So there's basically nothing to do ? Either take the risk of stable coins or the banks ?
As you worried about the central entity will freeze your money, this mean you're not good enough to believe anything that centralized. I would recommended to use decentralized stable coin e.g. DAI. This thread shines some light on DAI but it also says that even DAI has different risks to be considered. Sometimes it is the country's laws that mandates such things, sometimes it is tax evasion, sometimes it is just the number of transactions and their sizes that raise some red flags and sometimes they are sending or receiving money to places that raise red flags leading to the bank suspending their accounts.
Based on his post, it seems he come from India where the government often ban and unban Bitcoin so easy like flip a coin. Your choice is good if you live on a country that doesn't did Bitcoin legality drama, but it isn't a good choice for him. Yeah that's right but as pooya87 mentioned it's not with all the banks and all the customers. I think the best thing to do would be to diversify in a way where we can hold stable coins, hold some in fiat etc.. At least it would diversify the risks. |
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I was just browsing across threads related to stable coins and found this one. This is a wonderful post.
So to conclude that the options for stable coins are too slim and still are risky.
I wanted to know which stable coin should I be holding when there comes a need to sell my coins to buy them back later.
But holding stable coins for a long time will put me at more risk. We can exchange the coins to fiat money but then there's the hassle of withdrawing to banks.
At the same time, there are times when the banks can freeze our account too in case of suspicious activities.
I have read cases where crypto holders' bank accounts had been frozen in my country.
So there's basically nothing to do ? Either take the risk of stable coins or the banks ?
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Right on point. I think people should search the history before diving into the crypto world. Talking about the so called initial NFT offering people shouldn't forget how the ICO era ended. Lots of shit projects emerged in the ICO era only to have a tragic ending. The same will happen with INO as well. They might start good but there are lots of shit projects already. Most of the INO projects will fail abruptly. |
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They say that a trader can make money in a bull market as well as in a bear market if he executes his trades right.
So from that perspective it doesn't really matter if the market is going bullish or bearish because the right ones will make their profits anyway.
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I know there's a lot of day traders in stocks, and I've heard some do it in crypto ( although most do it at a loss ) so I'm wondering if realistically you can do a profitable trade in crypto.
Let's take a real example.
In this mini rally we're having, I've noticed Illuvium is one of the few tokens that is in the red( less than 1% on the daily when this was posted )
1 ILV is $119 on my CEX... but the sell price is $116 and the buy price is $123
Doing a simple trade using USDC to buy one ILV token would cost me $10.40 in ETH Fees on EXODUS. If I was doing it from my CEX, it would probably be cheaper, but I'd end up paying just as much ( sometimes way more ) if I want to take my new ILV token and deposit it in a hardware wallet. So either way, even if I buy ILV and it makes me a 15% gain in less than 24 hours, I barely break even !
So how do I make a profit ? Do I need to buy 30 ILV to maximize my gains ? Or is there any other way ?
There's basically no point of day trading when you say that the fees would cost you around 9% of the trade. The volatility of cryptocurrencies is good for day trading but you will have to move to another platform like binance. So that you don't have to pay such a huge fees. You can target for 3% to 5% gains where the fees is around 0.2% on binance. |
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Gambling sites with no promotion, giveaways, and any kind of bonuses are also having huge bankroll as per the stats so the priority on the list is the trust as I said but these bonus, events and others are just contributing for making the people to deposit more money than they actually planned to do.
For a player to actually make a deposit on the gambling site they have to offer some kind of promotion or bonus. This attracts new players to make a deposit on the site and then gradually they tend to use the site on regular basis. So basically that is what derives the trust on the site. We can say that promotions, giveaways and bonuses are first step to building trust on the site. |
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Gambling is particularly dangerous because you can get financial ruin extremely fast, compared to other addictions.
I don't think gambling addiction is the most dangerous compared to other addictions, as you said gambling addiction will make ruin your financial, that's all. Actually drugs addiction is way more dangerous than gambling addiction since it will ruin your financial and your health condition. If you lost all your money but you still have a good health and body, you can get a job. But when you don't have any money and you're sick due to drugs, it's almost difficult to get a job to make you survive. That's a valid point. When comparing the addiction of gambling with drugs the latter has more weight due to the physical side effects of drugs on the body. If our health is good we can still make money but if our health is not supporting us then it is very difficult to make money. As they say, health is wealth. But ofcourse both the addictions are bad since they can both lead to death. |
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Bitcoin may not go all bullish until 2023 but it will definitely take us out of the bear market.
