Recently El Salvador adopted Bitcoin as legal tender. Some sources report that other Latin-American countries are planning to follow suit [1]. I personally feel that Bitcoin is not suitable currency for most types of countries that (potentially) want to adopt it. The success or failure of some countries to adopt any form of cryptocurrency will no doubt have big implications for others to follow. The main reason I made this post is not to bash Bitcoin but so that others here could potentially shine light to the flaws in my reasoning. First off I donīt think that El Salvador or others have the necessary infrastructure present to support transactions in crypto. Research shows that the precent of population using internet in El Salvador is roughly 30-40% [2]. This obviously means that 60-70% donīt have access to necessary prerequisite for crypto. Likewise for crypto to function as a useful legal tender, a country needs to have high level of internet availability. This is not likely the case for most countries looking to adopt it. Secondly I donīt think that most countries have the necessary financial education to support Bitcoin as legal tender. There are some statistics that show that a shockingly small number of people even in developed countries have the necessary skill-set to even keep a balanced budget [3]. As an investment option crypto is risky. I believe Iīve seen it said on this very forum that most of crypto traders lose money. As a currency it is definitely harder to plan around than regular money specially due to Bitcoins volaitility. Thirdly and related to second point is the fact that trading in Bitcoin can be more prone to scammers due to the fully digital nature of the currency and also due to the fact that this currency does not have a safety net provided (albeit at times poorly) by regular banks. I think that safety measures taken by some people in this forum shows nicely how well aware in cyber security one must be to feel safe around crypto. I myself have probably had at least three mini-strokes fearing that I might have sent a substantial amount of money to a wrong address. Itīs a problem that is not as substantial with FIAT currencies. So why is all this important? One can easily say that there is no harm if people have the option to either use crypto as currency but also the freedom to not use it if they so choose. I believe that at least for a time being we will be hearing bad news from El Salvadors crypto experiment. By that I mean of people losing their savings, being scammed out of money and generally having the infrastructure fail. We have one such example already [4]. This will likely create caution for other trying to follow in El Salvadors footsteps. This might have devastating implications for crypto however. Looking back in time people still bring out Chernobyl to this day to justify not using nuclear energy. [1] https://theconversation.com/bitcoin-is-now-legal-tender-in-el-salvador-heres-what-that-means-167099[2] https://www.statista.com/statistics/1055468/internet-penetration-el-salvador/[3] https://www.prnewswire.com/news-releases/3-financial-literacy-statistics-that-need-to-change-in-2021-301246352.html[4] https://www.reuters.com/technology/el-salvadors-bitcoin-digital-wallet-beset-by-technical-glitches-2021-09-10/I think bitcoin is okay to be a legal tender in one's country. Bitcoin being a legal tender doesn't necessarily mean that the country will abandon its local currency and just use bitcoin for everything. It's just another form of payment that people have as an alternative if ever they don't want to use fiat money. It's not really mandatory to use it, it's still up to the citizens if they want to use it or not. I think El Salvador's government put up with this because of the existing crypto users in their country and because they have seen the potential of crypto. We can prevent bad situations to happen such as being scammed if only people would be more wary and cautious of who to trust and what sites or platforms to engage with. In fiat money, scamming also happens. Don't put it like being scammed just occurs in crypto. It can happen anywhere, anytime, and to anyone who isn't cautious enough to secure their funds. We can't really babysit and spoonfed everyone, do we? We can give out warnings and educate them and the rest is up to the owner of the wallet. You must secure your own assets and funds. You shouldn't let anyone look after it. You are in charge and you are responsible for your assets, not other people. |
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Some reports telling that china government's place is second in holding Bitcoin. But we're seeing that china is always publishing negative news about crypto currency / Bitcoin. They've published noticr about banning Bitcoin in a several times. Ref:  https://www.kevinrooke.com/bitcoin. What do you think about this? How are you taking this ban? I think it's not something to be worried about. China has done this numerous times in the past and they are doing it again to spread FUD to make the market go bearish. When they achieved the thing that they want which is to make the crypto prices go down, they'll just buy the dip like a wise investor. And I think we should do the same. Don't let the FUD get into you and shaken you up to sell your assets at a low price, instead take this situation as a blessing and go buy the dip. After all this news, surely bitcoin will bounce back like it always does. Don't let the negative news affect your judgment because I'm certain they are doing this for a reason. They won't totally ban crypto because the government itself possesses so many coins itself. |
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I know this isn't a piece of great news to some, but let's take this opportunity to buy the dip. It's a nice chance for those who want to invest to take advantage of the current situation and news now that bitcoin's price went downhill because of the FUD by China banning cryptocurrency again like what they did before. It's like history repeating itself all over again. I really think they have a hidden motive in doing this which is to make the prices low and then they'll buy and hoard as long as the coins' prices are still at rock bottom. They did it several times in the past, it's no wonder they are doing it again. Funny how the FUD is still effective despite countless times it was executed by the same government and country.
