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June 14, 2024, 08:00:41 PM *
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2341  Economy / Trading Discussion / Re: Short selling on: March 01, 2022, 08:38:38 PM
You borrow 1 BTC. Both the lender and the exchange charge you a fee for it. You do your thing, and you get a good chunk of money in return.
But what if BTC doesn't go down? You need to have enough money in your account, so as to pay the BTC back, plus the fees, plus some extra cash in case BTC goes up. If it gets yo the point that you're not gonna be able to cover your obligation, you'll get margin called.
What if you buy Bitcoin in the hopes that the price would rise further and it crashes down, you lose your capital, except you are willing to hold long term and hope the price increases. There is risk to any investment and always the possibility that things do not go the way it was planned.

Now shorting a currency does not always have to be on a loan, someone who holds Bitcoin now and feels it would drop further from this point can short it by selling now, to buy back at a lower price, same way you long s currency by buying now, to sell at a later time when it is expected to be higher in value.
2342  Other / Beginners & Help / Re: In times of conflict Be your own bank on: March 01, 2022, 08:30:04 PM
Is Bitcoin going to be a safe heaven for Russians?
...Russians and Europeans alike.

• As a digital currency, Bitcoin is easy to carry around in an airgapped device or hardware wallet,
• As a borderless currency, it can be used anywhere without any international limitations,
• As a pseudo anonymous network, individuals can transact without it being linked to their real life identity,
• It is resistant to inflation, so cannot be affctd by economic sanctions directly
These factors makes it suitable for use as a Store of value or safe haven currency for economically unstable regions.
2343  Bitcoin / Bitcoin Discussion / Re: How not to report on seized cryptocurrencies on: March 01, 2022, 08:10:11 PM
However, that again shows you the dangers of using centralized cryptocurrency exchanges for storing your crypto. You don't own the coins, and if Israel wants to, they can force their way to get hold of it. Roll Eyes Hamas has apparently realized where they went wrong, and they are no longer using custodial wallets.
This is true and has bee evident in many other situations, but the userbase of these centralized (non custodian) exchanges keeps growing overtime, so apparently, people are aware that non custodian exchanges can freeze or lock your accounts and submit your personal documents to government agencies, but they believe this is only a problem to illegal users who have nothing to hide, and it should not affect them at all, and as such more users easily give up their privacy and bitcoins to centralized middle men.

Would the situation change?
I think most likely not. It may get even more popular and become the new norm, so then news agencies make up headlines like these, people would not be able to tell that there's a problem with it.
2344  Alternate cryptocurrencies / Altcoin Discussion / Re: smal USDT balances ?? what to do ?? on: March 01, 2022, 07:54:14 PM
sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...
There is no deposit fee needed to deposit Bitcoin or any other cryptocurrency on kraken and this is same for many other crypto exchanges I have used, where you pay a fee is when transferring out of your wallet to another wallet or when you are withdrawing to fiat from the exchange.

I would say that you should have done your research before accepting Bitcoin and a payment option, considering ways you can be scammed by accepting unconfirmed transaction fees, best ways to convert to fiat and fee consideration.
You may want to consider using a payment processor to accept transactions and convert to fiat.
2345  Economy / Speculation / Re: No FUDs will win the market on: March 01, 2022, 02:42:52 PM
There is no statistic to back it up, but it would seem like Investors and traders have developed more trust in bitcoin's price and ability to recover after dips is value, this means there is no mass panic sell off whenever the price crashes and thus doesn't trigger a massive drop in the value. There is also a higher inflow of institutional investors who are more savvy in investments and have higher amounts to invest with and as such more room space to accomodate drops in the value of their investment.

It is really possible to have recoveries this month, not that strong but I feel it.
The market is not influenced by sentiments, but it is already displaying strong recoveries, with close to 20% increase in value over the past week and 12% over the past 24 hours.
2346  Bitcoin / Bitcoin Discussion / Re: Everyone in signature campaigns. Let's help the Ukrainian People. on: February 28, 2022, 10:21:50 PM
I would rather be buying useful products than sending money. It's more effective as assistance, and it has an immediate impact. It's true that charities don't spend their funds in a fair manner. There have been some 'scandals' (with the CEO getting dinners in palaces, or some  getting an outrageous paycheck,...), and this is a general way of working with them).
True. A lot of people have lost faith in charity organization and how much of donations actually get to the people they were donated for with logistics  like transportation and lodgings taking an ample cut.

How about we create a buy group among us. We could organize a campaign among the members of bitcointalk (no matter if they are in a signature campaign)

One person would be responsible for buying essentials we listed from a shop accepting Bitcoin and delivering them to a charity that we would designate in order.
This is a better idea to get the aid to the people, but would be much harder than copying and pasting a donation address; as the process has to be monitored and handled by an actual person on the forum. It is however doable.
2347  Other / Beginners & Help / Re: Bitcoin's Dos and Don'ts on: February 28, 2022, 09:52:41 PM
The second point about noting down your private keys should be modified as private keys are a bit complex to work with, such as backing up  and it is surely impossible to memorize. Working with a mnemonic phrase is a better option, but even this should not be memorized as we can not trust our memory as a backup.
Also, if you are a long term holder, you do not have to regularly keep track of the exchange rate.

