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2141  Economy / Economics / Re: Paypal Drops Pornhub Support, Pornhub Is Now Exploring Cryptocurrency Options on: November 18, 2019, 08:58:57 AM
It would be better if Pornhub made their crypto. Seeing Pornhub is a popular adult site and very many visitors there. I am sure there will be a lot of support from investors if they make their crypto

Not a very bright idea

They have a very serious issue with PayPal refusing payments to their performers (sex-workers, in plain terms), and their actions are directed toward resolving this issue by any means available. Creating their own coin would only make things worse by shifting focus from a real problem they have right now

How is it supposed to help Pornhub exactly? Are they going to pay their models with it if the latter need cash for their livelihood? As far as crypto is concerned, they better stick with a time-tested option, and that is Bitcoin beyond any doubt and any second thought
2142  Economy / Gambling discussion / Re: Why are you gambling? on: November 17, 2019, 03:58:35 PM
Am I the first to say that the poll has three choices describing essentially the same thing?

As "Enjoying", "I love", and "Fun" are nothing else but more specific and concrete terms to describe a more general idea or concept of personal entertainment. Regardless, I voted "Other" as I'm currently testing a martingale setup (you can read about it here) which could potentially earn me some coins if I'm not unlucky to bust (so far so good). But it has more to do with the scientific side of me rather than the one looking exclusively for profits (the greedy one)
2143  Economy / Gambling discussion / Re: Gambling with Fiat or Crypto? on: November 17, 2019, 03:13:46 PM
It's very hard to reach minimum withdrawal just by playing using faucets of a gambling site. I am also using faucets to play but I wasn't able to win in the long run. Faucets only give a little amount of btc to let you play, and it will take a lot of time to earn and you need consecutice winnings to do that. You must be very lucky or you have some strategy to at least achieve minimum withdrawal

This is not about Bitcoin only. Most casinos nowadays offer the Dogecoin option, and you can use the cheapness of this coin (in terms of transaction costs) to your own advantage. For example, there can be a sort of free giveaway or faucet which you can claim every now and then (say, when your balance is empty). So you claim free coins, and then bet them all on a very high multiplier (like 100x or so). If you lose, you repeat until you win

When you win and the amount is still below the minimum withdrawal, you simply deposit your own doges, make a couple of bets on a low multiplier, then proceed to withdraw all. To make things clear, I don't use this technique myself as the output is still mostly dust (and it is kind of cheating) but it is working (we used that at PD some years ago with Bitcoin during the so-called "happy hour")

Strong disclaimer: the aforementioned should be considered for educational and informational purposes only
2144  Economy / Economics / Re: Paypal Drops Pornhub Support, Pornhub Is Now Exploring Cryptocurrency Options on: November 17, 2019, 11:26:03 AM
There is not much demand or interest for the sex workers. Why would they need it? They do it for money, (money usually needed immediately) not for something that they need to then exchange it back to local currencies

I don't quite agree with this part

Actually, Bitcoin may well turn out to be the currency of choice in the porn industry, just like Dogecoin is for gambling (if PayPal and its likes such as Visa etc do everything right). How come? The cam girls are typically from Eastern Europe and third world countries (apart from porn stars like already mentioned Shyla Jennings who quite literally don't give a fuck anymore), while their viewers mostly come from America and the rest of Europe (maybe, Japan too). This basically means that the girls are paid in dollars and euros, and they still have to convert the payment received into their local currencies. So how much is Bitcoin different in this department?

Is there an exchange where you can covert bitcoin directly into eastern european currencies (zloty, korunas and so on)? If so, then using bitcoin would be easy for them. If they have to convert bitcoin into euros and then from euros to their own currencies, they'll be paying fees twice over compared to now

There should be quite a few

The world does turn around only major exchanges like Bitfinex, Binance, Kraken, Coinbase, etc. There are plenty of local exchanges in almost any European country, even though they are mostly unknown to the wider public. And this is apart from an even greater number of so-called exchangers (which are not exchanges) that allow to convert top cryptocurrencies into local fiat using a number of methods. Just in case, Exmo allows you to exchange bitcoins for the Polish zloty if I'm not mistaken (and probably for a few other European currencies as well)
2145  Economy / Economics / Re: Paypal Drops Pornhub Support, Pornhub Is Now Exploring Cryptocurrency Options on: November 17, 2019, 10:50:58 AM
Quote
Pornhub’s problems, despite the Verge deal, nonetheless put the lack of overall knowledge of cryptocurrency in the spotlight.