What it basically means is that we will soon see a bottom of bitcoin price and then start rising upwards.
But we will face many corrections inbetween and it will take quite some time to go back to the ATH level.
May be by the end of 2023 we can come out of the bear trend completely and start going bullish in 2024.
That's what I think and things can go differently ofcourse.
I can relate but I don't think we will be out of the bear market until we are actually out of the bear market. What am I saying, if you look at January- march 2022 when this market was already in a dip, we could have believed that there is a reversal in play as BTC price went from around $33k+ to $48k+ and after that, the market started declining again. So, even what we are seeing now with BTC price might be the same and this is expected with price action even in Bull season, however, I do agree that the market might not see a new ATH until after the BTC Halving. As I was saying earlier, we can see the signs of a potential recovery as bitcoin is currently trading around $23500. There might be a chance that $20000 could have been the bottom of bitcoin if the price sustains the current levels. In that case we might see repeated corrections with the price of bitcoin upwards in every correction. |
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In fact many of the crypto users in my circle are the one who use a non custodial wallet.
It makes sense to use these wallets since these are better than centralized ones but if the amount of crypto is anywhere more than $1000,
then I think it is better to invest a few dollars in buying a hardware wallet instead.
It is a one time investment after all.
I mean sure if you want to, but I do not see the point of it. My entire savings are in 3 places right now, one is binance, the biggest one, second is metamask which is technically good and allows you to do easily what you would normally be able to do yourself anyway, and lastly a tiny bit in electrum, nothing big there though, it is very small and could be hacked today and I wouldn't care, it would be scary to know I am hacked, but not to know I lost that small amount. So, I never had the feel to buy a ledger or a trezor or anything like that, metamask type of stuff are understandable, but that’s about it, I do not think that physical ones are really needed. So you are basically doing it all in reverse. If you look at it from a perspective of security then the least amount of coins should be held on exchanges. Most of the coins should be held in a non-custodial wallet or in a hardware wallet. If the exchange gets hacked then you lose all your coins whereas there are less chances of getting a hardware wallet hacked. |
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My goal for end 2022 was again to reach 100,000 RP but I just did some calculations and it will be hard to achieve that. I received around 7360 RP in 6 weeks time and I currently have around 44,000 RP so unless I get extremely lucky with the WOF spins, it might be around mid 2023 before I reach the goal. For the moment, I still have 7 WOF spins and these account for 95% of all the RP I earn.
When I used to have 68.000 RP I didn't wait for such goals as yours,maybe to you 0.001 Bitcoin is a nice amount but to me I thought that is better to use those RP to exchange for 5 Wof spins per roll by exchanging them each time 4500 RP to 5 Wof spins for 24 hours as a bonus.I am not repented for the road I took as I get much more than 0.001 Bitcoin from my signature earnings plus my mining activities.I also got nice prizes including that 50 Golden Tickets which is the best prize I received and it is worth much more than 0.001 Bitcoin. It all depends on our point of view but I think you can use those RP much better than wait to make them 100.000 to exchange. Well said, it really is just a matter of individual's point of view. By the way, what sort of mining activities do you do ? Also, I wish there was a feature in freebitco.in where a user can send or receive RP from another freebitco.in user. This way, if a person has friends on freebitco.in then he can help the other guy reach the target of 100k RP. But at the same time this would also increase spamming since many people would start using alt accounts and keep transferring RP. |
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It doesn't really make much of a difference to me because 1000 satoshis at the price of $60k is still 1000 satoshis whatever the price is.
I can play 10 bets with 100 satoshis in both the cases. It's just a matter of how you look at it in my opinion.
One can look at the dollar value can compare the volatile price while the other can look at the number of coins instead and stay calm because the number of coins won't change.
But you buy bitcoins using your fiat currency. It somewhat matters during the conversion. Your $20 today may be worth 10k satoshis, but the next week it may be worth more or less, and that definitely impacts your gambling habits if you are on a fixed budget just like me. Personally, I enjoyed when bitcoin was tanking because I only have a $20 set price to gamble each week, but now that bitcoin is slowly rebounding, the number of games that I may have on the casino will diminish that's for sure since it decreases the amount of satoshis that I gain for $20 as price goes up.  I can't disagree with that from your perspective. But at the same time, does the amount of bets decrease? I think even if it does the number of bets decreased will be far too low than to make a substantial impact. I am saying this because most of the gambling sites allows us to make lower denomination bets. So I think we are good as far as the amount of bets are atmost same. |
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It doesn't really make much of a difference to me because 1000 satoshis at the price of $60k is still 1000 satoshis whatever the price is.