Another point or points, I would add to the Do's is;
• Learn safe browsing, this would include using ad blockers, avoiding unverified sites and bookmarking regularly visited URLs,
• Try to utilize decentralized services to use bitcoin.
2348  Other / Meta / Re: Question About "Archival" on: February 28, 2022, 07:25:55 PM
There is no way to delete or edit post on thread that have been moved to the archive board.
It is not possible to delete or edit a thread in any board, although in the archival board it includes replies to a thread as well.
There is no restrictions to editing a thread or reply in the archival board.
2349  Economy / Economics / Re: The ruble is going to hell on: February 28, 2022, 06:44:10 PM
The sanctions imposed on the state of Russia has been quite steep and was always going to have significant effect on their economy and impact the ruble.
How Russia would react would be interesting to see, as their major plays from this point is their reserve assets and their gold stashes.

Could this be one of the catalysts on why bitcoin is going up? Because it has increased a lot in the past few hours and probably many people are starting to convert their fiat and I try to preserve the value when using crypto currency.
Bitcoin provides a safe haven for citizens from unstable nations and this could be a reason for Russians to switch to bitcoin and consequently improve interest and demand.
2350  Economy / Economics / Re: Sanctions left and right, Can the Russian economy survive? on: February 28, 2022, 06:30:51 PM
The sanctions is fully effected would make Russia heavily dependent on their allies, especially China. This would influence if their economy survives and how much long term effect it would have.
This situation would also affect other EU states as Russia is the major supplier of natural gas to the continent by a long mile and finding a cost effective alternative would prove difficult for the countries involved in setting up the sanctions.

2351  Other / Beginners & Help / Re: The role of Bitcoin in an unemployment prone society. on: February 28, 2022, 01:14:56 AM
Bitcoin has provided and added to a lot of users means of livelihood and I can categorically state that, its helping to solve the unemployment of many nations by providing some means for some income and keeping citizens busy while, waiting on the government should they even think of that. Now, we have professional crypto and fx traders all around and its become a field that is professionalised. Its a big plus and it don't have to be studied and certified in schools to acknowledge that.
The point I was trying to make is that Bitcoin of itself does not create employment opportunities, you need to have a skill that Bitcoin can be applied to in order for one to profit.
Trading is a skill that you can learn acd Bitcoin is a tool you can use to profit from trading. This forum is also a platform where one can market their skills and earn through signature campaigns, but it is still a product of what the user offers as a service.
2352  Other / Beginners & Help / Re: The role of Bitcoin in an unemployment prone society. on: February 27, 2022, 07:54:21 PM
Bitcoin of itself is only a decentralized currency, it cannot influence unemployment or the economies of a nation, it can only be used as a payment gateway for one to accept payment from international users of their service, but they need to have a service they are offering which can be monetized.

This is partly one of many reasons why every meaningful government should create an enabling environment for Bitcoin/cryptocurrency investment to thrive, most especially African countries,
Cryptocurrency investments does not provide a means that can replace gainful employment, it can be used as a store of value or a way to grow wealth, but cannot be relied upon, especially by someone who is unemployed.
2353  Bitcoin / Bitcoin Discussion / Re: To those Russians who are against the war: use Bitcoin to help! on: February 27, 2022, 12:29:08 PM
I talked to a guy I used to know who's from Moscow, and even though he's against the war and has an audience of thousands of Russians who look up to him, he's afraid to protest or even publicly express his opinion about the war, saying he'll be immediately imprisoned. I don't think there's a good excuse to stay silent now, when your country is sending your boys to die in my country, hits our homes and kindergartens,
This is an unfortunate situation for the citizens involved on both sides, and while discussing the politics behind it is a bit complex, the bottom line is that humanity should prevail and loss of lives avoided at all costs.
Contrary to what you said, the threat to ones safety is reason enough for them to stay silent publicly, they have a life and family as well. Silence solves nothing of course and making yourself a sort of martyr could make a huge difference, it should however not be expected from people, but a conscious decision they make.