“Crypto, personal portal... LOL. I don’t understand what that even is. I’m cool with just direct deposit into my bank account,” Shyla Jennings, a prominent model on the site, responded to the news on Twitter.

Jennings added she did not use PayPal herself, as the service had had her “blacklisted for years.”
It's likely just due to ignorance and how easy it is to get direct deposited. If your a model, or anyone for the matter of fact, and you don't care a lot about privacy, and just want to get paid fast, what's the easiest way?

Just pick fiat. Direct depositing into your bank means you can instantly spend it, and you don't need to jump around hoops to manage your crypto wallet, and then sell it to be able to spend it, so there's really no need for that

There are viable workarounds and practical alternatives

For example, you can order a Bitcoin payment card, and then you will be able to do everything you habitually do with your regular fiat payments without dancing around all that presumably arcane stuff like setting up a "personal portal" and what not. For fuck’s sake (pun intended), this is what Pornhub may already have it in their package for its "models". And as I said before, PayPal does everything right, so more power to them. It will only spur up the development of easier ways to deal with crypto. Porn industry is way bigger and penetrating (another pun intended) than online gambling, and it could be a real game-changer for crypto
2146  Economy / Economics / Re: BEEN IN THIS GAME FOR 6 YEARS on: November 17, 2019, 10:13:01 AM
The same thing (or shit if you like) will happen time and again. It is just in human nature to "hope for something out of nothing". There is a special word in Russian to describe just that - "xaлявa", which can't be properly translated into English without losing the whole meaning it conveys, especially the strong negative connotation it has (the English rendering "freebie" doesn't cut it at all since it lacks this extremely contemptuous undertone). So most, if not all, people have it in them, and unless they are aware of it and can control it consciously, the process is bound to repeat itself over and over again. But that's an opportunity for us if we are able to ride it and profit from it
At the end of the day where they realized things far from the expectation, they can't afford to lose more ...

They would start crying like ' bitcoin is a biggest scam!' ' I lost thousands dollar in it within a month! ' and bla bla bla... a never ending frustrated stories caused by careless uneducated newcomers , that kind people are lack of responsibility and greedy at once, a perfect formula to make a mess with your life

But here's the catch (another one, as there are many)

If they were just a little bit more patient, and had simply waited out the bad times they wouldn't be crying out loud. I mean Bitcoin went exponential to 20k in a matter of a few months, then crashed to 3k (here comes the "bitcoin is a biggest scam" part), in a short while resurrected and surged back to almost 14k

The point is, it was first greed that forced people to enter the fray at the wrong time, and then it was fear that made them leave the game at wrong time again. And what do we get from this? Correct, that there is no right time for the wrong people. So it is greed and fear as the two sides of the same coin that always come and go together
2147  Economy / Economics / Re: Paypal Drops Pornhub Support, Pornhub Is Now Exploring Cryptocurrency Options on: November 17, 2019, 08:52:22 AM
This is really a great idea and fortunate for businesses to partner with Pornhub.
  Pornhub really has a very high demand for money transfers and pays monthly valuable video contributors and it will definitely bring a great deal of profit to that business.
Hope that will be XRP

How is that?

Are you deeply invested in this coin or something? I'm seriously asking as Ripple (the legal entity behind XRP) is essentially not much different from PayPal (they are in bed with bankers and don't hide it). Switching to using XRP could eventually turn out as disastrous as it now happened with PayPal. There's no knowing if their top-brass don't quite like porn in general or Pornhub specifically. They must go with truly decentralized, censorship-resistant coins, and that is Bitcoin, end of story
2148  Economy / Gambling discussion / Re: What's worse: cigar addiction or gambling addiction on: November 16, 2019, 05:47:46 PM
I think gambling addiction as its a serious illness which might lead to destruction of your health also.

