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2941  Bitcoin / Bitcoin Discussion / Re: What would you consider living on crypto? on: August 26, 2021, 11:37:02 AM
I think that putting all your savings in Bitcoin works much better instead. If you live on Bitcoin, unless you earn at least 2x what you need for monthly expenses, there will be months in which you will struggle to live. Especially when quick dumps come and you happen to have to spend a little larger sum of money. You earn $500 a month? Should Bitcoin drop by -50%, any $1 coffee you bought before will now cost you $2 and any t-shirt you bought for $10 will now cost you $20. Got a $200 rent? It will now cost $400. Difficult living like that, and nobody will guarantee that by the end of the year you will recover from your losses.

I don't really agree with your first statement but I agree with the rest of what you have said. Putting all of your hard-earned money in Bitcoin is risky. You know how volatile bitcoin is. Diversification of funds is still of importance. I know that bitcoin has already proven itself numerous times but you should still put some of your funds in other platforms in case something happens, you can withdraw instantly. Aside from personal savings and investments, you should also prioritize having an emergency fund which you can easily cash out if ever worse things occur. Because if you put all your funds in bitcoin and something happens, you will be forced to withdraw whether it was in a bearish market. In that case, you'll lose your supposed profit.

Regarding living on crypto. It would be extremely risky as well. Imagine living in volatility and uncertainty. It would be so stressful most especially if you're not really that well off. I don't think living on crypto is a good idea. It would cost you more during its bearish market days. While it would be so nice to spend during the bullish market because you can spend more than what you originally invested, it isn't guaranteed that it's gonna be that kind of day every day. Fluctuations often happen and it won't be so healthy to live in that kind of environment unless you love to be challenged so much and can afford to lose much.
2942  Economy / Economics / Re: What’s the nature of currency? on: August 25, 2021, 01:52:44 PM

1.The essence of currency is a value anchor. When you pay labor or produce something, the market will naturally give you a price corresponding to your payment (value manifestation)

2.The essence of currency is liquidity. For legal currency, it is done by the bank. His transmission medium is commodity circulation and capital circulation.

3.The essence of currency is credit, which is more effective for world currencies or super-sovereign currencies mentioned in forums.

4.
Quote
Musk said that the essence of currency is a commodity that can serve as a general equivalent.

5.I may also say that the essence of currency is rights. Whoever has a strong fist, whose weapon is advanced, whose technology is advanced, whose country is powerful, is what he says, and everyone must abide by it.

I agree with what you listed. These things are all possessed by bitcoin. However, it still isn't counted and acknowledged by the government as a currency. Perhaps because they have their own local currency in fiat in the first place. Since bitcoin and other crypto aren't issued by the central organizations, they aren't accepted as such.

Currency functions as an anchor of value and as a commodity in general. Many countries have their own currency and what they have to do is to sustain, maintain, and boost their economy to retain its face value in relation with dollar. Although the problem with traditional currencies (physical money) is that it is prone to inflation. Meanwhile, crypto is lesser prone to inflation which makes it a better option to store funds.

Hopefully, the countries all over the world will soon notice that bitcoin and other cryptocurrencies are currency because it can also do what fiat can do.
2943  Bitcoin / Bitcoin Discussion / Re: Accepting bitcoin as payment for my business on: August 25, 2021, 12:43:12 PM
I have been in the forum for some time learning different aspects of bitcoin, now I want to be more practical about bitcoin as a currency. I introduced crypto payments for my business and have been making sales lately. I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.
So far customer feedback has been good. Some people are glad to be able to use bitcoin to actually pay for a service, Nigeria is a growing market you see. In addition it has also got my business attraction from customers who are in the crypto space. The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet. I try to educate them on other wallets with low transaction fees like electrum.
I feel good about this new development. I get to interact with customers about Bitcoin and share ideas


Congratulations on your business!

It's really nice to read that there are businesses like yours that are already accepting bitcoin and other cryptocurrencies as mode of payment. This can help the users to have alternative option for paying and bitcoin as well because collective effort of adoption will lead to mass adoption, that can help encourage more enter of investors as time passes by.

