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1461  Economy / Speculation / Re: What will happen to BTC & the rest of crypto if the US will default on its debt? on: October 14, 2022, 07:41:57 AM
I know that folks like Warren Buffett / Alan Greenspan told us the US will never default on its debt but just in theory, how much impact the default will have on BTC and crypto? Should we even worry that "printing" will stop?

https://www.yahoo.com/video/warren-buffett-explains-the-simple-reason-why-the-us-will-never-default-on-its-debt-185105213.html

Option 1.
USA defaults. The US dollar value crashes and the people in the US will start buying any asset they can in order to get rid of their dollars. Maybe some of them will buy Bitcoins, so the Bitcoin price could go up.
Option 2.
The USA defaults, so the foreign and domestic creditors, who own US bonds will go bankrupt and this will start a global recession/depression.
This would lead to massive price crashes on all financial markets, including the cryptocurrency markets. This means that the Bitcoin price might crash as well.
Those two options are hypothetical and I really don't know what will happen if the USA defaults. Grin
1462  Bitcoin / Bitcoin Discussion / Re: BTC NOT BACKED BY ECO SYSTEM on: October 14, 2022, 07:10:42 AM
Rule number 1:
Don't argue with people, who are ignorant and don't understand anything about economics and finance.
This is a waste of time.
Rule number 2:
Don't argue with people, who don't understand how cryptocurrencies and blockchains work. This is also a waste of time.
Only argue with people who understand how economy and finance works. Maybe some of them will understand how cryptocurrencies work.
Ask your friend what asset is currently backing the US dollar and the Euro.
If you ask me, the US dollar is currently backed by promises and debts. The same thing applies to the Euro.
This definitely seems like a great ecosystem. Grin
1463  Economy / Gambling discussion / Re: UEFA Champions League 2022/23 Season on: October 13, 2022, 11:18:18 AM
Barcelona is about to get kicked out of the Champions League for the second time in two years, after 3-3 with Inter.
The problems in defense of the Catalonian team are far bigger than I expected and the scoring ability of Robert Lewandowski isn't enough to lead Barcelona forward. Inter failed to win only because of several missed opportunities to score a goal.
Winning the Europa League would be the only option for lowering the financial loses of FCB. Joan Laporta's strategy of making big purchases and trying to build a team that is capable of winning La Liga and the Champions League is going to fail.
Barcelona might have to sell their big stars and prepare for times of financial difficulty, while trying to payoff more than 1 billion euro worth of debts.
1464  Economy / Gambling discussion / Re: Gambling - Do you have winning limits???? on: October 13, 2022, 06:29:31 AM
Having limits(both winning and losing) is the most important way to keep yourself away from falling into gambling addiction.
Putting limits in your gambling behavior is the foundation of having self-control.
My winning limits are very low, because I don't want to get greedy. I know that greed is the path to failure.
Many players think that having wining/losing limits is a strategy that can help them make more money out of gambling. This is a delusion.
You could still lose your previous winnings, even when you limit your loses and winnings. At the end of the day, I believe that gambling is all about luck and you can't increase your luck by changing the way you gamble.
1465  Bitcoin / Bitcoin Discussion / Re: About the future of bitcoin - What are you worried about? on: October 13, 2022, 06:03:11 AM
I'm not worried about Bitcoin. I'm worried about my financial situation and I'm kinda worried about the future of the Planet Earth.
Bitcoin Core still being a "beta software" isn't something we should worry about. I'm no expert in this field, but I think that open source codes would most likely remain "beta" forever, as there are constant updates and improvements.
The Satoshi quote about Bitcoin having large transaction volume or no volume after 20 years has been repeated many times in the forum.
We are heading towards 2029-2030 and Bitcoin is still strong. Maybe Satoshi was right about the first option and Bitcoin will have a large transaction volume. Nobody knows what will happen after 5-6 years. Technology is advancing really fast.
1466  Economy / Economics / Re: Central authority can be biased. Referring to TikTok on: October 12, 2022, 10:45:04 AM
Yes, TikTok sucks, but the problem here is that the children living in refugee camps don't realize that they are using the wrong platform to ask for donations. They could use Gofundme or some other platform that is dedicated to funding charity projects. I can't recommend a certain platform, because all online charity platforms have certain cons and limitations. TikTok isn't supposed to be used for charity. TikTok is supposed to be used for fun and consuming cringeworthy content. Putting the blame entirely on TikTok is kinda misleading here. TikTok is a business that wants profits, just like any other business. They have their Terms of Service and the users, who singed up there have agreed to those Terms and Service.
1467  Economy / Gambling discussion / Re: UEFA Champions League 2022/23 Season on: October 12, 2022, 06:26:37 AM
AC Milan losing twice from Chelsea is a clear sign that the Italian teams cannot compete with the English teams. Maybe it's all about the money. Grin
The best performing Italian team right now is Napoli and I really hope that they continue in the next stage of the Champions League.
Juventus and AC Milan aren't in a good shape and they probably won't reach the quarterfinals. I'm sure that AC Milan has the ability to win against Dinamo Zagreb and Saltsburg, but I'm not sure about Juventus getting out of their group and going into Europa League.
Another big disappointment is PSG failing to win against Benfica for the second time. The French team doesn't show a great performance and I can't put them in the list of the big favorites for winning the Champions League.
1468  Bitcoin / Bitcoin Discussion / Re: Why is an economic recession bearish for the market? on: October 12, 2022, 06:04:09 AM
Quote
Traditionally these are precious metals, but crypto currencies could also serve this purpose. This flow of fiat money into crypto, would cause a bullrun with higher crypto prices. That was my idea of it.