Whether they do it permanently or not, we all know for a fact that bitcoin's price will bounce back in no time. It's not as if bitcoin is relying on China to continue its reign. Bitcoin will just come back stronger no matter how hard other countries or governments try to bring it down.
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Inflation is really kicking in, the cost of things are getting really high in the market and its not even december yet, its effects are evident on the price of food stuffs, transportation, electricity bills, gas bills and others. How are you handling it and how has it affected your savings/your percentage for investing (if you have one)?
Have you had to cut down on your expenses so as to maintain the percentage of your income you allocate to savings & investing?, Or you have adjusted the percentage for savings and investing so as to accommodate and maintain your standard of living?
For the past years, inflation is already a thing and it is normal to occur in a country's economy. There is a certain level of an inflation rate that isn't really much felt by the citizens. However, last year and this year, inflation hits differently. It's much more evident, felt, and seen by the consumers. Adding the fact that we are in the middle of a pandemic makes it much worse. The cost of products and services offered is higher compared to before because there is a higher inflation rate recorded that isn't normal if statistics will be the basis. Here in our country, if before, the average amount you have to spend is 300 bucks to feed a family of 5, now it would not be enough. The prices of goods are just so damn high, particularly the meat and vegetables. Transportation issues and low supply of goods make the prices go higher and higher to the point the commoners can barely afford a decent meal. Transportation fees increased too because of social distancing protocols that made the public utility vehicles limit their seating capacity to half. Electricity and water consumption got higher too because the family members are spending most of the time at home, making the bill higher. It's really a challenge to get by and survive most especially to the working classes who are just making the ends meet and are living paycheck to paycheck basis. Personally, there are some expenses that had been cut down since the pandemic started such as the school allowance which is a breather because it was allocated elsewhere to address our necessities. Personal savings isn't much affected, fortunately, but still can't deny the fact that there are still times I have a hard time on it too. There are bad days and good days after all. Hopefully, we'll experience more of the latter than the former. |
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The Chinese government is increasingly intensifying its crackdown on cryptocurrency trading. China will strictly eradicate the illegal activities of trading Bitcoin and other cryptocurrencies. China will also issue a nationwide ban on cryptocurrency mining.
About 10 Chinese government agencies, including the central bank, banks, securities, foreign currency regulators in their joint statement will impose a ban on crypto trading.
China Strictly suppresses virtual currency speculation, and related financial activities and behavior to protect people's property and maintain economic, financial and social order.