I just wonder though, how much of a hassle are transaction fees and processing time? Does the transaction fee in paying crypto higher than the usual payment methods like e-wallets and banks? How about the processing time? Does it confirm and reflects instantly? Because these are the usual concerns of customers. Of course, as seller you want the best possible option for your consumer and the consumer wants that as well. Glad to hear you are not just after the sales but you educate them as well.
2944  Bitcoin / Bitcoin Discussion / Re: If bitcoin go high the poor will not participate on: August 25, 2021, 11:58:13 AM
The bitcoin price is way too high but it doesn't mean we need to buy 1 whole bitcoin. We can buy just a portion of it and still be able to get a profit. It will all depend on how good we are in trading and investing. Investing in the amount we can only a lot help us to have bitcoin and maybe will let us have more bitcoin if we know how to trade or probably when the price is high.

Exactly. This is one of the good things bitcoin offers. It is inclusive - anyone can invest as long as you have the knowledge and capital, may it be big or small. You can buy in installments and you have the authority on when to invest, how much to invest, how long you will hold, and when you will withdraw (all-out or partial of your fund).

This is the biggest difference of investing in bitcoin compared to investing in other investment vehicles. You have the autonomy and it doesn't enclose you to a fix or maintaining balance unlike that of investing and saving in other platforms such as in central organizations. You can buy whenever you want. You can wait the market to be bearish to enter. You can withdraw a portion of your fund or all of it if you want to. And you can hold it for a very long time and your funds will still remain in intact. Just make sure to secure your accounts information because once you have forgotten it, it will be hard for you to access it.

So, I don't think if bitcoin's value will be higher, the lower bracket cannot enter anymore. Remember, bitcoin is volatile so its price can always change depending on the season and market flow of course. One must just have to be smart, strategic, and must have a good timing to be able to buy low, sell high.
2945  Bitcoin / Bitcoin Discussion / Re: Regulators are on next level desperate on Bitcoin and the cryptospace on: August 25, 2021, 11:17:42 AM
Regulators are more seriously in bull market. In bear market, we only see FUD or plans for future regulations but in big bull market, regulators actually launch new regulations. They are challenged by bull market and feel their power will be damaged more or disappear if they don't response seriously with crypto market.

Consequently they response more seriously than they usually do, at governmental levels and globally.

I agree.

Most of the time, when the market is in its bullish season, you will see a lot of news and articles saying that the government wants to regulate it. The reason behind this is because they see it as an opportunity to collect more taxes and to control the source of income of the citizens. Meanwhile, when the market is in its bearish season, the government disregard it. They don't pay attention to it as much. However, they spread news that cause FUD to the potential users to shoo them away from investing. They spread false information such as claiming crypto is a scam, a type of ponzi scheme, and the likes.

I would just like to relate the situation here in our country. This isn't really related about bitcoin but on NFT game which trended the past few months which is Axie Infinity. Prior to the game being widely known and played, they stated it is a form of scam. That axie is nothing but a waste of money and not worthy to be invested upon. But right now, axie really boomed and our government want to tax the players now because they knew they were earning. What a clown, right?

In general, the government wants to regulate anything they see doing good and earning money, but they don't care about it when they don't see they can benefit from it.
2946  Economy / Gambling discussion / Re: UK 20% of the gambling venues are located at the poorest part of the country on: August 24, 2021, 02:32:39 PM
Well, that's should be expected.

Poor people can't resist any ways to earn money at a very fast phase, that's the reason why they put casinos in such place to gain money for their business, which I think is kinda selfish for a wealthy person who owns a lot of casinos (it's all about money I guess). What makes me sad is that those poor people for sure are illiterate when it comes to decision making, and desperate to earn money for them to ignore the casino nearby to their places.

I hope most of them would realize sooner that it is better to earn money in the hard way (yet safer) unlike spending it on casinos.
2947  Economy / Gambling discussion / Re: {Boxing} Manny Pacquiao vs Yordenis Ugas on: August 24, 2021, 01:41:33 PM
Lack of stamina, he's already 42 in age and what do we expect even he's minds still has it but the body movements are no longer the same.
An aged, experienced, and well-trained Manny has still lots of stamina, it's just that he suffer leg cramps on his fight (at least according to him) and it's too painful to bare especially for boxing with 12 rounds, many speculate due to his age as its prone one or over training.
Well it seems he changed a lot, I don't see the real Manny Pacquiao on this match, it seems he is very weak in this fight. I saw he has a very slow movement compared to the last fight. During his interview after the fight that was, he said, because of his leg cramps, so that is a sign that he is old enough to give a fight. I think that is enough, he give already had so many fights and entertainment, it is time for him to rest and resign from this kind of career. Just a fun fact, he had ads regarding body pain killer drugs [ALAXAN] but he had leg cramps.

