The financial regulator (the FCA) published its business plan this week, sharing its focus and goals. A key concern is unregulated cryptocurrency, with the watchdog echoing its opinion that anyone who touches this should be prepared to lose all their money.
What do we think of this? A step in the right direction?
Link to the publication: https://www.fca.org.uk/publications/business-plans/2021-22I think what FCA has said about unregulated crypto assets, is same as the opinions coming from other regulators from around the world. But unfortunately they fail to understand that a cryptocurrency decentralized in nature, can't be regulated. Exchanges and dealers can be regulated but the asset itself can't be regulated. It's true that many cryptocurrency issuers have scammed people and that's an ongoing concern. So I believe it's a step towards right direction to ensure such scammers can't operate from UK. But having a regulation and enforcing a regulation is a different story altogether. |
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Truth be told both investors are doing very well. My question now is , Who is Happier? Is it the Stock investor or the Bitcoin investor?
This question doesn't have a straightforward answer. Because it entirely depends on the entry time into both markets. Definitely bitcoin has given astronomical returns to its investors since last few years, stock market has also given a steady rise in investor's wealth. So I believe, as a retail investor, we should not stay away from any opportunity. I personally do invest in stocks and gold along with cryptos. The overall return is quite good and I am enjoying the best of both world. That's how it should be for everyone. Diversified portfolio is the basic of investing. |
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I wouldn't disagree to your statement, op! Bitcoin has indeed given us the power to own our finances without going through an intermediary. That's why banks have always tried to demean bitcoin through whatever channel they have. I still receive weekly update emails from my bank where bitcoin inevitably makes appearance but in a negative way!
So yes, a lot of countries will try to ban it in near future. But fortunately, bitcoin is way beyond the reach of the state power. Sadly, many governments don't understand this fact yet!
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I want everyone to think about this question, what is the target of payment with Bitcoin. Dollars? Or Bitcoin? I think if you use Bitcoin to pay. So no matter what the value of the dollar, companies should sell their products at a fixed price. for example USD: Once Musk sold Tesla to use Bitcoin for payment, but when Bitcoin fluctuated, the payment was different, and later the Bitcoin payment was cancelled. BTC: I know ognasty's fan site https://nastyfans.org/mint. In the website, the price of 1BTC=1BTC will not change. No matter when the product is, the price will not change. If the number of bitcoins fluctuates with the U.S. dollar, it still means that they are priced in U.S. dollars and can only be purchased through Bitcoin. What is your opinion? Do you think Bitcoin should be priced in U.S. dollars? Is it possible to use BTC and USD for pricing at the same time? At least in this point, don't listen to the bitcoin puritans. They will always say 1 btc is equal to 1 btc. But that's not practical for the time being. Because bitcoin's value fluctuates greatly within a short period of time which makes it unsuitable for pricing. So from a business perspective, it makes sense to add a USD/local currency equivalent and let the pricing in bitcoin fluctuate in accordance to that. Practically you can't have a single pricing of a product in bitcoin. It wouldn't make sense to the buyers. If it changes as per the USD equivalent, then it makes sense! |
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Rothschild are one of the most wealthiest and secretive family known to humankind. So when they are investing in bitcoin, they might be thinking long term. Otherwise their bitcoin holdings wouldn't have grown 300 percent. But that's for the record, we don't know how many bitcoins they personally own without going through greyscale. Also the current retreat is a great opportunity for everyone and not just Rothschild family. The faster we all understand this, the better! Look for a time period of 3 years and hold during this time! |
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I have noticed that sometimes when I gamble, I used to win unexpectedly even when I never intended to bet. The most shocking thing is that I usually win when my mind is not that prepared to gamble probably jokingly. Anything I'm focused and well prepared I usually lose. I don't know if this is affiliated to luck or just emotions. Does this happens to others?
Neither! Gambling winning is not connected to human qualities in any way. You can it's probably your luck that is getting you some winnings but nothing else! In my opinion, gambling is not a method of making money per say. If you wish to enjoy some adrenaline rush, gamble! If you wish to make money, Trade! If you make money in gambling, that's the cherry on the top of the cake. It's a pure coincidence that you are finding some trend in your gambling activities! I am sure that's not the case for many of us! |
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I believe it's an individual choice whether to mine or hold or trade to make money. In all 3 instances, bitcoins have to be sold to realize the profit. I personally am a short term trader who identifies the moving average and trade accordingly to make money. I could have mined as well but I prefer a noiseless environment and when trading keeps me well fed, it makes no sense for me to mine.
Holding bitcoins is a different ballgame altogether. It depends on an individual's risk appetite and also depends on time. If someone has entered into the market in early days, they will definitely prefer holding. But if someone has entered at 50k price point, they will either sell off in loss or wait for a better time. In a nutshell, these are personal preference.
