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2981  Bitcoin / Bitcoin Discussion / Re: Buying BTC vs Mining it on: March 13, 2022, 01:24:33 PM
How about this for an improvement: BTC mining vs. BTC possession. Moreover, what is the reason?

In other words, if I had a 40k right now, should I buy a model such as the Antminer L7, for instance? Purchase a single bitcoin, if that is your preference.
I think buying is a safer, simpler and lazier option, which can also bring some long-term profit and easily make $40k into $100k over a couple of years. As for mining, it means not only initial investment which you that need to cover by profits (when you buy Bitcoin, you can always pull your money out, and you'll get more out of it than out of selling mining equipment, probably). You also need to cover the electricity bills, which can be huge. Not to mention maintenance, so that your equipment doesn't break. And, possibly, taxes for doing business, maybe some permits to do that etc. So I'd go with buying Bitcoin.
2982  Bitcoin / Bitcoin Discussion / Re: This Odd Job Would Have Put Thousands of Dollars in BTC in My Wallet on: March 13, 2022, 01:10:23 PM
So I was contacted by a client for a writing job. The pay they proposed was just too good and I was happy and poised to earn thousands of dollars in bitcoins once again. I was eager to take on the content creation job, but alas it was not to be.
The hiring fellow, who I met on Reddit wanted me to create "fake news articles for some crypto projects". I was like ""what?". Yeah, I heard well...create fake news and make them look real enough for some crypto projects and earn thousands of USD in BTC. I told him that's not ethical and people would lose money. He said no, that folks will rather make money. That's how I let a lot of money slip through my fingers. This conscience of mine. I'm sure someone somewhere has taken the job.
I'm sure some folks somewhere will lose their money as a result.
If they're willing to scam people and mislead them into giving money to fake projects, they can also easily scam their writers. But, regardless of whether they pay writers and how much they pay, it's indeed a very unethical thing to do, and I'm glad you said no. I honestly don't understand how people can do stuff like that for money and not feel very bad about it. They are taking part in crimes, making others lose their funds!

Yes, everyone has a price. Wink

Money is such a double-edged sword that it's impossible to win on either side. Either you lose your morals and become a scammer or cheat others so you can make a lot of money, or you lose your money and have your morality crushed into the dust of hopelessness and forget that you ever had them to begin with. Either way, the balance of power is skewed.

I disagree that everyone has a price. I think it really depends on a person and on what's expected of you. Also, it depends on whether you care deeply about the thing you're supposed to do or not.
2983  Economy / Economics / Re: Anonymous hacker's group fight against Russia on: March 12, 2022, 08:44:16 PM
Why not that war won't be stopped in the middle of the fighting? It can be stopped if an agreement is reached just with the discussion going on to stop the Russian attacking Ukraine. In the fight between the two countries, it need to be stopped because the strength of Russia is more than Ukraine and children are being killed which is the must painful aspect of this fight.
Russian 'second strongest' army in the world is suffering heavy losses and clearly hasn't reached the goals of the war at all, so I wouldn't say Russia has more strength. It has the numbers, but Ukraine has the quality and enormous morale. Fighting for our freedom is the central message of our national anthem, and historically, we fought against Russia and Russia questioned our right to exist over and over again. The war can be stopped when Russia realizes that it lost and starts looking for a way out. Ukraine will never surrender and will not concede any territories to Russia, no matter the cost. This is how our nation is built and how much it means to us. It's better to die than to be slaves, it's a part of our national identity.
It's too sad Russians have to go through all this as a result of a single man's act(Putin). Irrespective of what Putin is glamouring for it's still not enough reason for invading Ukraine, destroying lives and properties and keeping the whole nation in chaos. This sanctions now has to affect the entire country keeping their economy is total disarray. It's best for Russians to switch to decentralized assets so the can stand even in the midst of this political and economic and  hard times as a result of Putin's Ukraine invasion
Is it Putin bombing our cities? Is it him keeping villages under blockade and shooting at civilians? Many Russians are directly complicit, committing war crimes right now. Also, the people of Russia are guilty of not being brave enough to overthrow autocracy if they are truly against the war. Not to mention that apparently many (from the polls I've seen, more than a half, it seems) regular Russian citizens do love Putin and support the war.
2984  Economy / Games and rounds / Re: Sportsbet.io ⚽ Arsenal + Southampton + SPFC ⚽ Prediction Contest (SUN & WED) on: March 12, 2022, 08:28:13 PM
Game 1:  27' 1-0 Southampton
Game 2:  27' 2-1 São Paulo FC
Game 3:  27' 3-1 Liverpool
2985  Economy / Economics / Re: The ruble is going to hell on: March 12, 2022, 08:21:30 PM
Not a ruble is going to hell. The whole country is going to hell, in which, in the near future, a real collapse and division into many independent states, and I hope with the control of the established authorities. After the new sanctions on hydrocarbons adopted yesterday, Russia no longer has a chance. What you are seeing now is agony. You know, like a person in the final stages of cancer - he seems to be alive and breathing, and even speaks and communicates, but - there is no way back, death is ahead, and there is nothing to help. Just waiting for the final...