I definitely agree with this.

He should retire soon because of his age, because even though he still got the power punches, but he never have enough stamina to withstand a proper training, diet, and punches from his opponents unlike before, in his good old days. However, he is still the one legendary boxer for me, no one could ever change that. The only thing is, he must admit that he's getting older and focus on his family, new career, and so on but not boxing because a serious injury could do bad on his body because of his age.
2948  Economy / Gambling discussion / Re: Twitch introduces restrictions on gambling-related links - deadline 17 Aug on: August 24, 2021, 01:01:39 PM
The latest creator update from Twitch says,

Quote
"To prevent harm and scams created by questionable gambling services that sponsor content on Twitch, we will prohibit sharing links and/or referral codes to sites that offer slots, roulette, or dice games,”

Now streamers have time till 17th August to remove any such contents from their videos.

News ref: https://dotesports.com/streaming/news/twitch-introduces-restrictions-on-gambling-related-links

Do you foresee any Impact on crypto gambling?

It won't have any negative impact I guess since they just prohibited sharing links or referral links regarding about gambling. However, social media influencers could still promote it without dropping any link on their content or channel. It is enough already by mentioning it in their video and have a separate social media app for promotions like discord to discuss about it. There are so many ways to promote such things, so overall, gambling sites could still make money like usual without being bother by it.
2949  Economy / Gambling discussion / Re: Inoue vs Donaire II discussion on: August 24, 2021, 12:18:16 PM


I cant deny too that Casimero might be the toughest opponent for Inoue but lets see on how he would really perform inside the ring.

He really is and nobody can't deny and it's time for these two to meet in the ring and settle once and for all who is the best, Inoue looks great against weaker opponents but let's see if he can do all the moves against Casimero who is so good in counter punching and looking for an angle and loves to engage if they meet our bet is not on who will get a  decision but on who will get a knockout.

Casimero already recognized the power of Inoue but he is a power puncher too according to him and the reason why he wants to choose to fight Inoue is that they both will execute power punches in the middle of the ring where they clash until one of them will fall. Casimero knows that he can be knock out by Inoue but still he wants to fight him so that the fans will enjoy watching the old boxing-like was. They really need to approve whatever the contract offers because money won't really matter anymore since both fighters want to clash in the ring as soon as possible.

He wants to challenge Inoue and prove that he's stronger and much better power puncher. Normal to every fighter, if they will just admit it. Inside them, they all believe that they are better than their opponents.

Casimero is very hunger for fame he believes that he's more valuable than what he's getting right now.

Seeking for more attentions and trash talking those other fighters who he believes fans think that better than him, he's trash-talking Inoue to have his chance for the fight of a lifetime.

Casimero delayed their VADA testing with Donaire, because he doesn't want to fight Donaire I guess, and wants Inoue instead. I don't know the reason behind his actions but either of the two power punchers, Casimero is in the tight fight on whoever he'll fight in the future that's why I'm confused why he did delay the VADA testing.

Inoue vs. Donaire season 2 would much likely happen in November-December regarding on the article that I've read. But we still don't know if it is already official or not. See here
2950  Economy / Gambling discussion / Re: Most active bookie for cricket on: August 24, 2021, 11:08:29 AM
Matchbook is the best so far for cricket's betting because of its good bonus, good offer, a lot of odds to choose in betting, a very nice interface that's easy to use, and they are pretty popular to cricket bettor's.