I think not, and gambling addiction is not the same as cigar addiction when it comes to its effects. It is not related, and it is a different aspect, so I don't agree with what you've stated. There are a lot of effects of gambling addiction, but not to the point that it will give you an unhealthy lifestyle. It is possible but for those who are not knowledgeable enough about gambling

The comment below is from another topic, but since it seems highly appropriate here, I'm posting it:

I have seen worse scenario. Addicted gamblers in my opinion should be seen as mentally unstable patients and their actions can be frightening. Sometime back I heard the story of a man that killed himself, wife and kids because he lost a game and felt terrible,didn’t know how to stand the shame and loss and the best he felt he could do was to eradicate his total family, it’s that Bad

Now to the one-million-dollar question

That is, what should one smoke to go all postal like this? As far as I know, weed in general makes people more friendly and outgoing overall (that's why it is considered a recreational drug by some), so it should be something really heavy to produce a similar effect. What could that be?
2149  Economy / Economics / Re: Paypal Drops Pornhub Support, Pornhub Is Now Exploring Cryptocurrency Options on: November 16, 2019, 02:41:01 PM
There is not much demand or interest for the sex workers. Why would they need it? They do it for money, (money usually needed immediately) not for something that they need to then exchange it back to local currencies

I don't quite agree with this part

Actually, Bitcoin may well turn out to be the currency of choice in the porn industry, just like Dogecoin is for gambling (if PayPal and its likes such as Visa etc do everything right). How come? The cam girls are typically from Eastern Europe and third world countries (apart from porn stars like already mentioned Shyla Jennings who quite literally don't give a fuck anymore), while their viewers mostly come from America and the rest of Europe (maybe, Japan too). This basically means that the girls are paid in dollars and euros, and they still have to convert the payment received into their local currencies. So how much is Bitcoin different in this department?
2150  Economy / Economics / Re: Central Bank: If The Entire System Collapses, Gold Will Be Needed To Start Over on: November 16, 2019, 11:34:01 AM
I think it will be difficult if we have to use gold again in the transaction. because the amount of gold is currently limited and rare. also very ineffective if we have to carry gold everywhere to conduct transactions. if the fiat financial system collapsed I think people would prefer to use cryptocurrency rather than gold

There were different forms of gold standard in the past

And you didn't necessarily have to move physical gold around, which seems to be your point. Countries on gold standard typically used paper money anyway which was redeemable for physical gold. So you could redeem a piece of paper which had been circulating as money for real gold if you chose so and when you felt it necessary

If we were on gold standard in this day and age, transactions would still be mostly electronic (digital), while gold would only be used for accounting and final settlements, without physically leaving its underground vaults and storage facilities. In essence, everything would remain as it is now for the most part
2151  Economy / Gambling discussion / Re: Gambling as a profession: there's people who live out of gambling? on: November 16, 2019, 10:57:00 AM
There are numerous cases where rich people ended on roads just because of gambling addiction

I doubt that unless we count as "rich" someone who's become rich due to sheer luck (like lottery) or unexpected inheritance, i.e. people who didn't earn their wealth

This thread has a pretty low signal-to-noise ratio.
Regardless.. maybe there will be one or two who find this article interesting:
https://www.theringer.com/2019/6/5/18644504/sports-betting-bettors-sharps-kicked-out-spanky-william-hill-new-jersey

It tells the history of both US sports betting (interesting!) and a US pro bettor by the name of spanky (relevant!).

Enjoy  Cool

This is a very long but interesting story. As far as I understand, the strategy of this Spanky guy is to bet only on winning(from the point of most bettors) teams, thus getting multipliers like 1.01x or 1.02x. With this strategy, one must bet $1k in order to earn $10 or $20 with a winning bet.

What I could never understand is that when a guy like Spanky Kyrollos wants to bet $50,000, but he's allowed to bet only $10,000, why can't he make 4 other guys, his friends or just partners, to make bets for him? Same goes for the cases when he's not allowed to bet at all at some place. I mean, that's what he's doing sometimes, according to the story, but why not to do it all the time, and stop complaining about bans and restrictions?

As they say, it is lonely at the top

Maybe, he doesn't have friends, partners, or acquaintances in sufficient "amounts" whom he could trust with a few thousand dollars. If you are betting on multipliers like 1.01x or 1.02x, giving so much money to a lot of people seems to me an extremely risky venture. Someone will undoubtedly let you down sooner or later (and rather sooner than later), so it is not worth it for so small a reward. Apart from that, you would have to pay your "team" something, and that again is meaningless on these multipliers. Maybe, there's something else at play here, I dunno
2152  Economy / Economics / Re: Paypal Drops Pornhub Support, Pornhub Is Now Exploring Cryptocurrency Options on: November 16, 2019, 10:01:59 AM
Here's a Cointelegraph's article on the same topic. It is mostly a rehash of what has already been said and written, but this part seems particularly interesting:

Quote
Pornhub’s problems, despite the Verge deal, nonetheless put the lack of overall knowledge of cryptocurrency in the spotlight.