I can play 10 bets with 100 satoshis in both the cases. It's just a matter of how you look at it in my opinion.
One can look at the dollar value can compare the volatile price while the other can look at the number of coins instead and stay calm because the number of coins won't change.
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I just got 5150 tickets off one day of spins, fingers crossed though I think its more like 50k that is worth expecting anything to happen. Anyway I noticed the BTC price is entering into the scenario I had envisioned might possibly occur (break above 50 day average, air pocket move) It might fall off the rails before month end so Im celebrating the idea of a boom period now :p close is Sunday price, end of week bar  BTC typically has periods it can burst upwards. I'm hoping we have at least lit the touchpaper on that one even if it dont exactly occur at least Im roughly right, I bet towards 30k area some. Hope so, this week could have been peak fear as FED news has passed we might see strong dollar decline enough to help BTC beat its gloom. I have had more than 7k lottery tickets yet I won nothing. But people have won with just 3 tickets too so I wish you all the best. Hope you win. Bitcoin has indeed showed some good signs of recovery and I wish the spike upwards keep getting longer. I have placed my bet on ETH to stay around 1500 to 1750 range by the end of the month and I see that happening. |
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For some of these guys that seems to be interested in organising these seminars, I wonder what is really the motive at times. Do they really care about aiding the masses and taking them off poverty or they just want to sell them there trade and make money off them. I think the later is often the case and that is, making money of them. Why? Knowing that these persons aren't buoyant simply means, you could give them these educations for free. Getting money of them or beaconing on them to invest is sme indication that, you might not be getting it together on your trades.
Yeah, nothing goes for free but, you can as well offer some humanitarian service.
In most cases these seminars are a way to create connection to new business. Initially people are given some information about the existence of bitcoin. Further slowly they're engaged into business and other investments connected. In my country the recent trend is usage of cryptocurrencies on MLM schemes, that means the referral value gets added in terms of cryptocurrency of your choice and paid after specific number of referral joining. In many cases, the people hosting or conducting these webinars have some kind of selfish motive behind the webinar. In most cases that I have seen, at the end of these webinars they tell the users to go through some kind of subscription or something that involves a payment. There are also people who conduct webinars just to scam others. I think very few of them are genuine and wants to educate others. |
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I always new that banks limit the number of withdraws per month on savings accounts, but I didnt know why. I just accepted it.
What is Regulation D? Regulation D is a federal law that keeps consumers from making more than six withdrawals or transfers per month from a savings account or money market account. The rule is in place to help banks maintain reserve requirements.
What? Case in point.
And I just made about 8 transactions spreading BTC among wallets and didnt get an email notification from satoshi that I was over my withdrawal limit and owe him $25. LMAO
By the way, the federal reserve just lifted this withdrawal restriction, I am assuming due to inflationary pressures. I dont think its a permanent lift.
Not all banks have the same restrictions, there are many which have lesser restrictions. The bank I have my money in allows 5 free withdrawals and then charges around $0.2 for every withdrawal. But ofcourse that's bad because why the hell should we pay money to withdraw our own money from the bank. Bitcoin is the true definition of being your own boss and holding money in your own bank. |
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What do you mean by personal wallets? If you mean non-custodial wallets then it's because hardware wallets are more secure than non-custodial wallets.
In terms of security hardware wallets provide more security than other non-custodial wallets such as trust wallets and the rest, but a large number of Bitcoin holders who see ledger cold wallet as an expensive wallet to buy will rather store their coins in a noncustodial wallet and have the keys properly protected and never connect to an unsecured network, to avoid data compromised. Yes ofcourse. In fact many of the crypto users in my circle are the one who use a non custodial wallet. It makes sense to use these wallets since these are better than centralized ones but if the amount of crypto is anywhere more than $1000, then I think it is better to invest a few dollars in buying a hardware wallet instead. It is a one time investment after all. |
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Yes, you're right, I don't know how much more a site could evolve, however I think one of the things you can start with and I think it's already being taken into account is the issue of privacy and anonymity, in fact, in I have given a lot of opinions on this to some of the forum members, because I consider that crypto adoption is no longer something taboo or a taboo subject, in fact, in several countries of the world they are beginning to include crypto, either in regulations or in different regular types , and people will not take into account that it is crypto, what they will see is the way to become more anonymous, because most do not like to be tracked.