Yes, I hope we'll see it happening soon. Ruble lost half of its value, if not more, and while it's good news, there's much more going on in terms of both sanctions and major businesses leaving Russia. The collapse of the Russian economy is imminent. As for Russia itself, I guess it depends a lot on the political will of people within various regions, as now is a good time to say goodbye to Russia and declare their independence.
And, referring to more recent discussions in the thread, thankfully, Putin is not backed by China. China's not stupid enough to support Russia right now because China's economy is also very dependent on collaboration with Western countries, and China has long been more of a fan of economic interdependencies, not military interventions that destabilize the region and the economy.
2986  Economy / Economics / Re: Bitcoin, safe havens and real estate in a foreign country on: March 12, 2022, 08:03:20 PM
To find possible answers to why real estate in UAE can seem better than cryptos in a digital wallet, I looked at how UAE has behaved as a state during the ongoing war. Both DW and New York Times have fresh articles on how UAE is a good place for Russians to avoid sanctions now.
The sentence from the DW article sums it up nicely:
Quote
It's sunny and politically stable, there is little financial transparency and it's easy enough to invest in a business or property and get a residency visa in return.
A NY Times article mentions another interesting thing:
Quote
At least 38 businessmen or officials linked to Mr. Putin own dozens of properties in Dubai
So it's a pretty good place to hide from sanctions, it's fairly easy to get there and to settle there for rich Russians, it already has a strong Russian community, and a lot of property is already owned by rich Russians there.
So as an idea of a potential relocation as well as a business opportunity, it probably seems very attractive to Russians because it's very unlikely that any of their property in the UAE will ever be seized.
It might also be that these people, these rich crypto owners, aren't really fans of cryptos and only have their money in cryptos now because of what's happening to ruble and restrictions regarding foreign fiat. So they want to move into something more familiar, more 'stable' in their views. And that's real estate. It's very typical for very rich people in the Post-Soviet countries like Russia and, I must admit, Ukraine, to move their wealth into real estate, building or buying either a shit-ton of flats or a few very luxurious mansions.
2987  Economy / Economics / Re: Russia can evade sanction through cryptocurrencies on: March 12, 2022, 07:45:13 PM
The Russia's central bank wanted cryptocurrencies to be banned in its country but the Russian president, Vladimir Putin said bitcoin mining and other crypto mining will be beneficial for Russia. Some people at that time have been supectimg this could be a move by the Russia's president that he is planning to invade Ukraine which will result to sanctions, thinking cryptocurrencies would be a means to evade sanctions and make it economically less effective.

Ukrainian Vice Prime Minister Mykhailo Fedorov demand crypto exchanges to freeze all Russian accounts so that the sanction can be effective, but most exchanges did not support this. I read few days ago that cryptocurrencies may not help in Russia sanction but FinCEN concluded that Russia can attempt to use cryptocurrencies to evade sanctions.

FinCEN Provides Financial Institutions with Red Flags on Potential Russian Sanctions Evasion Attempts