I think China is doing this again to dump the market so that they can hoard coins as much as they please because the prices are in their low position. They already did this before and they are doing it again. The people are spreading FUD because of their announcement. And like before, FUD is still an effective technique to make few people panic sell, making the prices go dipper. They take advantage of this opportunity to buy coins and store them until the bull market comes. They do not really intend to ban it permanently, but just to just make the market go red. Then they'll do their thing. After this, surely they will lift the 'ban' and release some sort of statement to justify what they did. For those people who want to invest in crypto, this is one of the best timings because you can enter a low position. If you have the money, do your own research and invest while the prices are still low. I think the prices will still go lower for the following days. It's up to you whether you'll see this as a threat or as an opportunity. Be wise enough to decide. |
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Hello everyone. Recently I saw many people in forums saying that the bitcoin price is sooo high and it is impossible for us to invest in bitcoin. We are from the middle class, lower middle class, or working class. We don't have a lot of money, so we can't buy a whole bitcoin. Or we can't invest in bitcoin. Now bitcoin is only for rich people. They can invest in bitcoin and we can't. That is why I took a challenge from September 24th, 2021, to see if I could be profitable after investing a small amount in bitcoin. Though I am also not rich, I already earn a good amount of money from crypto. Now I don't want to think about that.
Now I will invest as a job boy or a middle class or lower middle class person. I fixed a budget of $200 per month, but here I will do one thing: I will invest $50 per week. And I won't increase it by a single cent. Let's see if I may be profitable from this investment.
MY INVESTMENT
WEEK-1 (24/09/2021) (BTC/USDT) (0.00121356BTC) $40937
WEEK-2 (30/09/2021) (BTC/USDT) Upcoming
Note: I don't want to disrespect anyone who says that things that they are from middle class or lower class and they can't afford it. I respect all of your sentiment because i am also face that time. That is why i know how painful to live a money less life. I work hard on crypto marketing community and i earn money by investing those money what i earn from there.
This post might be inspire you. So that you can understand if you started with little money today after a certain time you this little invest can be huge. Just look at mine invest only $50 per week but after a year how much it will be if i calculate $200 per month then $2400 per year. But if i want to invest $2400 at a time then i feel little scared. So i hope that you guys will understand todays little investment can give us big amount in future.
Every week after investment i will update on this thread.
And i expected experts opinion on this thread i hope i will get positive response from you. And one more thing remember if you can't take a step today you might reach reach that destination after a day.
It's a nice move you started investing in bitcoin. There are really some hindrances and challenges to some of us that's why some people don't have any savings or investments to begin with. It's totally not your fault if you are one of those people. As long as you are trying to survive and thrive, that's an achievement already. You don't have to be pressured by the things that society expects and dictates you to become or to have. However, it's still nice to have things to call your own and to have something to hold onto for the future. So if you have the means to do it, then do it now. After all, bitcoin does not discriminate. We can invest any amount we want. It isn't necessary to buy the whole bitcoin just for you to have an investment. Rather, we can buy in small amount anytime we want, whenever we have the money to do so, and when we feel like buying it because of the market trend. I hope you'll be able to continue what you are doing. Bitcoin is worth the risk, but make sure to only invest what you can afford to lose. Learn risk management and assessment. You'll go places with having the right perspective and mindset. Keep it up, mate! |
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Mining bitcoin isn't really a waste of energy because the miners of it are technically are being rewarded with every amount of bitcoin they mine using their supercomputers and mining rigs. It isn't as if they are just wasting energy over something that has no value and use at all. Bitcoin has a corresponding value in fiat depending on the market trend. Every mined bitcoin has a value no matter how small or big it may be. Miners can sell their bitcoin or they can opt to hold it. And if they will hold it for some time, the value may increase or decrease depending on the market season and movement.
Right now, they are eyeing using renewable resources to be their source of energy that could power their mining system. If they would be able to pull the eco-friendly and cost-friendly energy source in mining, it will be really great because the non-renewable energy source won't be affected as much, which I think is the issue of most people in mining bitcoin.
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They're just at the right place and right time, there's no skill in pulling the lever, the spins in the slots are out of control of the player, it's just the timing that's masking their supposed skills in slots.
I agree. Slot games is just like Dice, just pure luck. Since it is about luck, we are talking about one in a million chances you could win the jackpot, meaning, you'll need a lot of money to wait for that moment, so it's not really a good thing to do but if you have the money to do it then do it, simple as that. Because if you'll think about strategies that could beat the house, you'll just gonna end up frustrated because your strategies didn't work. |
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That's right. If all were losing all the time, and only this way gambling sites could be making profits, gambling would cease existing long time ago.