“Crypto, personal portal... LOL. I don’t understand what that even is. I’m cool with just direct deposit into my bank account,” Shyla Jennings, a prominent model on the site, responded to the news on Twitter.

Jennings added she did not use PayPal herself, as the service had had her “blacklisted for years.”

So it all comes down to people (sex-workers are also people) getting proper knowledge and understanding of how to use crypto. On the other hand, necessity is the mother of invention, so PayPal does everything right even though "mother" sounds a bit ambiguous here (we should probably use "milf" instead)
2153  Economy / Economics / Re: Bitcoin Whales Are Selling BTC Before Market Crash: Peter Schiff on: November 16, 2019, 08:09:31 AM
I don’t know about you guys, but I take this as a positive note. This is what they do; at one point, they say things are about to go bad, then at another point, they are reaping benefits from the bull of the market. Very strategic people.
The ‘haters’ of crypto are still reaping benefits from them

These people are essentially producing noise

They may have their own agendas (and they most certainly do) but you should be aware that even if you strongly disagree with what they say or claim, their words are still affecting you and probably not in the way you would really want. They are spreading FUD, and it is not like we are immune to it even if we think we are and know better. Remember, the bigger the lie, the more it will be believed
2154  Economy / Gambling discussion / Re: Worst Day of My LIFE - Dice on: November 15, 2019, 08:36:12 PM
Are you new to gambling or something?
It's beyond me why anyone would borrow to gamble or invest in something they don't  understand well. Could this be greed or addiction? I doubt it's addiction

The whole idea looks stillborn to me

If they have to borrow money for something, though not necessarily for gambling or investing (these are the extreme cases), most certainly they don't understand it at all. Apart from a few rare exceptions (which are said to prove the general rule), this is going to end in disaster and likely personal default. Even in business, if your idea is worth it, you will be able to find investors to support your project with their own money (so-called venture financing)
2155  Economy / Economics / Re: Bitcoin Whales Are Selling BTC Before Market Crash: Peter Schiff on: November 15, 2019, 07:12:08 PM
There is even a theory that there are no whales (only big holders who are not trading)
Big bitcoin holders are called as whales and majority are holding the coins for the long period

In trading parlance whales are the ones who move the price

So the big holders who are just sitting on their coins don't cut it as whales (unless they choose to enter the heat), though I certainly see what you are getting at, But ultimately, it is only a matter of convention, and probably not worth discussing here further

And thus there are no market manipulation either, so all price movements are only caused by changes in aggregate demand as well as supply. Personally, I'm not very much sold on this theory, but that's not my point here. The main problem with the current market is that even relatively small investors and traders can move the market on their own (i.e. not collectively). In this way, they are the new whales, with truly big whales hiding deep under the surface
The market is not regulated and hence the possibility of manipulation is highly likely to happen and so is the reason we see instant rise and fall in the price quite often. Even a movement of huge amounts of coins from old dormant wallets can create FUD and we have seen those situation in the past where the market usually goes down when ever there is a movement of coins

I'm not saying there's no manipulation. I'm only saying there exists such an idea or theory that what we think as deliberate manipulation is really just regular market behavior. If someone buys a load of coins and that expectedly moves the price up, would you call that manipulation? And when someone else instantly unloads into this upward push, and with a vengeance at that, would it count as yet another instance of deliberate market manipulation? If these are the examples of market manipulation, then this approach destroys the very idea of manipulation as every significant price change becomes an act of downright manipulation

Note, these are the premises of that theory, I don't necessarily agree with them nor the theory itself
2156  Economy / Gambling discussion / Re: Gambling Addiction at its Worst! on: November 15, 2019, 06:11:22 PM
I heard recently an interesting thought about alcohol addiction. It was said that from birth one can say about a person whether he is predisposed to alcoholism or not. The whole secret is allegedly how well the body produces an enzyme that raps alcohol https://www.mydr.com.au/gastrointestinal-health/liver-and-alcohol-breakdown. And if this enzyme is produced well, then a person does not appear addicted to an alcoholic.
Perhaps this idea makes sense