What is your take? What role can cryptocurrencies play in helping Russia sanctions evasion and to what extent can this be?
While big crypto exchanges aren't going to block all Russian accounts because, the way Binance explained it, they're not sure if it's legal to do that (and they're probably right that it's not), they are restricting those accounts that can be linked to government or belonging to people who are under sanctions. But I agree that avoiding these restrictions on a small-scale is possible (if the amounts of money are not big enough to raise concerns and there's a bunch of people involved). Putting large funds into or pulling them out of Bitcoin can prove much harder. Also, there isn't much to sell for Bitcoin when reserved funds are frozen and many assets are frozen as well, not to mention that it seems to me Putin doesn't want to abandon ruble and is thus unlikely to approve transferring what's left of Russia's budget into something like Bitcoin. So it's all good.
2988  Economy / Economics / Re: Crypto is a part of war now, like it or not on: March 11, 2022, 05:40:34 PM
Given that there has been a while since the last time a country invaded another country in a way Russia invaded Ukraine, I think it's right to say that the current war is the first major war since BTC creation, and it's also a war where cryptos indeed became very relevant, as both Ukraine gathers crypto donations (the government and the biggest foundation of helping the military effort), and crypto exchanges are also reacting to what's going on and trying to impose their sanctions on Russia and/or fundraise for solving humanitarian issues in Ukraine. Speaking of humanitarian issues, I must say I understand why so many would rather donate to such causes than to the military directly, but it's not doing much under current conditions. Ukraine has food, water and medicine ready to go to places where humanitarian situation is dire, but Russians fire at the corridors, block the convoys and prevent the aid reaching those who need it as much as they can. So helping the armed forces is arguably a more efficient way of helping civilians because transporting humanitarian aid in the key issue, and with fewer Russian military, it can be distributed faster.
2989  Economy / Economics / Re: Inflation hits USA on: March 11, 2022, 05:25:36 PM
I think inflation is not going to be the biggest issue, to be honest. Around 8% is high for the developed world, of course, but I've lived in a country where a 10-15% inflation is quite common (and yet we haven't jumped to hyperinflation), and I can tell you that while yes, you feel the impact, it's not critical by any measurements and not something that is impossible to overcome. But what can be affected a lot is prices for certain products, of course. So I believe it's best to stop Putin ASAP, so that the US and other countries can then re-establish their relationships with the new Russian government. It's in the best interests of the US to help Ukraine now as much as possible, so that the hit on its economy isn't getting higher. Sitting it out is not going to work with Putin, just like it didn't work for the previous two world wars for the US. But not sending their own people to die in the war is still a possibility if Ukraine's given much more military support (weapons) than it's receiving right now thanks to Biden being scared of Putin.
Also, a small note: it's the war of Russia against Ukraine, not the conflict in Ukraine with Russia (the latter downplays the aggressive act of invading a sovereign state which Russia committed).
2990  Economy / Exchanges / Re: Bitcoin ATMs forced to shutdown in the UK on: March 11, 2022, 05:05:44 PM
I’ve used various atms from 2017 - 2019 around the UK - never had any KYC. A few atms wanted some KYC details for over £500 , but you could do multiple transactions up to £500. BUT, the fees were crazy - minimum 7.5%.
I always wondered when regulation would come and so it appears it’s arrived !
High fees of Bitcoin ATMs seem to be a common issue, and that's why I've never used a Bitcoin ATM. But asking for KYC for over £500 sounds like a pretty strict but somewhat fair requirement already (similar limitations are set for fiat currency exchanges in some countries, that's why I think it's somewhat fair to impose the same on Bitcoin)... Perhaps it's a temporary measure, to close ATMs, work out the regulations, enforce them and allow reopening those ATMs that comply. As others mentioned, apart from the KYC, there could be a problem of owner evading from paying taxes.
2991  Economy / Games and rounds / Re: Sportsbet.io 🎾 Indian Wells Masters 🎾 Prediction Contest (Round 1) on: March 11, 2022, 04:43:33 PM
a)  12  b)  1:57
a)  9    b)  1:26
2992  Alternate cryptocurrencies / Altcoin Discussion / Re: What should I invest in? on: March 11, 2022, 04:25:58 PM
What's the best coin as of right now to invest in?