I think that is because many of the crypto users currently in the community are geeks. They use crypto so that they can be secure and hence they are more attracted towards the privacy and anonymity part of it. So that is the reason why crypto users whether it be related to gambling or in general look forward for privacy. Also, as and when the community grows and the general public starts getting more involved with crypto then privacy and anonymity % will go down. I mean the number of people interested in privacy and anonymity will decrease because the general public cares less about it. That's my perspective though and I may be wrong. I think that in the community of people, the bulk prefer not to talk much about what they earn and what they really own. I do not take into account, of course, characters like Elon Musk or SBF and CZ . And I think that confidentiality is always preferable to a specific person because extra information about his income and financial status can be used against him. For example, your boss finds out that you have another source of income and will give you a smaller bonus. He will consider that it’s good for you if there is where else to earn money. And there can be many such situations. So privacy is not just needed by people, it is also very important in life. That makes sense. Also, if someone finds out that we are owning some portion of money then they are more prone towards asking us for money. This is another reason why many decide not to announce their income to others. That may give a hint that India may be the origin of gambling but sadly there is no artifact that stated India had gambling activities during those times. Another issue is that it was possible self-proclaimed because the team is based in India and was not verified by other countries.
I am from India and I have read as well that our ancestors used to gamble back in the 5000 BC. Obviously we can't verify this information but this info is something that has been passed through the generations. |
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In some way, governments want to take over a part of gambling, bitcoin and cryptocurrencies, they do not want to lose control, in order not to lose it, they have certain licenses in their possession, certain treaties that make KYC exist, of course in an intelligent way They get in saying that for the protection of the player and so that they are not scammed, but we all know that the true intention is to know which people handle crypto and how much, if KYC did not exist, it would be more difficult for them, it is because of them that even if casinos implemented Monero transactions it would be a bit more tedious for governments to find out.
It's more like they are getting 2 benefits at the same time by implementing KYC details. They can track their customers holdings as well as restrict people from entering into certain crypto platforms. No doubt they hate monero since it disrupts all their plans. Yes, and that is something that I have always wondered, because what would happen if a casino offers transactions with Monero? obviously it would be the target of all the organizations, I think they could suffer from certain accusations, such as money laundering, illicit money, money for drugs, among others, I think these could be the accusations that they could make against the casinos, although it could bring many customers without a doubt if they offer total discretion and total privacy, it would be one of the most sought after casinos by players, even some whales could go and stay there because I'm sure that will be the trend once adoption is achieved crypto. There were casinos that intentionally mentioned the use of privacy coins at their launch, and even that didn't secure them the player base that you are mentioning because people are focused more on established casinos that already has a name on the industry. People are fine using the traditional cryptocurrencies as is even without the added layer of protection, so long as there are no KYC involved in the platform itself. Ever wonder why there are no successful privacy-centric casinos that mainly focuses on privacy coins? Because they tend to forget that gamblers go to the platform to play and not to be "extra safe" that they neglect improving what they offer and focused on security and privacy instead. But then why are monero holders not using these privacy focused casinos or no KYC casinos which accepts monero. I think those people are holding monero because of it's privacy and I have seen that monero is also used on the dark web. So many people must be holding monero and in that case they can use the coins on these casinos right ? This should have triggered a large user base for such privacy focused casinos in my perspective. |
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Yes, you're right, I don't know how much more a site could evolve, however I think one of the things you can start with and I think it's already being taken into account is the issue of privacy and anonymity, in fact, in I have given a lot of opinions on this to some of the forum members, because I consider that crypto adoption is no longer something taboo or a taboo subject, in fact, in several countries of the world they are beginning to include crypto, either in regulations or in different regular types , and people will not take into account that it is crypto, what they will see is the way to become more anonymous, because most do not like to be tracked.
I think that is because many of the crypto users currently in the community are geeks. They use crypto so that they can be secure and hence they are more attracted towards the privacy and anonymity part of it. So that is the reason why crypto users whether it be related to gambling or in general look forward for privacy. Also, as and when the community grows and the general public starts getting more involved with crypto then privacy and anonymity % will go down. I mean the number of people interested in privacy and anonymity will decrease because the general public cares less about it. That's my perspective though and I may be wrong. |
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Sorry, it's taken a little time to get back to you. I think you have just got confused about the benefits. You had 3 spins because you held level 1 (2500) for more than 180 days. Level 2 (5000) gives the same until you have held level 2 for 90 days when it will increase to 4.
You upgrade from one level to the next rather than stack them. ie. Level 2 does not equal level 1 + level 2.
Oh crap, I guess it's my bad then. I thought I will get 1 WoF added to the existing ones as soon as I buy more tokens. No worries though. Thanks for the reply. |
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