Man, you're wrong. Gambling it's not about "losing/winning" this is about thrilling and risk. Human need something to thrill about. This is from where gambling appeared. So if gambling would not create such moments for us, only in that case it would disappear long time ago. I would argue with that. What's thrilling about losing all the time? Game is thrilling when you don't know the outcome, when you can either lose or win, or get even, but you never know what's going to happen. If you meant to say that winning money with gambling shouldn't be our main goal, and that the main goal should be having fun, then I agree with you, but, think of it, it's not much of a fun to be losing all the time. I wouldn't say all, but the majority of the gambler population is losing most of the time in gambling. The reason why gambling business is still profitable and existing is because there are still people who win the game, and that's enough for the majority of the people who always losses to continue chasing and trying until they could make profits too. People get addicted to it because of their desire to win and their ego not to give up that easy. |
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I would not advise people who do not know about the security of the Internet to use a VPN. India has long had a cyber division of the police, which, as practice has shown, has a sufficient set of tools to detect the use of VPNs, various anonymizers and other means of circumventing blocking. There are not a few examples of how people have received a real sentence for the use of VPNs in India.
Does this mean if you are living in Karnataka and you are using VPN you will be charged for online gambling because you are using VPN? they must first establish that you are using VPN to gamble and a VPN company will not give them confidential information on how their clients are using their service and they must go to court to take your computer. But yes I agree if you are going to break the law be sure you know what you are doing and you know how the authorities can track your activity online. Internet service provider can easily detect the traffic that goes through VPN tunnels and this information is available to law enforcement agencies, as in India there are two solutions for surveillance of users: Central Monitoring System and National Intelligence Grid. I think if the police come to the house of someone who is breaking the laws of the country they will be very rough and they will come without any court orders. You will give them access to your devices. The very simple way is to abide the law, so that no consequences will happen. There's no reason to risk your life in gambling, it's not worth it. I'd rather be bored at home thinking of something to do rather than bored in a jail for years and years just because of a bad habit. But if you're good at computers and could outsmart their cyber authority then go for it. |
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I don't think these streamers will ever disclose how much they are getting paid. But if the streamer is a responsible one, he would not deceive his followers because sooner or later, their followers will soon realize about this deception and some of them may unsubscribe their channel. People talk and the word of mouth sometimes is a very powerful tool when it comes to marketing.
There is a lot of youtube bloggers scamming their subscribers and nothing is happen. Especially, russian bloggers are often tell this fact "in the face" to their auditory and nothing is changing for them. So i'm doubt about reputation risks for such bloggers So as an audience, we must filter and search for the other info to know if they will try to scam us or they serve good data. I only think about if they talk too much about what they do, it can show us if they lie to us or give a real fact about what they do. We can see about that after we watch some videos from them. But out of that, they really make money from their channel and Youtube also pays them well, especially if they have a big subscriber. This kind of vloggers are more into money making system they don't care about reputations as long as they can convert a decent amount of money. They are all okay doing it. You need to be more careful as an audience never to believe without doing your own research it saves your butt being scam. Use your common sense when dealing with this kind of streamers, even they've got a huge amount of followers and subscribers, it doesn't mean that they are reliable. Hopefully, we can take care of ourselves when we watch those videos and never getting scam by them. Although they can change their method to trick the audiences, we can protect ourselves from them carefully. Hopefully, someone can report them to the developer and they will investigate if their content is something that can break their rule so those bloggers will get a warning from the developer. To be honest all of the advertisements in all fields, whether it's food, medicine, clothes, shoes, as well as gambling are not true at all. Advertisements purpose is to make people think it is real, but it's not for them to earn money while us don't get what we think we'll get. So most of you guys will think it's unfair, in my opinion it's not. We're just dumb to believe them without researching first about what they are promoting. |
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It is the typical mindset of gamblers when we're winning. We don't want to leave because we think that we still got much luck left and we're about to waste it if we quit while we're on a winning streak.