Bitcoin
I second that. Right now, the market isn't showing any clear signs of trends that await us. So Bitcoin, being the top currency, is the safest bet, as during bad times it loses less than other coins, and during good times it can bring some profit. Just look at the top altcoins on the current market, and you'll see that they basically follow BTC movements now, but when Bitcoin is down by 8.8%, Ethereum is down by 9.6%, and Cardano by 12.1%. Of course, some are temporarily doing better or worse and any high-cap coin is alright, but why bother with them when there's Bitcoin?
2993  Economy / Economics / Re: Ukrainians Embrace Bitcoin For Daily Purchases: Report on: March 11, 2022, 02:17:10 PM
I think Elon Musk's starlink satellite internet service costs $500 for initial cost and $99 month afterwards. If internet connectivity and financial services go down, perhaps the richest man in the world would not mind donating some of his starlink services to ukraine. Mainstream adoption of satellite internet could be another good measure to standardize for cases of civil unrest, war and natural disasters.
He already did, actually. Some Starlink modules have already arrived in Kyiv, and some are currently on the road. Yes, satellite Internet from Musk will be of great help, but I have no idea how much surface it can actually cover and how this will technically work. Another thing how connection issues are being addresses is via making a temporarily unified national roaming system for mobile phones. We have 3 major mobile phone connection providers (telecommunication companies), and it's often the case that some have better coverage than others in some areas or under some circumstances. For the time of war, they are all working together, so that people who have a SIM from one of these companies can switch the network to that of other providers.
2994  Economy / Economics / Re: Ukrainians Embrace Bitcoin For Daily Purchases: Report on: March 10, 2022, 01:39:26 PM
The only thing I don't understand in the quotes from the op is the part about Ukrainians embracing Bitcoin for everyday purchases due to the central bank cutting traditional payment rails. I'm from Ukraine, and I have tons of friends and relatives who are currently in Ukraine (I've also lived in Ukraine throughout 2019-2021). First, there's no infrastructure in Ukraine to use Bitcoin for everyday things! Some stores and cafés have been accepting Bitcoin for years, sure, but during the war, the 'everyday use' is limited to two things: supermarkets and pharmacies. I've lived in Ukraine for most of my life, and I've never seen an option of paying in Bitcoin in places like that. Then there's the second part about the central bank. What is that about? In Ukraine, the vast majority use banks like Privatbank and Monobank. I'm not 100% sure regarding Monobank, but I can confirm that Privatbank cards work both in Ukraine and abroad right now, and no limitations were officially set on paying by card. Regarding the limitations from the Central bank of Ukraine on foreign currencies and withdrawals, they were lifted.
2995  Bitcoin / Bitcoin Discussion / Re: Inflation is here Why is not Bitcoin Saving Us? on: March 10, 2022, 01:08:34 PM
So the case of Inflation has finally hit the world head on.
Bitcoin was supposed to be the solution to all of this.
How come Bitcoin has not come to save us yet.?

Why are we not being able to hedge against the inflation and prevent this from happening.

Inflation is very ugly, yet no one is doing anything about it.

why is that?
The level of inflation right now depends heavily on where you are and which fiat you're talking about. If it's very solid fiat like the USD, EUR and similar currencies, the inflation rate is at 6-8% from what I've seen. So it's above the 5% target, but not by much, and it's not a devastating increase by any means. So in that case there's very little sense in turning to Bitcoin to save the wealth because not much of it will be lost due to inflation and because Bitcoin can easily fall lower than this inflation rate. Then we have Russia, with restrictions of having USD and EUR, and ruble lost almost half of its value over a short period of time, and, by the way, Russian bank cards don't work in most countries anymore as well. In that case, Bitcoin might be the best savior from inflation because the risk of Bitcoin fluctuating downward is way lower that the almost certainty of being left with almost nothing if your savings are in ruble (and the majority of Russians keep savings in ruble).
2996  Economy / Speculation / Re: Why is the price of BTC dropping? on: March 10, 2022, 12:47:22 PM
Seeming decline in the price of Bitcoin is becoming a cause for alarm, because investors and intending ones will be skeptical, preferring to wait to see if there will be a balance.
 Although, the values of risky assets like the BTC tend to take a downward slope in the wake of the Federal Reserve making policy changes to more fiscally conservative. Also, measures enacted by the federal that are designed to control inflation have had a negative impact on the price of BTC.
 More so, as Bitcoin matures and becomes more accepted and adopted, the price is increasingly correlated with the prices of traditional assets like stocks.
Though the rate at which the price of BTC is dropping, financial analyst and professional, Ric Edelman has urged investors to stay calm and not be in a hurry to sell of their BTC, assuring that there is a favorable look on the Bitcoin in the long term.
He went further to state that this is thr fifth time BTC price has fallen by 50% or more since it's inception in 2009.
Bitcoin is currently trading at $37,000 down approximately 45% from its high as posted in Nov. 2021. Are there provisions put in place to curtail this downward spiral? https://www.investopedia.com/why-is-bitcoin-price-dropping-5216985
The price is not dropping, IMO, it's just fluctuating. It's $39k right now, while it was $42k yesterday and $39k the day before. It's going up and down, without a clear trend, so there's no need to discuss why it's dropping. I would describe this situation as stable, to be honest, because the price remains around $40k (sometimes more, sometimes less) since the middle of January, and if there are big fluctuations, they probably indicate that there's a lot of movement of the market (panic selling fighting FOMO day and night), but there's no reason to believe that anything bad is going to happen to it.
2997  Bitcoin / Bitcoin Discussion / Re: Crypto Ladies League Organizes Her First Online Blockchain Event on: March 10, 2022, 12:14:50 PM
It’s international Women's day today. The crypto ladies league organizes her first online blockchain event to celbrate the women in the crypto space. I think it is a good development that more women are becoming aware of the opportunities in the crypto industry. Crypto doesn’t discriminate gender and I’m happy these women are coming out with a bright initiative to encourage other women. Crypto is not a manly sport it’s for all genders. Happy International women’s day!