But why do legendary investors like Michael Burry predict that we are not at the end of the bear market yet, because of a looming economic recession/depression?

So you think that cryptocurrencies are more stable than fiat money? Really? It's a historical fact that cryptocurrencies are more volatile than the fiat money. The people in Turkey and Argentina could simply buy US dollars. The US dollar is relatively stable right now. Why would they buy crypto, since almost no merchants and businesses in their countries accept crypto payments for goods and services?
In times of recession/depression almost all traders/investors are running away from the risky assets(like crypto) and moving their money to safe heavens like precious metals and real estate. Bitcoin isn't considered a safe heaven.
1469  Economy / Economics / Re: The end of cheap money reveals global debt problem on: October 11, 2022, 10:33:50 AM
Quote
I wonder if a good strategy here could be to forget about recession and economic collapse. Focus on the rebound. Begin planning. Preparing. Taking steps for a return to a pre pandemic economy. What would that look like. What can people do to fast track a trend in that direction. Its been said that an ounce of prevention is worth a pound of cure. Being an early adopter of bitcoin showed the world the value of getting in early. Is it possible the same trend will also apply to any economic downtrend which occurs and its recovery?

Are you trying to somewhat mix personal finance with macroeconomics? Grin
The only way to survive in a difficult economy is to cut all unnecessary expenses, work harder, try to increase your income and lower your debts without getting into new debts. Personal finance isn't supposed to be rocket science.
The debt problems of the global economy are a different topic. There's no easy solution, that could prevent mass bankrupts and lead to fast global recovery, followed by a massive GDP growth.
Being an early adopted of Bitcoin is like being an early shareholder in Google or Facebook. Investing in promising projects when almost nobody sees the potential of those projects is a way to make a lot of money. The problem is how to spot a truly great project from the beginning.
1470  Economy / Gambling discussion / Re: Formula 1's Crypto.com Sponsor Is Falling Apart on: October 11, 2022, 06:34:26 AM
Why is this post in the Gambling Discussion forum?
Crypto.com isn't a crypto gambling company and Formula 1 has nothing to do with gambling(unless we are talking about sports betting).
The big cryptocurrencies companies are more or less like a "house of cards". They were growing too fast and too big, when the crypto markets were on a bull run. When the bull run ends, everything falls apart. The crypto businesses are as volatile as the cryptocurrency prices.
Why would a crypto company spend millions advertising on Formula 1? Can't they just spend less on marketing and achieve better results?
1471  Economy / Economics / Re: "The times ahead will be radically different from those that we've experienced". on: October 11, 2022, 05:56:39 AM
This "new world order" thing has quickly becoming complete gibberish. All the anti-western "analysts" keep talking about a "new world order" but all I see is authoritarian regimes(Russia, China, Iran) vs. the democratic countries. Is this the so called "new world order"?
So the "Chinese empire" is rising, but China also has big debts and financial bubbles. Can this "billionaire investor" guy explain this simple fact?
Does he think that China offers an alternative to freedom and democracy? What is the alternative? Being censored, having no political rights and working like a slave 12 hours a day for a miserable salary? That's a great alternative. Grin
I'm no fan of USA and the US foreign policy, but Russia and China don't provide any compelling alternative to the USA.
1472  Economy / Economics / Re: Retailers make more profit than wholesalers during inflation. on: October 10, 2022, 10:17:41 AM
Quote
Retailers are making more profit than the wholesalers and manufacturer during inflation. The poor always buy from retailers because they are the final consumers, while the rich buys in bulk this means they buy directly from the wholesalers.

