better team against Netherlands, but I just don't like their style.
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