There are plenty of bookies that supports cricket. All you need to do is to make a list of it, look for it personally to decide which one would you like because we shares different opinions when it comes to stuff. It might be a good one for me but there's a chance that you wouldn't like it for yourself.
2951  Bitcoin / Bitcoin Discussion / Re: Why are some individuals hostile to Bitcoin? on: August 23, 2021, 03:39:46 PM
People are hostile to things that they do not have the courage to invest in or do not have the funds. Most hostile is because they are jealous either they are jealous that you have the courage to invest in it or they are jealous that you have the money to invest in it. I have not yet met any one that has legit reasons to be hostile to Bitcoin. How can you be hostile to something that is trying to set the common person from its handcuffs? You cannot instead you have people who have other motives like wanting fiat to succeed because their institution relies on fiat to succeed like banks or you have people that are jealous.

I strongly agree.

Most people who are acting very hostile on bitcoin are mostly the people who don't even own one to begin with. I also have this guess that maybe they are like that towards bitcoin is because they don't have the means to buy it or invest in it. Hence, they just attack it and hate it so much to the point they spread fake news and FUDs to shaken those who invested in it. Enviousness is also one of the reasons. They don't want other people to invest in it. They want it all for themselves. They don't want to educate other people of its benefits that's why they do all the possible things to let Bitcoin's name be tainted on other people's eyes. These kind of people are greedy.

Other possible reasons could be they have been scammed, they aren't just knowledgeable enough, and they easily believe rumors and gossips they heard or read from different platforms.
2952  Bitcoin / Bitcoin Discussion / Re: Currency is not the same price, you can buy low and sell high profit? on: August 23, 2021, 01:43:00 PM
I‘m curious about why would big gap appear?

As far as I know, such price differences are in most cases caused by high demand and low liquidity in a particular market. If there is not enough of something on the market, and there is a great demand, it is logical that the price will rise. This is not just the case with South Korea, and some markets in Africa and the Middle East have also recorded large price differences at times when the price is rising.

It should not be associated exclusively with Bitcoin, it happens in everyday life - people buy something cheap in country X and then sell it at a much more expensive price in country Y.

It may seem very enticing to do arbitrage nowadays because of possible big profit when you buy the coin in low position, then sell it high. However there are risks. For sure the security have been tight at the present given that the exchangers have been informed about the abuse of platform and services. It's also possible that the exchangers have come up with blocking and banning bots or those who don't belong in that specific location where the price of coin is low. Or maybe, even if you bypass, you can't sell it in other place because it is only exclusive (the buy and sell) in that specific place.

Just like certain products that you can buy cheaply in a certain country. Sometimes these products aren't allowed to be distributed and resold outside the country's premises. It's just exclusive and intended to be consumed by the native citizens.
2953  Economy / Economics / Re: Would you be able to take an additional work if required? on: August 23, 2021, 12:42:54 PM
A few of my friends are struggling to get a job. They are in their mid-lives and the country they live in is particularly difficult to find a job at a certain age. Also, when some recovery was being noticed after the 2008 - 2012 crisis, COVID struck hard on an economy with a strong tourism sector. Meanwhile, I made some choices that landed me an stable and reasonably paid job that also leaves enough time to do other stuff that generates income or reduces my costs if I wish to do so.

What is the situation in your country and for yourself? Would you be able to land additional work for example working with crypto, selling stuff on-line, youtubing or something else?

Here in our country, the situation is very challenging given the pandemic situation we are in. We still haven't bounced back. In fact, we are still stuck inside our homes. I can't recall how many times our government have imposed lockdowns to "contain the virus", yet they always fail because the number of cases reported and recorded each day don't lie. The covid-19 cases here in our country continues to go higher despite the lockdowns and vaccinations. It's very unfortunate for us that we are being led by bunch of incompetent officials.

Right now, I have cryptocurrency as another source of income.  I am fortunate enough to have enough funds to invest in nft games that have become a trend last year and this year. It serves as another stream of income for me to buy the things I need and the things I want. This also serves as my entertainment during this awful situation we are in. If I want to, I can still find additional work, but I have so much on my plate right now that I have to focus on, so I might not entertain the idea of finding another one. I can say I am privileged enough and I am very thankful for it that's why I'm making the most of it despite having dull days.
2954  Economy / Economics / Re: Why bitcoin will appreciate forever on: August 23, 2021, 11:50:27 AM
What if an alt-coin reaches the same adoption level as Bitcoin? Wouldn't that be seen as effectively increasing the total number of available coins, therefore devaluing BTC?

