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2561  Economy / Economics / Re: How would a global economic recession affect Bitcoin's price? on: July 03, 2022, 05:17:56 PM
Honestly, I've been waiting for a recession for a couple of years now, and maybe we'll just ease into it eventually with all that's going on (btw, war, not crisis, when it comes to Russia and Ukraine). In that case, I don't think Bitcoin will notice the difference. Or, maybe, it's already happening, and we're already seeing the negative impact on the price. In any case, I think that Bitcoin bear market is a matter of a few months, normally, while a global economic crisis can take much longer to recover from and no sudden rapid positive movement that can happen with Bitcoin. I'm judging here largely on how Bitcoin price reacted to the pandemic.
2562  Bitcoin / Bitcoin Discussion / Re: Are we gradually approaching towards the end of Bitcoin? on: July 03, 2022, 04:56:00 PM
Some institutional players might pull their money out of the crypto industry, out of Bitcoin. In some countries, strict regulations may appear regarding certain activities like mining. But that doesn't mean Bitcoin is moving toward any sort of end. It's still growing if you zoom out and look at other bear market situations of the past. It's facing a temporary situation, which I have very little doubt will actually prevent Bitcoin from growing again. So there's no need to panic or be concerned, or rely on opinions of some hedge funds.
2563  Bitcoin / Bitcoin Discussion / Re: Is the world ready to embrace physical bitcoin? on: July 03, 2022, 04:38:08 PM
I think that physical Bitcoin is backward thinking. Humans have had physical money for many centuries, but the digital world and the level of interaction in it is so high that it's no longer enough to only use physical money. So Bitcoin is actually a step forward, as it's a coin that has no physical realm because it's not needed anymore. Sure, there are places and conditions in which there's no stable internet access, electricity or the level of digital literacy is too low, but these people won't be interested in physical Bitcoin probably either. I don't mind projects that suggest physical BTC as a thing of art, a collectible of something like that. But otherwise, it's a waste of resources and space.
2564  Bitcoin / Bitcoin Discussion / Re: POS VS POW effect on valuation of bitcoin on: July 03, 2022, 04:11:32 PM
If the question is about valuation (the value of Bitcoin, as in its price, real or 'fair'), then I don't think there's a direct impact. Maybe we'll get to see for ourselves if Ethereum ever makes good on its promise to switch from one to another. Proof of work is more trustworthy and less centralized, so it would be fair for Bitcoin (or Ethereum, for that matter) to cost more when it's PoW than in an even of switching to PoS. However, if we're talking about actual pricing, I think there won't be any direct impact from the switch, but there can be impact based on the media coverage and sentiments. If some companies bring in new investments because of thinking that a crypto is now environmentally friendly, it can be of short-term help to increase the price. If panic that PoS isn't trustworthy is overpowering, the price can temporarily decrease.
2565  Economy / Games and rounds / Re: Sportsbet.io 🎾 Wimbledon 🎾 Prediction Contest (Round 4) on: July 03, 2022, 03:48:12 PM
a) 10 b) 1:55
a) 11 b) 2:18
2566  Economy / Economics / Re: The BTC price must stabilize in the long run. on: July 02, 2022, 03:34:49 PM
I agree that a more stable price is desirable in the long run. However, I have a couple of notes here. One is that fiat has an authority that can manage it, whereas Bitcoin is and will most likely remain under nobody's control. So how can we make the price more stable, or do you believe it will get there on its own? The second point is about introducing Bitcoin in stages. Again, something like a big company getting involved with Bitcoin happens, the media spread the news, people find out about Bitcoin and some get interested. It's not a process which is under control. Nevertheless, it seems to me that in practice Bitcoin is sort of being introduced at stages this way, but it does nothing to help stabilize the price.
