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2181  Economy / Economics / Re: Is Bitcoin is too volatile? Bitcoin VS Netflix, Apple, FB, PayPal, ..etc on: April 29, 2022, 04:04:04 PM
The important point for me is how it was pointed out that bitcoin's volatility is reducing which is evident in the market. Bitcoin was significantly more volatile years ago than it is now, and would most likely be less volatile years from now.

People say "Don’t invest in Bitcoin, it is too volatile!" but is this saying true?
If people don't want to invest in Bitcoin cause they believe it is too volatile, then they can. Doesn't matter if it's not as volatile when compared to some other stocks or there's a general bias. People should make decisions based on what they believe of the market, with the information available to them.
2182  Bitcoin / Bitcoin Discussion / Re: Bitcoin hit a new high amid price volatility on: April 28, 2022, 07:52:12 PM
Basically, the higher the hash rate, the more secure the network, since more computation intensity is needed to attack it.
Higher hashrate does mean more network security, and it would be far more expensive to attempt to centralize the network and obtain 51% computing power and try to hijack the network.

Does anyone by any chance have a chart or graph which shows how mining power is distributed globally since the Chinese ban?
2183  Other / Beginners & Help / Re: Is there any decentralized way to short crypto? on: April 28, 2022, 12:43:31 PM
So basically, you're looking for a platform where you can sell cryptocurrency and buy back later.

I've not used atomic swap, but there are a number of decentralized exchanges you can use to sell and buy back later, depending on the exact currency you want to sell and what you want to exchange it for, fist or some other cryptocurrency?
2184  Other / Meta / Re: Creting a second account after ban without being caught. on: April 28, 2022, 07:51:49 AM
Greed plays a part I guess. Users who cut corners and take short cuts would usually not want to put in the effort required to build anything as they want the easy way out; This could be the reason why they have connected data between their old and new accounts, why create another social media profile when you can simply use the old one which is still functioning?

I would also assume there are others, who have evaded bans with multiple accounts without being caught as we've seen very large account farms get bursted.
2185  Bitcoin / Bitcoin Discussion / Re: Russians collectively hold about $130b in crypto on: April 28, 2022, 04:56:58 AM
These news is weeks old, and it would help if you include the sources and show in your title that it is a claim.

I read through this article and I'm more interested in knowing how the government identified who is opening wallets, at what age and how much they are transferring. Even if they used centralized exchanges with custodial wallets, they have to just pass on the information to the government directly as soon as they gather it, for them to be able to monitor user address.
2186  Local / Nigeria (Naija) / Re: Nigeria (Naija) on: April 27, 2022, 09:20:10 PM
You forget say no be everybody like to deh ask questions for public especially when them no even know how to take arrange mouth ask am so that people no go laugh them. Alot of new users for this place go get this type of problem. Na shyness deh disturb them, oga.
Anybody wey dey feel like that for here suppose drop that kind mindset. The man Koko why we get local thread na make we dey communicate in a way we do normally for day to day activities. Ask the question anyhow wey you fit and I sure say person go answer you for here.

If your shyness too much, you fit PM person for guidance too.
2187  Other / Beginners & Help / Re: Is the end of Fiat money at hand? on: April 27, 2022, 04:36:22 PM
From the inception of bitcoin, it was intended to be used as normal currency so every part of the world could use one online trading currency (electronic currency). But due to its price volatility it makes it a bit difficult to actualize that dream.
Bitcoin has been used globally for Peer to Peer transactions as it was intended, it is accepted as a means of payment by numerous merchants, including oflline and online stores.
Volatility and speculative value adds trading to the list of Bitcoin utilities.

But in recent times, other Cryptocurrencies have emerged which are called stable coins, they are stable in price, and are fixed to an existing currencies around the world. They can be used as electronic payment for a per to per transactions so long the receiver and the payer have their wallets.
Bitcoin was not intended to operate as a stable coins.
Stable coins are mostly not decentralized.

And most people uses this insted of fiat money, will it be that later in the future countries will no longer use Fiat money but these electronic currency?
"Most" people do not use stable coins instead of Fiat and fiat would not likely be replaced.
Countries might just simply adopt the blockchain through CBDCs.
2188  Bitcoin / Bitcoin Discussion / Re: Sending Crypto to the wrong address on: April 27, 2022, 04:15:52 PM
    • How comfortable are you every time you transfer to a remote address?
    • Would you be more comfortable using a helper?
    • Comfortable enough
    • Not at all. Being your own bank means you take responsibility for your actions. Trusting a "helper" with any crypto related activity defaeats the purpose of cryptocurrencies and being autonomous.