Unless bitcoin had some major technical problem, alt-coins will remain a small part of the bitcoin market value. When it comes to money, you need only one type, because money's universal equivalent property. Bitcoin's first mover advantage is very clear, people need one type of digital currency that has limited total supply and no central authority, as long as bitcoin works, this demand is fulfilled

Valid point. Bitcoin won't be easily dethroned IMO because it has properties that many altcoins do not have. It also has a high market demand making it the leading crypto. The people trust it so much because they've known its benefits and potential. Altcoins value is based upon Bitcoin's price movement. When bitcoin's value goes up, so does the value of altcoins in the market. This just means that it is still the superior among all coins.

I don't see any altcoin at the moment that can be of equal or even surpass bitcoin. As of now, it would be hard for them to establish such given the situation. Although there are numerous coins that also show potential value rise, the data I have analyzed aren't enough to tell if they could also stand the tests of time like what bitcoin did.
2955  Economy / Economics / Re: Do you think financial stability is mandatory to be a gainer in Bitcoin invest? on: August 23, 2021, 11:08:10 AM
We often notice rich people become rich day by day. It's no different for Bitcoin as well. Because we can see the most benefited person from Bitcoin is big investors, mean definitely they are rich. If you agree with me then why do you think most big investors are gainers and why most small investors can't gain.

For me, I think financial stability works behind our success in life. So same goes for Bitcoin investors as well. The rich person could invest for a long time. He doesn't have problems even he doesn't sell his holding even during very bear markets. A financially stable person even could hold 10 years. But like us who are small investors, we aren't stabled financially. As a result, we don't when we have to sell our holding for need. That's how we become losers even we intend to hold for a long time. I am a real example of that recently.

Do you think financial stability is mandatory to be a gainer in Bitcoin investments?

Financial stability isn't mandatory to gain big profit from any investment. However, it plays a great role in achieving what you want in life. Money is necessary in order to start off something. Sure, skills, talents, and your characteristics can be of great help but without money, you can't pursue or establish your goal.

Those people who are financially stable have safety net that catches them whenever things don't go the way they planned it to. They will be able to bounce back again faster compared to those people who really have none. The people who also have enough money on their bank accounts don't have to worry much if they will continue holding or they will withdraw because they are used to gambling. They can afford to lose because they always have back ups. Which I really commend because in crypto or any investment you should really just invest what you can afford to lose. There are just instances where people risk all in despite knowing the golden rule to perhaps try to gain because of desperation.

Despite not having financial stability, one can still achieve and gain in crypto. He just have to be determined, strategic, and resourceful enough to gain. In addition, patience and strength of heart will also be one of the great factors to gain.  He must not be easily shaken and must be willing to hodl for long term. Unless of course, emergency situation arises such as need for funds. This one is the really big difference between the financially stable investor and financially unstable investor - the latter will be forced to sell or withdraw his assets to support his needs in life, meanwhile, the former can continue to hodl as long as he wants. But both can gain depending on their methods and decisions, it's just that the financially unstable is at disadvantaged side.
2956  Economy / Gambling discussion / Re: Gambling Exposed to children on: August 21, 2021, 11:22:44 AM
That's for sure but as long as you've explained why you did that and they cannot visit certain websites including the online casinos and other material that they shouldn't be visiting at their age, I think that you've done well already. Now, the next problem comes in as what you've said that they can still gain access through the help of others but as long as you've educated your kids about it. I think that they'll be obedient and they'll avoid those websites including those that are related to gambling.

You all have good points. Monitoring can be done now that children are spending most of their time online and are staying at home. But of course, instead of just restricting them to do so, a good conversation about such matter is really essential.
Communication and talking with your children are very essential. You don't stay at home together without doing conversations. Actually, it's a must to talk with your children all of the time. Even on your busiest days, you've got to allot time for them and teach them what they have to do.
Because if you're not going to do that, they might do those things such as this related to the topic without your consent because they didn't know and you didn't tell.

Actually, when your kids has a basic knowledge and know how logic works in a certain situation, no matter what topic you said to them, they will secretly do a research about it and find themselves what are the effects of gambling can do to a certain person once he started playing it, and I'm sure kids won't like it so they will never try it in the first place because they know what will happen to them if they do such thing.