The fact that we're not stopping because we're still lucky, is also bringing us the urge that we have to keep on going despite having some losses because we are confident that we'll still win in the end.
Primary reasons that do commonly put up into our minds on these kind of times on where we do believe that we might even to win up more if we do intent to play. Dice is the most instantaneous type of game which you can really see results where people do really get interested on playing this but somehow people do lost up that much because they are really that hopeful that they could really take up some advantage or can beat out the game or can beat up the house. That's true, we think that we can win more and that's why there's no way for us to be stopped. Well at least for me, I know when to stop but I can't also avoid that feeling when I'm on a winning streak. It's all about how to maintain myself and control still while being in that emotion. Although many understand that we can't beat the house but at least we know that we're lucky and that's why we're continuing. When we can winning streak, that means our luck is on our side but we must remember that the next rolls will not always be ours. From that moment, we should stop as soon as possible before everything that we got from gambling is gone and we can not enjoy the win money. We have a moment when we are winning streak and still continue playing gambling, but then we lose all of the win money in just a second. We have the lessons, so we should always control while we still have the win money from the previous round and stop gambling. Wrong mindset to have specially for noobs is that they do really believe on that they could really make out some advantage whenever they do set out some particular strategies on where they do believe that they could really make out money or profits guaranteed without even thinking on what are the things or on how the reality words because this is something that you cant really able to make out some advantage. Dice game is just for fund and dont tend and assume that you could really take off some advantage specially that you are dealing or against with the house. Well we can't blame them especially it is their first time trying to gamble their money in a very entertaining way. Dice is the easiest game for me in online casinos, that's why it is very addicting. Common mistakes are what you guys said, wrong mindset and thinking that could win against the house if gonna play with a strategy, but that's not gonna happen. I also happened to play DICE but after I lost almost a $100 on it, I immediately stop playing and only use their free satoshis just to have fun. |
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By banning gambling they will just encourage underground gambling, they should know that some players will do everything to play online, they will spend money and resources to track these players to the point they are going to break individual's privacy, they can ban offline casinos but I don't think they can with online casinos, there's still a way to access online gambling casinos, you can't beat the internet.
It's not the Government's fault anymore if people would resort on such thing, it's their choice, but of course it comes with consequences when they get caught gambling in an illegal way, surely they don't want that. Their Government only did what they think is right for their country, there are still gambling platforms on their country but very limited. Online casinos could never be banned because VPN exist, and there's no way the Government would take such extra effort to track those people. |
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yes, its nice because open source code makes it possible to verify, in games that have a luck component or random distribution this is really important
it's interesting that it can get quite hard to make something truly random too
chainlink is working on solutions like that if I'm not wrong
and lots of applications on ethereum
Yeah. Ethereum is definitely not suitable for gambling right now. Crazy commission for any transaction, and even more so if this smart contract immediately turns your winnings into a loss. Unfortunately, I think this picture with Ethereum will continue for quite a long time, a year, maybe two. And even when moving to the PoS, I suspect that it will still be large. This is sad, because this blockchain is the most popular and well-known now. But I think gambling sites will gradually adapt and will use blockchains and tokens with small commissions in reality that fact that ethereum fees are high and people pay it is bullish for price, supply x demand, there's people who are willing to use the network regardless of fees but I get your point, for this the best solution would be using an L2 alternative chain, let's see if POS on eth 2.0 helps with the fees. Ethereum gas fee is insane sometimes, so if you're not double checking every transaction you'd make in ethereum, you'll be surprise that the amount of ETH you transferred is smaller compared to the amount of gas fee on it, so yeah, I also agree with you guys. I thought that after the upgrade of Ethereum, it's fee is going to be smaller and accurate but I guess there's still bugs on it so we have to wait until they make ethereum network better for people to use it in gambling. |
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It's ideal to buy bitcoin for the past few days because of its low price position. The dip is something we should always take advantage of most especially if we plan to store bitcoin for the long term. Doing technical analysis before we buy and sell is very important to avoid regret later on. We must always remember one of the golden rules in investing and trading which is the "buy low, sell high" to make a profit and to avoid losses. Although for the sure price of bitcoin will still go down, depending on the news articles, movement of whales, and the likes. It's just up to us to know when is the right timing to buy, sell, and hodl.