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Not all fund houses hold physical bitcoins. Because it's hilarious to see when the market value of an assets has not reached trillion dollars but the ETF holding is valued at trillion dollars. Majority of the bitcoin ETFs and futures are not holding physical bitcoins. It's just a method of making money with money by the traditional financial corporations.
If all ETF companies hold physical bitcoins, the bitcoin market cap would have reached a value of trillion dollars. But that's not the case anyway!
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The reason for these operation is that these miners were stealing electricity. But it seems that the enforcement agencies have gone beyond thier call of duty by destroying these mining rigs. I am sure some of the seized mining rigs will end up at the home of some policemen if they know where it needs to be used. But that's everywhere.
In my country, police used to raid DVD centers where pirated DVD used to be created. Majority of these seized DVDs usually ended up with the children of those policemen. Funny but the sad reality of misusing the power.
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I understand that you can buy and sell item in games through NFT which means gaming NFT projects have a real purpose but I never just get the ART NFT projects, why would people pay huge amount of money for a gif or JPEG file? Can someone explain this better?
You have pointed out the right thing. Even though every individual has different perspectives towards art. But still I don't find any reason to buy a digital art with so much money. I was flabbergasted when I heard about the money paid by Metakoven for a simple JPG file. What I understand is that the art NFT market is driven by influence. Let's assume I have designed a great digital picture and Kim Kardashian draws few straight lines on a white paper. In NFT marketplace, Kim Kardashian will probably make few millions and I may not be able to sell my artwork. So if you are already a celebrity, then NFT will work for you. Otherwise you will just end up getting frustrated. |
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I know some casinos have in the past created their own tokens to raise funds. Sometimes offering discounted fees, or other benefits for using the token on their site. The project I looked into is different.
The pitch at launch is that once the network they are building on goes live that this token will serve as the only means for participating in their deflationary odds based slot based game. This was created by a launchpad platform, and all prizes are in the form of their launched IDO's. The project is set up in a way that it isn't a money generator for the launch team but to support the ecosystem - I think this is aminly through buying and using launchpad tokens as the prizes.
I found this interesting as I was already invested in projects that were linked. I wanted to see what the gambling community thought. If you aren't already linked to these projects in some way does this sort of game interest you? If one of the prizes was a project you were interested in are you more likely to "invest". To make it a bit easier, currently they are on the ETH network, and plan to go live when Cardano mainet in launched. Not to say something similar couldn't be used on differnt networks.
It makes sense for the developers and probably that's why a new term is coined as IDO! Not sure about it though. But yes, it's a developed version of ICOs where the developers team is raising funds by selling their own token against a payment through bitcoin or other known cryptos. The promise here is that when their platform goes live, this token will be the sole method of play money. The concept is not new! So I would suggest you to invest in such projects only if you know the developers are trustworthy and capable enough to successfully run the project they are thinking about. Otherwise it's better to stay away! |
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Will (and can) Bitcoin be artificially lowered by banks just like did with gold/silver? Yes! Banks and deep-pocketed financial corporations can indeed manipulate bitcoin and give whatever direction they want! Such kind of manipulations are happening in crypto market since long but in small scales. But when billions of dollars are exchanges in crypto market, it certainly has the power to manipulate bitcoin market. That's why when big corporates are investing billions into crypto market, that's never a good news to me! We have seen what a tweet from Elon Musk can do to the market. So when corporations hold too much of bitcoins that is publicly known, you can understand the impact they can create in the market. As of now, not a lot of corporates have shown interest into bitcoin but the interest is constantly rising. This may very well go against small holders like us! |
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What a turnaround! It only took 3 years for BOA to realize that they are loosing on a big opportunity. But I don't think we have anything to cheer about this news. BOA will probably offer this service to some niche clients and also they will be using CME future contracts. That effectively means, no liquidity will flow into bitcoin market, no additional demand will be added, no actual bitcoin transactions will take place! So nothing to cheer about it! It's just a banking thing to make money! |
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Time = Money
The world of finance follows the same rule! So whoever has longer time in hand, is more willing or capable to take risk. Because that person knows that if anything goes wrong, he/she has time to recover.
On the other hand, an old person doesn't have a lot of time in hand. So they are not much willing to take risk. It's as simple!
However, millionaires are less prone to all this because they make their own rules! Let's not complicate this!
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Yes, Similar news are popping into Google again but no one knows the truth. The government of China has made it so difficult to bring out their news to the world, you really can't trust any random sources. It seems the Delta variant has made a progress into China again. But I didn't see any government notification regarding this yet. Possibly we will see it in coming days.