Personally, I don't think it works on this level

And as I'm inclined to think, it has more to do with brain chemistry rather than some enzymes in the liver. Why? The logic is pretty simple. It is not consumption of alcohol itself just like not gambling per se which turns people into alcohol and gambling addicts. It is the urge that they feel after they have not drunk or played for some time that drives them insane and makes they come back for more. Obviously, all this happens in the brain, not in the liver

Maybe what he was trying to say is that if it is in your blood (family) that loves to drink alcohol, then you're also going to be immune to alcoholics drinks, you would never get drunk, and in gambling, you are playing gambling but you have the resistance to gambling addiction

Well, I doubt that you can't get drunk if you drink enough

But I agree that some people can drink regularly and sometimes quite heavily (e.g. when external circumstances require it) but without developing an addiction at all. As I have written earlier, it is all in our mental or psychological makeup and character. Some people are more prone to become an addict of something, some less, and that definitely has everything to do with our brains, whether it is familial and hereditary (i.e. occurring in the members of a family) or entirely individual and thus not tied to one's ancestry

But yes, I agree to you that it is all happening to the brain, since it is the one who controls our entire nervous system who commands every parts of our body what to do, and gambling addiction is also included

The interesting part is what should be done to prevent people from developing an addiction for something when they are already internally predisposed to it, i.e. how to make them immune to it
2157  Economy / Economics / Re: Bitcoin Whales Are Selling BTC Before Market Crash: Peter Schiff on: November 15, 2019, 03:40:46 PM
It can be said that whales come in all forms and sizes, but what's even more important here is the fact that the ability to manipulate prices in a meaningful (read, profitable) way trickles down to whales of a smaller caliber in thinner markets. In other words, people whom we would never consider whales under different circumstances now can move the price, i.e. behave in exactly the same way as we would expect a real whale to behave. The bottom line is that it still remains a matter of perspective (more specifically, of zooming in and discerning the smaller whales acting like the big ones)
Every investor counts and holds its own role. The impact of those who buy or sell big amounts is indeed greater than those who play in points but still if a lot of small investors will sell out, it is going to leave same impression on market value of the coin as that done by a big whale. Moreover, it is not only whales or investors that are only factor. The market depends on government movements too

There is even a theory that there are no whales (only big holders who are not trading)

And thus there are no market manipulations either, so all price movements are only caused by changes in aggregate demand as well as supply. Personally, I'm not very much sold on this theory, but that's not my point here. The main problem with the current market is that even relatively small investors and traders can move the market on their own (i.e. not collectively). In this way, they are the new whales, with truly big whales hiding deep under the surface
2158  Economy / Economics / Re: BEEN IN THIS GAME FOR 6 YEARS on: November 15, 2019, 11:20:34 AM
Everyone is wise after the event

But in 2017 there were enough people even here, on the forum, who had been fooled and dizzied by the exponential rise of Bitcoin's price. Actually, most of the forum went off their rocker back in the day. It was no use trying to explain to all these people that the crash was sort of inevitable as they were extremely aggressive toward anyone who had been ever so slightly cautious and suspicious about so insane a rise. You would read things like "millions of dollars sitting in the orderbooks waiting to buy Bitcoin if there is a small correction". These dollars then quickly disappeared provided they had been there at all
People still expecting fortune from bitcoin volatility, they are waiting for the price to skyrocketing reaching the limits without knowing there's a bubble potential to burst ... indeed very classic , it's won't end well for them who has this simply dangerous  thoughts

People will always be expecting that

The same thing (or shit if you like) will happen time and again. It is just in human nature to "hope for something out of nothing". There is a special word in Russian to describe just that - "халява", which can't be properly translated into English without losing the whole meaning it conveys, especially the strong negative connotation it has (the English rendering "freebie" doesn't cut it at all since it lacks this extremely contemptuous undertone). So most, if not all, people have it in them, and unless they are aware of it and can control it consciously, the process is bound to repeat itself over and over again. But that's an opportunity for us if we are able to ride it and profit from it
2159  Economy / Gambling discussion / Re: Gambling Addiction at its Worst! on: November 15, 2019, 09:31:59 AM
I heard recently an interesting thought about alcohol addiction. It was said that from birth one can say about a person whether he is predisposed to alcoholism or not. The whole secret is allegedly how well the body produces an enzyme that raps alcohol https://www.mydr.com.au/gastrointestinal-health/liver-and-alcohol-breakdown. And if this enzyme is produced well, then a person does not appear addicted to an alcoholic.
Perhaps this idea makes sense

