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July 12, 2024, 01:54:59 PM *
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201  Bitcoin / Bitcoin Discussion / Re: Should there be a way to register your wallet with the government? on: May 15, 2024, 10:20:01 AM
I guess, to me, the optional registration sounds like a good idea, but it depends on who gets access to it. If it goes into public registries, I think it should be for public figures because their finances are a matter of public interest, but regular people shouldn't be encouraged to make themselves vulnerable like that. If it's a registration with authorities (so, confidential), I believe the information should be available to the law enforcement agencies, but maybe not to everyone else in the government. Optional registration is nice, but I don't think it will convince the authorities, though, as they can just point out that criminals simply won't use this feature.
202  Economy / Economics / Re: Oil producing countries experiencing hardship. on: May 15, 2024, 09:55:04 AM
Others in the thread are right to question the alleged hardship the op is talking about. The top countries by crude oil production are the United States, Russia, and Saudi Arabia. The US is doing great, still being the #1 economy in the world. Russia is a special case because of heavy sanctions due to its war against Ukraine, but its economy unfortunately grew by more than 3% despite everything in 2023. Saudi Arabia experienced a minor decline in 2023, it seems, but is expected to grow in 2024.
It's important to diversify economies that depend on natural resources because the world must move away from those resources to fight the effects of climate change. But it seems early to talk of hardships here.
203  Bitcoin / Bitcoin Discussion / Re: When is it right to invest in Bitcoin? on: May 15, 2024, 09:44:56 AM
I don't think investing in Bitcoin requires a lot of knowledge, but of course it's important to weigh in the risks and only invest what one can afford to lose. Answering the questions, I'd say a good time to invest in Bitcoin is when the price is 50% or more below the ATH, but it's okay to invest at any point one has an opportunity to do or, or to do DCA. Planning to invest should include choosing a method and platform of purchase, a non-custodial wallet to store BTC, and getting an idea of under which circumstances you will sell. Following up, to me, just means checking the price from time to time and perhaps checking the funds as well. And you're ready when you feel ready, it's a subjective matter.
204  Bitcoin / Bitcoin Discussion / Re: IS THERE SOMETHING WRONG WITH THE BITCOIN BLOCKCHAIN NETWORK? on: May 15, 2024, 09:16:03 AM
I used to rely on recommended fees by Electrum (ETA mode), but at some point, the fees got way out of sync with what was reasonable, so I switched to fees based on mempool, and I also just check mempool space every time before making a transaction. I find it a very reliable source, with very practical estimates. The fee is now around $1 or a little bit more for the highest priority. Fees occasionally get crazy, but it has nothing to do with specific blocks (I mean, there's no pattern there). It's just other events like spikes of Ordinals' activities or something like that.
205  Bitcoin / Bitcoin Discussion / Re: I returned my father's property to my father through Bitcoin investment. on: May 15, 2024, 08:50:15 AM
I don't know whether this story is true, but it sounds like a nice case of how Bitcoin can be of meaningful help to families, and how even a 2x increase of the price can make a big difference. I like that it's a practical use case where an investment is made with a specific goal in mind, and there's a clear sell target. It's very common in this community to just hodl indefinitely, without a good understanding of what and when to use that money for. They can argue that at some point you won't need to sell your BTC, and that's the point they're waiting for, but this kind of practical and meaningful investment that the op described makes sense to me, too.
206  Economy / Economics / Re: Economic conflicts because nobody don't want to live with less USA vs brics on: May 14, 2024, 03:57:28 PM
BRICS is big on paper, but the USA is powerful in practice. We are yet to see major successes in challenging the political and economic dominance of the US by BRICS. But I don't think that the US is currently interested in direct involvement in military conflicts. They're focusing more on internal politics and also trying to rethink their global approaches, following a series of unsuccessful attempts of military interventions in the past. However, one of the consequences of that is that we no longer live in a unipolar world of one superpower. The global economic and political relations are reshaping, but it's unclear how they will look like in the future.