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https://fortune.com/2021/09/17/south-korea-crypto-exchange-shut-down-bitcoin-regulation/The regulation coming into place this week places unbearable compliance demands on crypto exchanges up to the point of only three of these being able to fully comply. SK is one of the countries where people have participated in crypto to a much higher degree than in most and this is not good news. Still, some of the exchanges remain open. In 2022, the government will also introduce a crypto capital gains tax; investors who make over $2,135 in trading profit will face a 20% tariff. Crypto has been eyed for so many years now by the government not only in South Korea but almost every country in the world. The government is trying so hard to get a grip on the cryptocurrency community. The legal status of crypto in one's country has its consequences. It's a matter of giving and take situation wherein the citizens can benefit from the opportunities offered by crypto, and at the same time, the government will benefit from it too by means of imposing certain rules and policies to be abided by the citizens such as paying proper taxes. By doing this, the essence of crypto being decentralized is slowly being neglected. Although it's still up to the people to whether use platforms such as exchangers that use KYC or not. Privacy isn't much more of the people's concern nowadays anyway. But yeah, this isn't a piece of nice news given that a huge percentage of tax will be mandatory to be paid by the investors and traders that are earning income thru crypto. |
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India is included in the poorest country in the world. Imagine India getting so much worse because the majority of the population are addicted in gambling, while the Government earns revenue on gambling house they allowed such as lotteries and horse racing, but the problem about poverty to in their country is still worsening every single day, then what's the benefit, right?
So for me their leader did a good job. Instead of allowing gambling business to run, it's more productive if they are going to build a livelihood programs for those people who needs it.
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Banks doesn't have the right to make decisions for the gamblers, whether where they want to spend their money, if you know what I mean, because I don't think of any reason why they should do that unless the gambling site or casino is illegal, then their action is valid. Government and banks are not responsible for their clients decision, or choices to be make, it's their clients rights to do whatever they want with their money, in my opinion.
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It's mandatory people, that means Donaire has to accept this fight and I think it's an easier fight compared to fighting Inoue or Casimero. This should be a tune-up fight for him before he will fight the two champions in the same division. Congrats to Gaballo for having an opportunity to fight the Flash, his undefeated record is at stake but he is with a big opportunity to make his name popular once he beat Donaire.
I agree. But there's only one way to find out and that is to make the fight happen. Gaballo has nothing to lose even he lose against Donaire, because for sure he'll gain new knowledge and techniques after the fight, besides, boxing will not always be Christmas for all of the boxers, losing is always there. The chances of winning are high for Nonito Donaire, so I'm gonna make a bet for him in their coming fight. |
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AFAIK, Most of the online gambling operator are using blockchain for all the transactions entering on there casino since payment method is in crypto and its all recorded if the dispute is about whether the user indeed deposit/withdraw the exact amount.
There's a lot of online casino that completely coded on blockchain. The only problem was the slow transaction speed whenever lots of player is playing at the same time. Blockchain is indeed the solution to gambling industry to solve trust issue, the only problem was the blockchain that will give the right TPS to run this tons of transaction for a short period of time.
Correct, but only the online gambling sites have access on those transactions that's been happening inside their gambling platform, the only transaction that player would see in the blockchain is the amount he deposited on that gambling platform but never the bets he'll made. The article that OP shared however is the opposite of it, the transactions inside the gambling sites are public for both parties (if I'm not mistaken) so that players could track their bets and could help them realize like putting an allotted budget for each day in gambling or quiting it for good. |
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