Personally, I don't think it works on this level

And as I'm inclined to think, it has more to do with brain chemistry rather than some enzymes in the liver. Why? The logic is pretty simple. It is not consumption of alcohol itself just like not gambling per se which turns people into alcohol and gambling addicts. It is the urge that they feel after they have not drunk or played for some time that drives them insane and makes they come back for more. Obviously, all this happens in the brain, not in the liver
2160  Economy / Economics / Re: The Impact of Change in Prices on Bitcoin's utility as Currency on: November 14, 2019, 07:59:16 PM
You can see from the graph above that Litecoin is most volatile among three in last 6 months. If I consider graph from 2018 then Doge will also become as volatile as Litecoin

It is good that you brought up the example of Dogecoin

So why can Dogecoin be interesting for the purposes of this thread? Well, it may be not for the currency aspect of it as such (as no one is using doges as a currency, let's be honest here), but for an aspect that still has nothing to do with sheer speculation, and that seems to be quite resonating with the idea presented here. What I mean to say is that Dogecoin is probably in the list of top 10 coins that have most real-life use and application if not just the most used cryptocurrency in this regard (however paradoxical and counterintuitive it may sound)

This coin is probably the best coin for gambling, and that is definitely not speculation. The implication is that such use will prop up its value no matter where the whole cryptocurrency market is going, especially when it's going down. Indeed, it is not free from the overwhelming impact that Bitcoin's price dynamic has over all other cryptocurrencies out there, but it still should be less pronounced. And what's more important here, the effect of this impact, or rather lack thereof, can be easily assessed numerically, for example, by using correlation metrics

I partially agree with you. When it comes to utility, Dogecoin is surely one of the top 5 coins, no doubt in that. With over 122B supply in circulation and 1 DOGE transaction fees, Dogecoin is heaven for gamblers and to use for micro-payments. Even I am using DOGE as the primary coin in my under-construction gambling site.

But it's wrong to assume that Dogecoin is developed enough to be considered free from the impact of Bitcoin. When it comes to trading market, Dogecoin is just another sheep in the herd that moves in the same direction as rest of the sheep going. But there is one significant difference between the Dogecoin's chart and the charts of other altcoins and that is the pattern of 'Horizontal Parallel Channel'. If we ignore the pump of June 2017 then we will notice that the value of DOGE keep floating between the closed bracket. Even when the rest of market was crashing like hell, Dogecoin was able to maintain its minimum value which is around 30 sats. This may imply that real utility of Doge do have some impact on its trading value

Sorry, didn't see your comment coming my way in time

But it definitely needs to be addressed (and probably merited), what I'm doing now. Technically, I don't deny a certain correlation between these two cryptocurrencies (or dependence of the Dogecoin price on the price of Bitcoin if you please). What I want to say, or rather further expand on what you already said, is that there is a limit on how low the price of Dogecoin can go (in the mid and long term). What does it tell us?

It basically tells us that when Bitcoin crashes, the price of Dogecoin will hit a price floor, i.e. reach a definite support level which is for the most part determined by the coin's real use and application. Why is it so important? The importance is that we can see how the real-life application (even if in the gambling domain only) starts to override speculation, something we don't see with other coins (even with Bitcoin itself)

I don't understand what @teosanru said as well. The term marginal utility is for satisfaction "limit" when someone consumes goods or services, right? It might not be a 100% suitable term for money or assets

The idea of marginal utility is not applicable to money because money is an abstract concept whose value comes only through (the possibility of) spending it (now or in the future). In other words, it doesn't have value of its own (other than transactional utility), so the tenets of marginal utility cannot be applied to it. Money is only an intermediary, and it is goods and services which can be bought with it that are subject to the effects of marginal utility, not money itself

Simply put, money is beyond the scope of the law of marginal utility
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