207  Economy / Economics / Re: Banks have money but they don't cooperate on: May 14, 2024, 03:15:32 PM
Banks have their own risk assessment procedures when it comes to loans. If we're talking about proper banks, they normally want to see some financial stability (like a long-term job contract with monthly salary) to feel confident that this person will pay them back. They can't rely on what someone wants to invest it and how that works out. Even if Bitcoin grows and assuming that a bank agrees that it's a potentially good investment, there's a risk of this person profiting and going AWOL, ignoring the bank and the loan. Or that person might get hacked, lose access to one's coins, become a scam victim etc.
They just can't think of all those things and hope they won't happen. So it's not just about knowing good assets, but also about confidence that a particular person who allegedly plans to invest in those assets will pay them back.
208  Economy / Economics / Re: Your own people family best friends and loyal supportive people are true wealth on: May 14, 2024, 02:05:50 PM
I agree that humans should generally be considered the most important resource a country can have. If humans are valued, given opportunities to obtain good education and to implement their business endeavours, that can directly translate into economic success.
On a more personal level, it's also important to establish strong connections with people you can rely on. At the same time, there's a fine line between that and nepotism.
Also, while personal things are important, to some people, their own countries are also important, especially in war situations (I'm talking from experience here as someone whose country was invaded by a foreign power).
209  Bitcoin / Bitcoin Discussion / Re: Crypto as job salary - Yay or Nay? on: May 14, 2024, 01:41:57 PM
Bitcoin - yes, crypto - no. I'm totally okay with payments in Bitcoin, although I must admit that tax-wise and even simply comfort-wise it's easier to get local fiat currency as payment because then you can easily use it directly for anything. But even with that, I wouldn't say no to Bitcoin payments, as it's fairly simple in my country to exchange Bitcoin for local currency when needed. So the only issue is those rare times of extreme fees.
Importantly, it's always possible to just buy some BTC with whatever you're getting your salary in, so it's not a major issue.
210  Economy / Games and rounds / Re: 🚀 Sportsbet.io 🥊 Fury vs. Usyk 🥊 (18 May) on: May 14, 2024, 01:36:27 PM
1. Usyk
2. No
3. Yes
4. 2
211  Economy / Games and rounds / Re: 🚀 Sportsbet.io ⚽ Newcastle + Southampton ⚽ 17 May, 19 May) on: May 14, 2024, 01:28:11 PM
Game 1:  22, 17'
Game 2:  22, 24'
212  Economy / Exchanges / Re: Canada fines binance $4.38mln for money laundering violations? on: May 13, 2024, 01:26:18 PM
Well, Binance is a rich company, so I suppose paying some fines isn't a big problem for them. I think Binance has bigger problems in the US with the SEC. In the US, they need to pay more than $4 billion in fines. Also, CZ was sentenced by 4 months in prison based on a plea bargain, but that, again, is a fortunate outcome, as it's a very mild prison sentence.
What isn't good with these cases is that Binance is perhaps the most reputable exchange, but even it is facing serious charges. That means that no exchange is safe, in that sense.
213  Economy / Economics / Re: cryptocurrency market changes in April on: May 13, 2024, 01:15:03 PM
The crypto market is volatile, and everyone is aware of that. So a 10% change over a month is nothing major or worth of a serious analysis or discussion. Bitcoin is still very close to the ATH point and well above its usual price range, so I think these are just minor corrections that don't set the trend. It's impossible to say whether the price will go up or down from here because not enough time has passed. If we zoom out the chart to see Bitcoin over the last year, we're still at the top, which kind of looks like a bull market situation to me.
214  Bitcoin / Bitcoin Discussion / Re: Individual efforts and the progress of BTC on: May 13, 2024, 10:18:02 AM
Op is saying that BTC can contribute to managing inflation in El Salvador, but it's important to point out that El Salvador's legal tender (aside from Bitcoin) is the USD, so unlike many other countries, hyperinflation of fiat isn't exactly a problem there, since the USD is very stable.
Adoption of Bitcoin was a bold decision, but it's still unclear how useful it was. It seems that actual Bitcoin usage in El Salvador isn't that high, with many people just using the official wallet at the beginning just to get the state-provided financial bonus. Economic impact is also unclear for now. I'm not saying it was a bad decision, but it didn't lead to any economic miracles either.