That's why opening their eyes at such a young age is important. Let your kid mature at a very young age roy take care of themselves in this world.
2957  Economy / Gambling discussion / Re: The houses always win, are you the house or the gambler? on: August 21, 2021, 10:32:19 AM
There are still Casinos who are losing much money and that is not because of the house always win but because of the government pressure, mismanaged of funds so technically Casinos are still vulnerable for losses. Anyway, gamblers are losing money because of their own behavior and mindset about gambling, we know the house will do everything to earn money and we should understand that probability of winning against the house.

This is only a fact if a casino is not doing well in their business days, but if a casino is doing well, the tax that the government imposed to them will never bother them because it is only a little compare to what they are earning monthly or yearly. This is the reason why starting a business needs a solid plan, a solid marketing strategy, a solid team that will promote and help the business more productive and profitable.
2958  Economy / Economics / Re: Central bank digital currency will improve the use cases and value of Bitcoin on: August 20, 2021, 03:49:54 PM
How will the central bank ever improve the uses and value of bitcoin when in fact it is a decentralized speculative asset? Bitcoin is controlled by market demand, not just by any organization there is. Bitcoin and central bank in a sentence shouldn't even be put together. The two are completely different. The one is centralized and the other one is decentralized.

In addition, central banks wouldn't dare to be involved in cryptocurrencies in general because it is not issued by them and it possess a lot of risks. Even the local banks here in our country doesn't acknowledge crypto as a currency so why would the global central organization do so? They wouldn't want to be related with crypto in any way because they see it not as an investment nor currency. As a matter of fact, they most banks see money that came from crypto a 'dirty money'. Hence, you can't deposit a fund that came from cryptocurrencies whether it came from an investment or trading. Anything related with crypto, most banks reject. Unless of course you'll find a bank that is crypto-friendly which is very rare in my country.
2959  Economy / Economics / Re: Is Bitcoin losing its purpose? on: August 20, 2021, 02:50:55 PM
To straight forward answer your question, no, bitcoin isn't losing its value. You see, bitcoin has withstood the tests of time. It has shown its potential to the whole community and is still soaring to the top at the present. Mass adoption is slowly happening and the improvement of its features such as processing time and transaction fees are definitely going to happen sooner which means more people will be enticed to invest on it and use it.

It's slowly fulfilling its purpose which is to be a currency which is the primary intended usage of it in the first place. Because of mass adoption by several countries and companies, bitcoin can now be one of the modes of payment and it was even made as a legal tender in El Salvador. It is going places and certainly in the future, more and more people will be knowledgeable about runarounds and how it functions in terms of being a store of value and currency.
2960  Bitcoin / Bitcoin Discussion / Re: Bitcoin for Afghanistan and Taiwan on: August 20, 2021, 01:28:27 PM
Given the events in Afghanistan over the last week, it is a great example of where bitcoin could have been of great use to the people of the country.  The currency, the Afghani, fell to record lows.  Anyone who owned bitcoin was protected and could escape the country with their assets, not worrying about capital controls or confiscation at the border.

Given that China sees how weak the current US administration is, Taiwanese should beware and should have escape plans in place:  assets offshore in the US, EU, Switzerland etc and some large percentage in bitcoin.  The people of Hong Kong had an opportunity to do so, and probably still have a slight window, but right now Taiwan is in a place where the people should be concerned about the communists at their door.

I don't think bitcoin would be fit for Afghanistan especially given their current state. Bitcoin is volatile. It requires knowledge about how it works for someone to fully utilize it. In addition, the processing time is longer and transaction fees are higher compared to the usual digital banking. Although I get that bitcoin is really useful if you will really think about it because of its decentralized nature, meaning even Taliban group won't be able to regulate it as much as they would want to; but we must also take into consideration that Afghanistan is a country that is far from being developed. Their citizens would definitely have a hard time most especially if they will just be introduced to bitcoin by now.

I don't think most of their people have resources as well as of now that their country is in chaos. In addition, the establishments that are accepting bitcoin are still limited particularly to the developed countries, hence, using bitcoin would be futile because the adoption in their country doesn't happen yet.
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