It's high time to stop buying anything from China. They have been a pain in the butt for the rest of the world since a long time now. If you are buying anything from them, you are just funding their expansionist behavior through taxes etc. Since they don't want anything from outside to come to their country, we will have to ensure that we stop doing this for our own good and for our own security.
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Paraguay is in serious need to wealth distribution equality. Read the article below, https://www.worldfinance.com/markets/the-underground-economy-of-paraguayIt says, "The distribution of wealth is very unequal: 80 percent of land is held by 2.5 percent of the population, and 161 people control 90 percent of the wealth of our country." I hope bitcoin help this country to come out of this situation and probably streamline their wealth distribution. |
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I was a gambling addict before until I later have to change, I have noticed I lost a lot when I was addicted unlike now that I played for fun. In the past, if I played one or two games, I usually win but I always did continue to bet until all my gain and money will be lost. When I was affected, I changed and only now gamble just during weekends unlike before that I gambled daily, I even sleep late because of gambling before. I noticed when I play just one or two games during the weekend, I win than I lose. Before, I saw gambling as a way to make money that it is a profession, but now seen gambling as fun and play just few quality bets.
How about you? Why are you gambling?
Gambling should be done for fun only. In this process of fun, if you make some money, that's an extra! It should not be played with a single minded goal to make money. If you do, that's when the addiction starts controlling your mind. I personally like crash games a lot and I play sometimes during weekends. But that is strictly for fun. I make money sometimes and I loose money sometimes. But since I do it for fun, my looses don't make me anxious and I know when exactly I have to stop. Gambling is just an adult's way of entertainment and nothing else! |
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In my opinion, the move to a digital currency by the government will have an even greater impact on state control over the citizen economy but at the same time it will allow everyone to start familiarizing themselves with wallets, cryptography etc thus educating people to allowing greater ease of management and certainly of approach towards Bitcoin and cryptocurrencies in general. The digital euro will be the trojan horse for Bitcoin adoption. https://www.ecb.europa.eu/paym/digital_euro/html/index.en.htmlWhat are your thoughts? Slowly over few years of time, all countries will move to digital economy wherever possible. So no wonder European Union is seriously thinking about it as well. While it will reduce the cost of government but at the same time, common citizens like us will loose our financial privacy completely. So there are many advantages and disadvantages from the perspective of both government and its citizens. But on the contrary to your statement, I don't think it will help bitcoin adoption through education. It may boost crypto adoption (especially privacy coins like Monero) if people wants to hide their financial situation from the government. Otherwise, I don't think euro digitization move will boost bitcoin adoption in a very positive way which can be quantified. |
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There is no solid evidence that KYC actually prevents illegal activities or money laundering, just as there is no solid evidence that mass surveillance prevents terrorism or crime. It is a fabrication told by governments to justify spying on their citizens and sticking their noses in to your business. With how easy it is to acquire someone else's KYC details, all that stringent KYC achieves is innocent people having their identities stolen and being framed for crimes they didn't commit. All a criminal has to do is create some fake altcoin giveaway or fake airdrop, and they can collect hundreds of KYC documents in a couple of days. That's true! There is no solid evidence that kyc norms are effective against money laundering or even terrorism financing. Completely in agreement with your statement. However, it is one prime weapon which can be used to curb illegal activities. But it is very difficult for a decentralized network like bitcoin because there is no way to know who is mining it and from which part of the world. It's simply impossible to have 100% correct information. But stringent kyc can at least discourage few percentage of scammers from using it for their illegal businesses. But kyc goes directly against the idea of bitcoin and that's why scammers will try to obtain other people's kyc to hide their dirty money trail. |
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I was thinking that many countries are reluctant to legalise certain activities such as gambling, prostitution, smoking, ... and, apart from countries that have strong social and religious restrictions (I refer to those as the death-by-boredom countries) others simply consider than the state should not profit or allow activities that are considered diminishing for the workers or that may harm their health and personal relations (it must be difficult to be an addict to gambling or a prostitute and have a normal life).
However, other countries simply set high taxes to these activities, which I think is a false morality, as if by paying these activities can be less questionable. (Note: I personally do not question regulated gambling).
Illegal gambling activities happen in almost every country. It doesn't really matter what the law says. Gamblers find their way of gambling and with the progress of telecommunications nd internet, it has become even more easier nowadays. Now you don't have to go out of your house to gamble. Just a phone call works splendidly well. So I see no harm in imposing taxes on gambling activities instead of banning it. Gambling is a business whih generates employment and provides revenue to the government. So it's a wise step to follow which will create a win win situation for gambling business, gamblers and government. Everybody is happy! |
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