215  Economy / Economics / Re: Let's be real here about countries economics on: May 12, 2024, 04:03:39 PM
I support getting more independent of China, but actually, China is very important in global manufacturing. Take anything you own, and you're very likely to find "Made in China" note on most of those things.
Europe is a very diverse and broadly defined region, so it can't be summarized in one sentence. Russia has natural resources, but so does the Middle East, and so does the US. Also, it's the kind of resources we must globally be moving away from if we don't want climate change to get much worse pretty fast. As for Ukraine, it is important for agriculture, but some countries actually don't like it (for example, Poland has been organizing boycotts to ban Ukrainian products from getting into Poland).
Overall, I think op is oversimplifying things and not taking important factors into consideration.
216  Bitcoin / Bitcoin Discussion / Re: Bitcoin a possible tool for revolutionising financial inclusion on: May 12, 2024, 03:42:39 PM
Unbanked individuals are an interesting but complex topic. If they are unbanked because they don't meet certain requirements that banks can ask for, then Bitcoin can sometimes be a good option for them, but only if they have financial resources to buy some of it. Also, if they are unbanked, it might be hard for them to understand how digital wallets work, as they're likely to be unfamiliar with any kind of handling money apart from handling cash.
Finally, a fiat bank account can actually be something you can use on a daily basis to pay for all sorts of things everywhere, while Bitcoin isn't accepted in most places people regularly visit. Not to mention that in many countries, Bitcoin is taxed, which can be another challenge for unbanked people.
217  Bitcoin / Bitcoin Discussion / Re: Lost Bitcoin and possible future scarcity on: May 12, 2024, 01:54:42 PM
Op is correct that it's hard to evaluate the number of lost coins, since we don't know why some wallets are inactive. I think of them as just inactive, and I don't view them as lost forever.
As for Satoshi's coins, we shouldn't focus on someone else's money.
Bitcoin is scarce by design, which will drive its price up if more and more people want to get some of it. But, thankfully, each Bitcoin is divisible into 100 million satoshis, so we can actually just refer to satoshis rather than bitcoins in the future if the price becomes that high and satoshis become a more relevant indicator of prices. So the issue is not as serious as it might seem at first glance, even if a significant part of coins is lost.
218  Economy / Economics / Re: If you want to be wealthy you need action on: May 12, 2024, 12:05:04 PM
It's important to take action occasionally, I agree with that. But people often have to weigh their potential gains against potential risks, and they often can't afford to take big risks because they have other people (such as their children) relying on them for support.
There is no recipe to being wealthy, and a lot depends on one's starting point, luck, and connections.
So while I support the idea of making mistakes and learning from them, I also think people should have some plan B and not go all in on risky business ideas that might, if they fail, ruin their lives and the lives of those around them.
219  Bitcoin / Bitcoin Discussion / Re: Does the world know about Bitcoin? on: May 12, 2024, 11:56:24 AM
I'm sure there are tons of people who haven't heard of Bitcoin or have heard of it but didn't pay attention and know nothing about it. Bitcoin is owned by less than 5% of the population. It doesn't mean that 95% are unaware of it, but I believe it means that a significant amount is likely to be unaware.
Some countries did polls on Bitcoin and/or cryptos, so it's easier to understand how many people haven't heard of it there, but I couldn't find trustworthy international data. In the US, only 12% of adults haven't heard of cryptos, for example, as of 2023. But that doesn't mean that the numbers are similar on the global level.
220  Bitcoin / Bitcoin Discussion / Re: Fixed supply doesn't matter (change my mind) on: May 12, 2024, 11:36:17 AM
I had to read more of op's replies to get an understanding of op's argument because it wasn't clear from the original post to me. Bitcoin's price is not getting inflated. The price is determined by supply and demand: since the supply is fixed (although still growing slowly) but the demand is increasing over time (as more people get to know Bitcoin and want to try it out), the price grows in the long run. To me, it has nothing to do with Tether, and Bitcoin isn't "controlled by the printers". Sure, Tether is traded a lot against Bitcoin, but that's just out of convenience, since the price of Tether is pegged to the USD.
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