2567  Economy / Economics / Re: Ten Ways Billionaires Avoid Taxes on an Epic Scale on: July 02, 2022, 03:24:05 PM
I think these things just show how bad the legislation is, how favorable it is to those who are already very wealthy and powerful. The thing about the sell tax and avoiding payments by now selling should be fixed one way or another. If it were up to me, I'd introduce a specific law for everyone with wealth above some very high threshold, requiring transfering of assets for the good of the state if one is not selling the assets and thus not paying the sell tax. Or tax borrowing, and tax it hard.
More importantly, we need to change the culture. People who are wealthy but barely contributing (proportionately to their wealth) to their communities or to other communities which are in great suffering should be shamed, condemned. It should be considered a matter of respect to donate generously and do things like fund hospitals, universities, establish scholarship funds, help the elderly etc.
As for the income gap, it exists and can be very high, but let's not forget that it's minuscule compared to the wealth gap,
2568  Economy / Games and rounds / Re: Sportsbet.io ⚽ São Paulo FC ⚽ Prediction Contest (Sunday) on: July 02, 2022, 03:06:35 PM
Game 1:  12' SPFC 2-1
2569  Bitcoin / Bitcoin Discussion / Re: Bitcoins have intrinsic monetary value, don't they? on: July 02, 2022, 02:40:35 PM
I've been numerous speculations on how BTC price can't fall below a certain level because then mining wouldn't be profitable, and the op's question reminds me of that. The thing is, that's life, and yeah, something can become unprofitable, people can lose money, and some will go out of business while others would continue operating despite losing money, hoping it would all be worth it in the end. Mining gold requires resources, and mining Bitcoin requires them as well. But we don't value gold based on how hard it is to mine it, and the same is true for Bitcoin. The difference is that with gold a mining deposit can be suddenly discovered and an influx of gold can increase unexpectedly, while mining of Bitcoin is happening at a strict rate, and we also know the total supply whereas we can't know gold's total supply.
2570  Bitcoin / Bitcoin Discussion / Re: El Salvador Purchase More Bitcoin At $19,000 Each on: July 02, 2022, 02:26:55 PM
I was worried about El Salvador when the price fell so drastically, as a state budget can't afford such a high volatility, especially for such a poor country as El Salvador. But then I learned that they actually only held a very small percentage of the budget in BTC (I can't find the article now, but it was something between 0.5% and 2%). So yeah, they played it safe, and I'm happy they can now buy more at a great price. These are baby steps when talking about a country's budget (meaning that even when this $1.5 million becomes, say, $5 million, it won't fix anything major in the economy), but they're happening.
2571  Economy / Economics / Re: Uganda’s gold discovery: What it could mean for crypto !!! on: July 01, 2022, 06:38:00 PM
I don't know if the estimates of gold for this Uganda ore are correct and how they can compare to what's known of gold these days, but the Reuters article suggests that the supply in there might exceed the total amount of gold currently in circulation. If that's true and it can be extracted in such numbers, gold could indeed devaluate extremely. And yes, with Bitcoin, it would never become a problem. Also, it's no secret that gold mining has big environmental impact, harms the communities and nature, contaminates water supplies. Bitcoin mining, on the other hand, doesn't have such a direct negative impact on communities and can be done in eco-friendly ways.
2572  Bitcoin / Bitcoin Discussion / Re: EU agrees on landmark regulation to clean up crypto ‘Wild West’ on: July 01, 2022, 06:24:53 PM
I think the EU already has some crypto regulations, and I don't think more are needed. Cracking down on scams and things which are often a scam (like ICOs) would be good. It's probably a positive thing that they're setting requirements for stable coins because when they aren't really backed up by much and people don't realize how fragile the stability is, it's a potential catastrophe waiting to happen. What I also like is that the new rules won't apply to Bitcoin because it's considered a coin without issuers. And, of course, the environmental thing is ridiculous when the EU is looking at coal amidst the Russo-Ukrainian war but thinking of restricting crypto mining because it's allegedly not eco-friendly.