https://lightblocksnews.com/crypto-ladies-league-organizes-her-first-online-blockchain-event-to-celebrate-international-womens-day/
It's important to organize such events and target groups which are underrepresented in the crypto industry, and Women's Day is a perfect day for such events. While cryptos are digital and there's no direct discrimination due to their digital nature as well as pseudonymity associated with using cryptos, the gender gap doesn't disappear, and women as well as other groups might face additional obstacles when joining the industry or even using cryptos, and the strength of these obstacles depends on the country, social status, rural vs urban area and other factors.
2998  Bitcoin / Bitcoin Discussion / Re: Update on my hardware store which accepts Bitcoin on: March 10, 2022, 11:29:56 AM
Hello all. It has been a while since I made a topic regarding my hardware store which has started accepting Bitcoin as a payment in September of 2021. It has now been 6 months and the business is going very well, but sadly not a lot of people decide to pay using Bitcoin. I often get people saying things like: "Isn't Bitcoin a huge scam or something?" or "Couldn't Bitcoin just drop to 1 cent?"...

It's sad to see that people still have those stupid stereotypes about Bitcoin. This honesty sucks because it gives a negative reputation to Bitcoin and my business.

However, I have made sure to inform people who used BTC to make a purchase about the BitcoinTalk Forum and how it is a good place to learn and read on the topic of cryptocurrencies in general.
Can you find and print out (or put it on a visible place on your website if it's online) some good infographic material about Bitcoin? So that people can see and read stuff before asking questions like this. If you google 'bitcoin infographic' you can find plenty of options. What I also think can be helpful is an image with names of big companies that accept Bitcoin or famous people who endorse Bitcoin because things like that matter to people when they're not sure. Also, if you want to encourage people to use Bitcoin, perhaps you could make a small discount for those paying in Bitcoin? I'm sorry people are being negative about Bitcoin in your store.
2999  Bitcoin / Bitcoin Discussion / Re: Bitcoin and Ukraine war on: March 09, 2022, 06:43:37 PM
Bitcoin is fluctuating, there's no need to worry over that. It's currently at $42k, 8% up over 24 hours. Overall, I think it's doing well during the current war and I have no reason to believe it's going to change for the worse. Of course, Bitcoin can suffer from some panic and general uncertainty of investors in an unstable geopolitical situation, but this will be compensated by donations pouring into Ukraine in Bitcoin and, possibly, increased usage of cryptos in Russia amidst strict regulation of foreign fiat and a free fall of Russian fiat.
3000  Bitcoin / Bitcoin Discussion / Re: Police can confiscate refugees' valuables. bitcoin not affected... on: March 09, 2022, 05:49:51 PM
These days people keep asking where does bitcoin come in amidst the conflicts such as the one in Ukraine. Here is another case:
In Denmark, there is a law that allows police to forcefully take anything refugees, asylum seekers, immigrants, ... have that is worth more than ~$1k to supposedly "funds their stay". It's known as the "jewelry law".
Meanwhile bitcoin doesn't take up any space, it can be 12 words that you memorize or write down in a book spread among pages without anybody knowing what it is and can not be confiscated. All one's net-worth could be carried around like this. Grin
Wow, I had no idea such a law existed, and now I'm wondering if there are other such countries with similar legislation. It's so crazy and unfair, really, because when people are running away from serious problems in their own country, they take all the funds they have with them, and of course they need those funds to sustain themselves. Not giving free food and accommodation is a foreign country's right, but giving it and confiscating everything these people have in return is very unfair. You're right that Bitcoin can help with this. But I think that writing down the words is much better than memorizing them. As my country is now hit by a full-scale war and many Ukrainians are now becoming refugees, I realize that the psychological state of these people doesn't exactly allow for keeping 12 words in the right order in their mind when their first priority is not being hit by a bomb.
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