I don't know how did you come up with this conclusion. You should find and post some valid and accurate statistical data to backup your theory. Using one bakery shop as an example isn't enough.
The rich don't always buy from wholesalers. The rich are rich because they have big income and lots of assets, not because they are buying from wholesalers instead of retailers. The retail shop owners have costs and their costs are increasing during times of high inflation. The same thing applies to the manufacturers and the wholesalers.
The retail shop owners usually increase the prices as the last resort. They don't want to increase the prices, because the retail industry is so competitive. Maybe the bakery shop in your area doesn't have any competitors, so the owner wants to take advantage of his "monopoly".
1473  Economy / Gambling discussion / Re: Premier League Prediction Thread 2022/2023 on: October 10, 2022, 06:13:13 AM
Great game between Arsenal and Livepool. Arsenal was the smarter team and deserved the victory.
It seems that Liverpool is in a crisis for the first time since Klopp became a manager. This is normal. Many great managers had such periods, when their teams don't perform very well. Klopp had such crisis in his last months in Dortmund. I'm sure that he will find a way out.
I'm not a fan of Mikel Arteta, but the decision of the Arsenal owners to keep him as a manager finally pays off. Great beginning of the season for Arsenal and the "gunners" might have a chance to finish the season on the second or third place. They can't compete with Manchester City for the first place, let's be honest here. Grin
1474  Bitcoin / Bitcoin Discussion / Re: Censorship resistance is underrated, move to bitcoin and #DeletePaypal on: October 10, 2022, 05:47:54 AM
Paypal was going down the shithole years ago. Even the fact that they "kinda" adopted Bitcoin won't change their true nature.
Unfortunately most of the Paypal customers don't care about there Terms of Service, because:
1.Paypal is simply too user-friendly and convenient, if you are a buyer.
2.The online sellers use Paypal only because millions of buyers use it as well.
This company is in the "too big to fail" category despite their transaction fees going up and their service getting worse every year.
The Paypal alternatives like Skrill, Zelle, Cashapp and the rest of the payment apps will turn into Paypal clones sooner or later.
When you use such payment service and you fund your account, your money becomes their money and you have to abide by the their rules.
Otherwise they will simply take away the money that you gave them. Sad

1475  Economy / Economics / Re: Are we heading towards recession ? on: October 09, 2022, 10:30:15 AM
A recession was pretty much expected even without the pandemic and the war in Ukraine.
The US economy was running on monetary steroids for over a decade. The amount of US dollars in circulation has reached a historical peak.
The European Union got into the Russian gas "trap" decades ago, when the Russian gas was cheap. The nations in Europe will have to pay the price for gaining their energy independence. Gas prices in Europe will be higher for a while, but the EU countries will have to reduce gas consumption and find alternatives.
Overall, I don't see a recession as a bad time. The economies need recession, in order to get rid of the market deviations and the toxic amounts of greed and optimism.
Risk assets like Bitcoin most likely won't perform very well in this recession, which is kinda ironic, because Bitcoin was created after the 2007-2008 recession and Satoshi had the 2008 recession in mind, when he created BTC.
1476  Economy / Gambling discussion / Re: Table tennis is the best sport gambling! (My strategy of winning) on: October 09, 2022, 06:01:09 AM
Quote
Face appearance (do they look like winners bonus)