2573  Economy / Economics / Re: Irrelevance of Education in Nigeria. on: July 01, 2022, 06:03:49 PM
I'm from a 3rd world country as well, and yes, things can be very challenging. However, it doesn't mean that education doesn't matter. On the contrary, making the level of education higher would prompt more to develop new ideas, start businesses, create things that can bring new demand and make the economy grow, as well as make things better for people. Do what you can, on your level, to challenge the system, to go against the flow and to try changing things for better. If enough people do that, it can bring great results.
2574  Bitcoin / Bitcoin Discussion / Re: Bitcoin has reached a point of no return on: July 01, 2022, 05:37:09 PM
I believe Bitcoin reached the point of no return in that sense when it recovered from the 2018 fall of the price. Many thought Bitcoin would never reach $20k again, and it's been years before it did, but it happened and, as we know, the new ATH was established. I don't think that it's reasonable to believe that Bitcoin will die after it recovered from that situation, unless something very serious (like WW3 or breakthrough in quantum computing) happens. The last years have shown that things most aren't waiting for and that haven't happened for decades can actually happen, so who knows, but until then, Bitcoin is likely to stay afloat and continue growing long-term.
2575  Economy / Games and rounds / Re: Sportsbet.io 🎾 Wimbledon 🎾 Prediction Contest (Round 3) on: July 01, 2022, 05:27:46 PM
a) 12 b) 2:12
2576  Bitcoin / Bitcoin Discussion / Re: Is bitcoin really exist? on: June 30, 2022, 04:11:19 PM
This question only makes sense philosophically. Does anything digital really exist? Does this forum exist, or social media, or any websites? It is, after all, purely digital, just 1s and 0s. And yet these 1s and 0s have a profound effect on our lives because it doesn't really matter to us that we can't touch a Facebook post if it contains information that we're interested in. Bitcoin is digital, but so are the replies in this thread and the op's question in the first place, and yet we don't doubt that we're typing these replies and sending them. So being digital doesn't mean not being real, not in any meaningful sense.
2577  Bitcoin / Bitcoin Discussion / Re: Invest in bitcoins and save yourself from Inflation on: June 30, 2022, 02:58:58 PM
I agree that inflation is a hidden tax and all that, but some things should be noted here.
1. Wages normally do grow to be adjusted for inflation.
2. While Bitcoin can save from inflation, it can't always save from its worst consequence: devaluation of one's earnings or hodlings. That's because the price is very volatile, and sometimes one can really benefit from keeping funds in Bitcoin while at other times it can lead to the sort of losses which are uncommon for fiat inflation (although they do happen with some very unstable fiat currencies).
So it's important to assess the situation and make careful decisions.
2578  Economy / Economics / Re: The Russian Federation fails to repay debt - 100 million USD unpaid on: June 30, 2022, 11:53:47 AM
It's only on foreign debt, and yes, it's only a technical default. So I think some might overestimate this event because it's a default without truly not having money. That being said, it's not a completely useless event because an event and a declaration like this sounds serious, and it is historical (first time since 1918 for Russia), so it can scare away investors who weren't scared by the war already. Apart from the panic, uncertainty and big reputational damage to Russia (they were doing their best to avoid a default announcement), this doesn't mean much.
2579  Economy / Economics / Re: The Russian Federation may be about to make a "Corralito" on: June 30, 2022, 11:30:20 AM
To be honest, I thought they already have something like corralito. As the op mentions, the 80% selling requirement was introduced on February 28 and additional limits in the spring as well. So heavy restrictions are already available, but I don't think more will follow just because of the technical default. The default is, after all, technical, for Russia has the money but can't transfer it internationally due to sanctions. That means that inside the country, there are funds, and I don't think people will run from fiat much (not after it got stabilized quite well in Russia).
2580  Economy / Games and rounds / Re: Sportsbet.io 🎾 Wimbledon 🎾 Prediction Contest (Round 2) on: June 30, 2022, 11:22:17 AM
Nadal prediction:
a) 12 b) 1:56
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