    What do you use today to mitigate this risk?[/b][/li][/list]
    • Triple check the address before signing the transaction (or sending your address to someone),
    • Actually look through the entire alphanumerics and not just the first and last few,
    • Ensure the address is correct and it's compatible with the coin you're sending from.
    Other precautions;
    • Protect your device from malwares which could expose one to keyboard highjacking
    2189  Economy / Economics / Re: Russia suspends gas supplies to Poland and Bulgaria for failing to pay in rouble on: April 27, 2022, 04:00:52 PM
    Majority of European countries already have wheels in motion to cut of their dependency on Russian Gas and oil within the coming months and years, so it is somewhat a logical approach for Russia to try and use it fully to their advantage now, this seems to me like a simplified version of the politics Russia is playing.

    Would be interesting to see the response from Poland and Bulgaria and the rest of the West, Paying Russia in rubles would make sanctions less effective and strengthen their local currency, not paying them, those countries face a severe crisis which would affect their economy.
    2190  Bitcoin / Bitcoin Discussion / Re: Elon and and how this "dude" could effect bitcoin in the future? on: April 26, 2022, 09:55:20 PM
    With owning this huge platform of Twitter he can either break it or make it. I think.
    No single social platform can make or break Bitcoin

    Let if adopts "doge" as some kind of default crypto currency for Twitter it will be huge move and might effect bitcoin bigtime.
    No again. Twitter adopting doge would be good for the meme coin, but would have no long term effect on bitcoin.

    Or let say if come to sense and realizes the truth and embrace bitcoin I can't imagine how huge the green candle will be.
    Do not place too much importance to an individual or company, Bitcoin is been adopted massivelyby different cooperations and is not sitting around waiting for approval from Elon Musk.
    2191  Bitcoin / Bitcoin Discussion / Re: Bitcoin And Human Capital Development. on: April 26, 2022, 05:47:39 PM
    By definition, human capital development is the process of improving the human factor in an organization, it involves creating a conducive and enabling environment with the aim of allowing workers reach their full potential.

    I struggle to see how Bitcoin can improve this. Bitcoin is a revolutionary technology which has lots of utility in today's world, but it does not solve every problem, neither can it be applied to every industry.

    How possible can this information spread to the countries that are yet to accept Bitcoin?
    What do you mean accept Bitcoin?
    Bitcoin does not have to be made a legal tender for citizens of a nation to adopt it.
    2192  Economy / Exchanges / Re: Uniswap Starts Blocking Addresses Linked To 'Blocked Activities' on: April 26, 2022, 05:42:28 PM
    What do you think about this Step from one of the most decentralized finance exchange UniSwap?
    It seems not to be so "decentralized" after all.
    For this to work in a decentralized system, there needed to have been consensus from the community which share administrative powers, but in this case, those powers are centralized and controlled by the company.

    My question for you guys is where is the decentralization in the crypto space?
    Decentralization is up to you. Use a decentralized coin, like Bitcoin, stored on a non custodian, open source wallet and transact over decentralized P2P platforms.

    I keep telling a friend that decentralisation in crypto space won't work out 100% because this will increase the crime rate in crypto space,
    The above steps work 100%
    Centralization does not reduce crime rate, it just allows the government to monitor and control your finances.
    2193  Economy / Reputation / Re: Scammer with multiple alts on: April 26, 2022, 02:58:29 PM
    Transactions between addresses is not proof enough of alt accounts, there are a lot of reasons why forum members would transact, which might not be publicly available.

    Joined sphere bounty in Same time frame
    This is also not proof enough of alt accounts or that those profiles are scammers
    2194  Economy / Speculation / Re: Bitoin prediction - 1 Million dollar by 2025 (Expert) on: April 26, 2022, 02:50:45 PM
    Experts or just amateurs giving one-way views on bubble creation,
    I personally don't think it matters, neither is anyone an expert in predicting prices. All predictions are guesses, one can of course make an educated guess based on probable factors, which would be much different from a wild one, but they are all still guesses. It should not matter to the general public what someone or a group of people think about the market direction.

    Anyone who invests already sees value in the currency and doesn't need internet hopium to keep holding.
    2195  Economy / Speculation / Re: Bitcoin continues to decline, what causes it? on: April 26, 2022, 01:44:36 PM
    I also understand about this, but here I want to know if there are other causes that affect it or there are factors that cause it to be like this,
    Different factors affect the volatility of the price, the primary factors are demand and supply;
    The more the demand for an asset against supply, the higher the valuation which is reflected on the market price
    Conversely, the more the supply against demand, the lower the price.

    There are then secondary factors that influence demand and supply, these includes;
    • News,
    • Government policies,
    • FUD,
    • FOMO,
    • Bitcoin Halving
    • Technical aspect etc.

    These factors can influence demand and supply positively or negatively, for example, if the U.S. government announced that they will accept Bitcoin as a legal tender, that would change the sentiment around it and possibly cause a increase in demand, and price. Or if a technical vulnerability is discovered, demand would drop and s would the price.