If you can really predict the performance of a tennis player based on his/her looks, then you are the best sports betting gambler in the history of sports betting. Grin How does a player "look like a winner"? Having a "Chad face" with a strong jawline? Grin Looking angry when he's losing the game? Grin Maybe you should write a book about how to find players, who "look like winners" and sell that book for a gazillion dollars.

My God! Not surprisingly, the OP's nickname is: "fishy". I'd like to see him at a poker table. If we look at the other threads he has opened, they are nonsense like this one.


Now I get it. So basically OP wants to boost his post count by writing ridiculous forum threads. I was about to take his "look like a winner" recognition skills seriously. Grin
1477  Bitcoin / Bitcoin Discussion / Re: PSA: Get your Bitcoin off any exchange supporting "BSV" (due to insolvency risk) on: October 09, 2022, 05:31:59 AM
Who the hell is using BSV in 2022? Pump and dump altcoin traders?
Yes, we already know that BSV is complete garbage and Craig Wright isn't Satoshi, but who the hell would use a centralized shitcoin blockchain that would eventually steal your coins? This doesn't make any sense. Are there any people, who believe that BSV is the real Bitcoin?
I'm glad that I don't use the crypto exchanges in your list. I used HitBTC a few years ago, but my account there is dormant for years.
Yobit being on this list is no surprise to me. The ultimate shitcoin crypto scam exchange.
Any crypto exchange supporting shitcoins trading should be instant red flag for every cryptocurrency trader.
I'm sure that almost all legit crypto exchanges will delist and remove BSV sooner or later. The exchanges that keep BSV and other shitcoins would simply prove that they are crypto scams.
1478  Economy / Gambling / Re: Maybe Yet to be seen? on: October 07, 2022, 06:17:34 AM
A few crypto gambling projects were playing around with NFTs last year, but I don't remember their names.
The hype around NFTs is pretty much over and the NFT market most likely won't recover.
I don't know how the NFTs can add any value to the online gambling industry. Buying and selling a bunch of low quality copy-pasted images and claiming that this is "art" and those images are scarce (despite the fact that they can be copied unlimited times).
The levels of cringe inside the NFT community were at historical heights last year. Sad
1479  Bitcoin / Bitcoin Discussion / Re: Bitcoin 13 years ago... on: October 07, 2022, 05:55:31 AM
If I had discovered Bitcoin back in 2009, I probably would have thought that this is some kind of weird scam.
Spending actual dollars for some "magic internet money" that nobody uses back in 2009? Nah... It's like buying some worthless shitcoin or token right now. Who would do such thing? Grin
I remember that I was in my first year in university back in October 2009. I didn't have any money to buy anything back then. All I had was a laptop and I feel sorry that I never mined any BTC with my laptop. Grin Being an early adopter would have been great.
 
1480  Economy / Economics / Re: The whole tipping culture in western countries is unfair and totally wrong! on: October 06, 2022, 10:31:51 AM
I have never visited a restaurant in my entire life and I don't use food delivery services. Grin
What's the point of visiting restaurants nowadays? Just buy food and learn to cook.
I don't use food delivery services because I'm not lazy enough to just sit in my home, instead of going to the store and buy some food.
I've never lived in a western country and I don't know about such "social pressure" of giving tips to waitresses and food delivery people.
Maybe there is such social pressure, but giving tips shouldn't be mandatory. The restaurant industry is really competitive and the profits margins are low, so the restaurant owners give low salaries to the waitresses. Perhaps in the not-so-distant future, the waitresses will be replaced by robots, so the customers won't have to give tips. Grin
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