Donating is a good way to help, and to do so anonymously as well. Is there also a donation address that goes directly to the affected citizens and foreigners who are caught in the crossfire?
2354  Bitcoin / Bitcoin Discussion / Re: New Real Proof Bitcoin Should Be used As Main Money System on: February 26, 2022, 07:41:23 PM
Now with countries like El Salvador making BTC a legal tender. This type of scenario could easily make or break Bitcoin.
No, this situation would not have so much of an impact as to make or break bitcoin. Bitcoin is a product with utility, people use it as a currency, investment, store of value etc. These people who use it would all have varying  opinions about it,
• As a currency, Mr. Bob who tried to accept it as a means of paying for his coffee service did not do his research well and accepted an unconfirmed transaction, while Mr. Jerry did his full research and took all precautions to prevent losses,
• As an investment, Mr. Bob heard that you can 10× your money in no time and through his life savings in, while Mr. Jerry did his research, understanding the volatility in the market and how the value is affected by demand and supply and how to invest only amounts you can afford to lose.

In these different scenarios one party would likely have a bad experience with bitcoin while the other would have a significantly improved one, this does not affect the utility of bitcoin.
2355  Bitcoin / Bitcoin Discussion / Re: Ukraine is now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT on: February 26, 2022, 07:30:53 PM
This situation goes to show the utility of bitcoin as a borderless currency which is immune to regulations, sanctions and the other games of politics and more people would come to the realization of this through such public acts.
I however sometimes wonder how many of the donators are enthusiasts of the cryptocurrency they donated in, or if they simply googled "how to buy BTC, ETH etc with credit card" and would not be interested in looking it up further.

Lets suppose its true and people will realize the importance of bitcoin. In the situation o war, bank and credit cards (plastic money) stopped working. Only cash and crypto in ur personal wallets can be handy all the times.
Cash would have more utility is such a situation as it is the fastest means of transacting and is not dependent on internet connection or access to a mobile device.
2356  Other / Beginners & Help / Re: Bitcoin' the new generation banking system as opposed to traditional banking. on: February 23, 2022, 08:31:46 PM
Bitcoin' on the other hand, also allows for transactions just like the bank but as a "digital asset"
This is the extent to which the similarity goes, Bitcoin being able to be used as a medium to send and receive transactions, does not mean it functions as a bank nor that it can. There is a lot more to a traditional bank and the bitcoin network cannot effectively replace all that, meaning we would always have use for the banking sector, or up until an alternative emerges.

Quote
Of what use is it, having your money starched in traditional banks?
Fiat has so far proven to be a poor choice of a store of value as the value is prone to inflation and supply shocks, Bitcoin is a better option to store money you are not using as it is deflationary.
2357  Alternate cryptocurrencies / Altcoin Discussion / Re: I hope paper wallet gets a rebirth on: February 23, 2022, 08:11:25 PM
Paper wallets do not have to be created the traditional way, with a non custodian wallet software and an airgapped device, you can create a paper wallet which would be completely offline and back it up in a secure location or preferably multiple locations, with the private keys and/or seed phrase written on paper or any other durable material.

I'm not really sure if paper wallet is been use now because storage technology has improved since crypto currency become popular. In some circumstances it remains the best way to store you keys.
Self custody is still the best way to store your coins and a written seed phrase is one of the most common ways, so majority of people still use a paper wallet, although the MAJOR difference is that they generate the private keys online and transfer bitcoins out of it, exposing the public keys.
2358  Other / Meta / Re: What is the limit of Activity points every two weeks? on: February 23, 2022, 07:49:09 PM
But its simple you get 14 activities even if you post a single post in the 14 day time period but the activity on you account only increase according to your post count if the potential activity is higher than your post count.
This could confuse some members who are not very familiar with how activity points are counted in relation to posts.
You get 14 potential activity if you posts at least once within an activity period, not the full activity points. Also, activity points will only increase if you are actually active and posting and not simply cause your potential activity is higher than your post count
2359  Other / Beginners & Help / Re: why does the price of Bitcoin influence other coins on: February 22, 2022, 06:47:00 PM
You basically gave the answer in your thread, Bitcoin is sort of the backbone of the ccryptocurrency market;

Crypto functions as a correlated market and bitcoin being the first crypto coin and holding majority of the market cap of the entire network, means that the price actions of bitcoin influences the opinion of majority of traders and can affect if they are bullish or bearish, which reflects in them following the price actions of bitcoin.

N.B., This does not mean that every single coin follows the price actions of bitcoin and some can rise or fall when bitcoin does the reverse.
2360  Other / Beginners & Help / Re: Using of quotes BBcode on copy post is not hard as beginner on: February 22, 2022, 05:52:55 PM
I've noticed a pattern of reference that I believe is not standard procedure for making a reference to a post on Bitcointalk by beginners, they are unaware that they can easily be banned for not properly using quotes in their posts, even adding the source links at the bottom of every text you copy and paste here is not enough.
There are personally ideal ways to reference a source or to show that you do not take ownership of the text you posted. Simply including the source is not the best option, but it is enough to avoid getting banned, using quote tags or the actual quotation marks is also another way to avoid getting banned as it shows you are not claiming ownership of the text.

Ideally, using quotes and referencing the source is a generally accepted way to post contents of others.
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