    The constant price changes you see on coin tracking websites is an average of the most recent trade prices which were made on different exchanges.
    2196  Other / Beginners & Help / Re: I want to know on: April 26, 2022, 12:50:11 PM
    4 posts, and registration a month ago. OP, why do you care so much about merit information? Tell us why you came to the forum? How did you know about him? If your friend told you about the forum, then surely he knows about the merits?
    It is perfectly normal for a new member to be curious about things like merit and rank, especially if they had no one guiding then when they discovered the forum. It's what majority talk about on here.

    OP, as has been explained, merits is one metric used to rank up, i.e move from newbie to legendary. It ensures that one contributes positively in order to rank up and is a community based system, so is shared anojnf members by members.
    If you post something I find quality, I can reward you with my smerits, and every 2 merits you get, you have one smerit to share, so the community is constantly supporting itself.
    2197  Other / Beginners & Help / Re: Is Coinbase noncustododial wallet recommendable? on: April 26, 2022, 08:08:37 AM
    Everything in life have two sides, pros and cons. For beginners, who don't know how Bitcoin works, it's not too bad for them to begin with centralized wallets or custodial wallets. It is good enough if we consider it in terms of convenience and early gates for them to expose to and get access to Bitcoin. The convenient use helps them to get very first experience which will be important to keep them staying or leaving.
    I beg to disagree here. A beginner who doesn't understand Bitcoin should first take lessons and build their knowledge before owning any at all. The purpose of owning a wallet is to send and receive bitcoins, and someone who does not understand how it works should not be doing that.
    Choosing to get into Bitcoin means you've foregone your convenience and decided to be your own bank, this comes with a level of responsibility.

    Points are, what will they do after first experience with centralized exchanges or custodial wallets ? Only few of them will be exposed to good resources on DEX, non-custodial wallets and reasons why they should use such ones.
    Point in case.

    It's not too good to expose newbies with complicated things that possibly barriers for their access to Bitcoin. As old Bitcoin users, I feel it is easy (and I believe you feel the same) to use non-custodial wallets, from creation to backup, recovery, broadcast transaction, customize fee, etc. but I do know how complicated it looks like at beginning.
    With step by step guidance, it would be possible for anyone to actually understand how it works. You don't have to grasp the still concept of how wallets work and how the keys are generated;
    • How to back up your seed phrase (Fairly easy to do)
    • Broadcasting transaction (With guidance, possible to do)
    • Customize fee (You ideally should get to do this in whichever wallet you choose, and it's easy to do with guidance)
    2198  Economy / Speculation / Re: Bitcoin continues to decline, what causes it? on: April 26, 2022, 07:59:03 AM
    If you don't have Bitcoin and invest to buy Bitcoin, basically you get Bitcoin from that investment. Right?
    You are right. I was comparing it with be other options you have; Mining and trading ar ways you can constantly grow your Bitcoin portfolio overtime, it's sort of like an investment to keep increasing the amount of Bitcoin you own (doesn't always work out so). Investing does not grow your bitcoins. You buy and hodl.

    True, that is why Bitcoin is considered highly volatile and one of those speculative investments.
    And that's why price declined or pumps are not out of the ordinary. They are consequence of market forces; Demand and Supply
    2199  Economy / Economics / Re: How Sweden Sends Just 1% of Its Trash to Landfills on: April 25, 2022, 08:44:23 PM
    Sweden appears to generate power for 1.4 million out of its 10 million residents using this format.
    The article talked about supplying heat for about 1.4 million homes and electricity for 780k homes. With an estimate household size of 2, that would mean heat provided for 2.8 million residents and electricity for 1.56 million.

    I'm not certain on the cost per watt of garbage incinerator generated electricity. Wouldn't it be cool to mine bitcoin from energy produced by burning trash. Essentially, it would be collecting and burning garbage to produce digital gold. There will always be piles of human generated trash to dispose of, and so the potential energy generated from it, may be philosophised to be endless and infinite in nature.
    This would be a cool concept and environmentally friendly, further invalidating the idea that Bitcoin damages the environment, even if it contributes a percentage to the total energy from mining.
    I'm also wondering if this can be used to power electric cars, and if this is something Tesla would consider.
    2200  Economy / Economics / Re: Russian Gas ban - A problem for Europe or suicide for Russia? on: April 25, 2022, 08:16:47 PM
    Small correction: The majority of the world isn't dependent on China, 0 country is dependent on them alone because I have never seen Chinese people working for other nations. Economically, we all trade and we are dependent on each other. Countries are dependent on China the same way China is dependent on them.
    You are right, Nations are dependent on each other; while some might be the major producers of certain commodities or services, they need a market to purchase them.

    If you consider the situation in Russia, many EU countries are against their actions, but need to be lenient on sanctions as they get their oil and gas from them, that's the situation I was trying to point out in China; If they happen to take an action which puts them in disagreement with the West, heavy sanctions cannot easily be imposed as these Nations rely on raw materials from China. China of course would suffer if they lose the demand, but as the major suppliers, countries would struggle to find alternatives, just as they are doing with Russia.
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